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Most Recent Articles
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- What Is An Interest Only Mortgage
The CML (Council of Mortgage Lenders) show that nearly 6 Million people have received mortgages that are interest only. Interest only mortgages means that your monthly payments are applied only to the interest accrued on the debt and not the actual debt itself. Additionally, the CML has found that many first time home purchasers are seeking interest only mortgages. The number of first time buyers that apply for interest only loans increases each year. Why such a boom in this type of loan? Well research has found that by allowing first time homebuyers to pay interest only, is the only way many of them can afford to buy a home. - Second Mortgage Or Equity Loan: They Are Both The Same
In the financial arena, many terms are used to explain what amounts to be the same thing. Mortgages are home loans and equity is the cash value in your home. One term that is used that sometimes causes confusion is second mortgages. No, this really isn't an additional mortgage, rather it is a equity loan that works a bit differently from your home's mortgage. Read on and I shall explain just how a second mortgage works.
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