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Mortgage Calculator Uk: Mortgage Calculator Online, Mortgage Rates Today: EMI

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(Mortgage Calculator Uk):Amortization schedule:Interest rates:Mortgage rates:

A loan which is secured by real estate or property is known as Mortgage. The property might be a piece of land or your house or any other form of commercial or personal real estate in your name. It is a loan or lien for a property or house that should be paid over a specific period of time. Here mortgage is a security for the loan which lender gives to the borrower.

In exchange for funds received by the homebuyer to buy property or a home, a lender gets the promise of that buyer to pay back the funds at a specific rate and over a specific period of time. A mortgage loan is a kind of secured loan which offers by banks and other financial institutions like HFCs, NBFCs etc. It is also referred as a loan against property. Moving on, as it is very clear that mortgage loan means a secured loan which offers against a property used as a collateral.

The mortgage applicant’s age should be between 21 years to 65 years. Both self-employed and salaried can avail this loan for financial and business needs. If you are salaried, minimum 3 years of work experience is required. For self-employed, minimum 5 years of business existence and 3 years of ITR is required.

For getting this loan a credit score of 650 and above is required. The rate of interest ranges between 8.75% to 15.10% per annum depending upon the type of security and other eligibility conditions Lenders usually give an LTV of 60-70% . Based on your eligibility, you can get this loan for up to 15 years.

A mortgage payment consists of four parts: principal, interest, taxes and insurance. It can be paid on a monthly basis. While getting a mortgage you will sign legal documents known as a Mortgage Note. It is a promise that you will repay the balance of your mortgage, with interest and other possible costs over a period of time. If you default on your mortgage payments, the lender can take back your house and sell it. This process is known as a Foreclosure.

Advantages Of Mortgage Loan:(Mortgage Calculator Uk)

1. The cost of property has increased like anything in the last couple of years. With lesser hike in people’s salaries, it is very difficult to think of buying land or house. A mortgage loan helps increase the buying capacity of people.
2. The mortgage loan is granted with your property as security. So, the lender need not to worry about the loan not being repaid. If anything goes wrong, the lender can be sold to cover the debts. Due to this option, the interest rate of mortgage loans is lower.
3. When you take a loan, no need of repay the amount in one go. You can be paid in monthly installments.
4. Availing mortgage loans qualify a person for income tax benefits. They reduce the tax amount to be paid to the government.

DISADVANTAGES OF MORTGAGES LOAN:(Mortgage Calculator Uk)

1. Mortgage loan is always accompanied with interests.
2. Any property will not retain the same value forever. Based on the market fluctuations it keeps on changing. This makes people unable to pay the instalments.
3. The rate of interests would be unpredictable and you may end up paying more interest.

TYPES OF MORTGAGE:(Mortgage Calculator Uk):

There are so many different types of mortgages available to home buyers. But here, for the sake of simplicity, we have differentiated it all down to the following options and categories.
1. Fixed Rate Mortgage: It is the simplest type of loan. It will have the same interest rate for the entire repayment term. Because of this, the amount of your monthly payment will stay the same, month after month, and year after year.
2. Adjustable Rate Mortgage: It is similar to standard loans, but the interest rate can change at some point in the future. It is also known as “Hybrid” product. A Hybrid ARM loan is that which starts off with a fixed or unchanging interest rate, before switching over to an adjustable rate.
3. Government-Insured Mortgage: The Government does not offer the loans directly. They insure the mortgage loan in the event the borrower defaults on the loan. This makes the mortgage loan less risky for lenders which allows them to lower their loan requirements.
4. Conventional Mortgage: It is one that is not insured or guaranteed by the federal government in any way.
5. Conforming Mortgage: It meets the underwriting guidelines of Fannie Mae or Freddie Mac, particularly where size is concerned. Fannie and Freddie are the two government-controlled corporations.
6. Jumbo Mortgage: It exceeds the conforming loan limits established by Fannie Mae and Freddie Mac. Interest rates are generally higher than the jumbo products.

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