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Whether you are searching for Mortgage, or re-mortgage, or a bad credit mortgage, there is a mortgage out in the market as per your requirements. And arrays of mortgage companies and mortgage brokers are offering different types of mortgages, at competitive prices. To ease the complexity of choosing a particular mortgage type from a certain broker, we have come up with this site.

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MortgageLoanBrokers is a reliable online terminus for mortgage companies reviews and a guide to information on various types of mortgages and other related topics. With the increasing competition and demand for mortgages, many mortgage companies and brokers like Nationwide, Abbey National, Tesco, The Woolwich and many others, have emerged. Here you can know about various mortgage companies and even go through the reviews shared by the various mortgage buyers.

While purchasing any mortgage there are many aspects which are to be considered like the downpayment, interest rate, term of the loan and so on. Learn about the different types of mortgages and other related financial issues. And, if you are among the one who has bought the mortgage recently and would like share your experiences with others, you are most welcomed. We would be highly delighted to know about your experience with a particular mortgage company or broker. At MortgageLoanBrokers, you can even rate the companies based on the parameters like coverage, cost, customer service and claims. We hope you crack the best mortgage deal! With house-buying becoming increasingly popular and the growth in the field of personal finance, mortgages are everywhere. Here are some of the basics of getting a mortgage loan.

What Is a Mortgage Loan?

A mortgage loan is a method of financing the purchase of property. When a potential property buyer finds real estate that is worth investing in, (s)he can approach a bank, a building society, or a specialist mortgage lender to advance him/her the money to buy the property. The lender charges an interest on the mortgage loan and the principal and the interest have to be repaid within a specific period of time. The mortgage loan is advanced on the security of the property and if a borrower defaults on repayments, the property could be taken away by the lender.

Mortgage Jargon:

For anyone who is unfamiliar with mortgages, making sense of the jargon could be an uphill task. Lenders throw around a number of terms that a borrower may or may not be aware of. Here is a list of some of the terms that you should get acquainted with as you set out to find the ideal mortgage:

  • APR: The abbreviation, APR, stands for Annual Percentage Rate. Lenders use the APR to work out the interest rate that they will be charging on a given loan amount. Generally, most lenders specify the APR while providing details on various types of mortgages. This allows borrowers to make comparisons and choose the mortgage that will suit them best.
  • Valuation: When a borrower is seeking a mortgage loan, (s)he will have to be prepared for a visit from an approved surveyor who will work out the value of the property in question. This valuation shall then be used by the lender to decide how much they are prepared to advance to the borrower by way of a loan.
  • Loan to Value: Also referred to as LTV, Loan to Value is the proportion of the value of the loan to the value of the property. The lesser the amount of the loan as compared to the value of the property, the greater the chances that a borrower will be able to avail of a lower rate of interest. Similarly, when the proportion of the loan amount to the property value is higher, the loan will become somewhat more expensive.
  • Arrangement Fees: Borrowers often take into consideration only the obvious cost of the mortgage. However, borrowers may also have to pay additional charges such as arrangement fees which may be charged on certain kinds of loans. These include mortgages where special interest rates are charged.
  • Early Repayment Charge: Sometimes borrowers are able to pay off their mortgage loan before the due date. Most lenders have an early repayment charge in place for such situations. Borrowers must take the cost of early repayment into account if they are hoping to save money.
  • Remortgaging: Many a time, borrowers replace their existing mortgage with another mortgage loan. This is known as remortgaging. It is resorted to in a bid to save money, consolidate debts, or make repayments easier. While remortgaging, one may shift to a different lender or secure a new deal from the existing one.

Types of Mortgages:

  • Fixed Rate Mortgage: On a fixed rate mortgage, the interest rate on the mortgage is fixed over a given period of time. This period may range between one and five years but could be higher depending on the mortgage loan in question.
  • Variable Rate Mortgage: In a variable rate mortgage, the rates are variable depending on the interest rates prevailing in the markets.
  • Flexible Mortgage: A flexible mortgage is a great option for people who do not have a steady income. Such a mortgage allows a borrower to make repayments according to his/her ease. One could choose to pay regularly or occasionally. One could pay smaller or larger amounts each time. One could also take a payment holiday.
  • Repayment Mortgage: A repayment mortgage is one where repayments include the interest and a portion of the capital.
  • Interest Only Mortgage: In an interest only mortgage, the borrower is required to repay only the interest amount every month. The capital may be paid off in a lump sum later on.
  • Buy to Let Mortgages: These are mortgages that are forwarded to property buyers who want to rent out their property.

There is much more to learn about mortgages if one is serious about getting one. The best way to go about it is to shop around and compare the best deals. There are many good mortgage deals out there.

»Mortgage Dictionary

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