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What factors should be considered while applying for refinancing home loans?
Asked by unknown
1 Answers
Before opting for refinancingâit is imperative to take certain important factors into consideration. These are the current interest rate, cost of refinancing, your home equity, and shortening the term of the loan. Carefully evaluate the pros and cons of refinancing by considering the previously-stated factors. Lastly, you should decide the typ
How many times salary can be borrowed for a mortgage?
Asked by unknown
1 Answers
Traditionally, mortgage lenders applied a multiple of your income to decide how much you can borrow. So if you earn ï¾£30,000 per year and the lender will lend four times this, they may be willing to lend ï¾£120,000.
How can one pay back a reverse mortgage loan?
Asked by unknown
1 Answers
Unlike a regular loan, reverse mortgage for seniors cannot be paid off on a monthly schedule as the repayment is due in full at the end of the loan term. Usually, at this point, the applicant or their heirs have the option of selling the house and repaying the loan. In case the amount due supersedes the home equity value, then except for HECM monta