What is a Mortgage Loan and what's its significance? What are the Steps to Getting Approved For A Mortgage Loan In Nigeria? A mortgage is a contract between you and a lender that provides the lender the right to repossess your home if you don't repay the money you borrowed plus interest.Mortgage loans are used to finance the purchase of a home or to borrow money against the value of an existing...
How does mortgage refinancing work? Are you a homeowner seeking out means to reduce the interest rates on your current mortgage using the most convenient ways? Are you house poor and need to get extra cash from your home? Do you want to reduce your mortgage payments and shorten your loan term? If a larger part of your monthly income goes towards interest rather than to paying off your mortgage...
After getting a mortgage, the next thing on your mind is how do you pay off your loan? Even if you are not concerned about that at the moment, you would be brought back to the state of affairs when you receive your debit bank statement for your loan repayment. Your bank is automated to send money every month to your lender for mortgage amortization. What Is Mortgage Amortization? It simply...
Mortgage Brokers vs. Banks, which is better? Here are some reasons why each of the loaning services is preferred by borrowers. After reading through the article, you will be able to find out which is better between the mortgage brokers vs. banks, and their pros and cons. Is it better to go through Mortgage Brokers vs. Banks? Let's dive right in. Mortgage Brokers vs. Banks: What Is The...
Are you house rich, or cash poor? Are you a homeowner that finds it hard to offset your bills? Does becoming house rich interest you? These are some of the proven steps on how to avoid being house poor Let's start with defining what being house poor means. A person who is house poor spends a large portion of his income on total ownership. When you do not budget properly and spend a...
Principal vs Principle: What is the difference between a mortgage principal and a principle? Both terms are very similar in spelling and pronunciation. Actually, they are homophones. I wouldn't blame you if you have used the "principal" and "principle" interchangeably in the past, because of their similarities, but doing that again after reading this would make you guilty of a grammar murder. As a...
Do you want to know How Much Do Mortgage Brokers Make? Here are the salary earnings of mortgage brokers, but first, let's understand who a mortgage broker is. Many confuse a mortgage broker with a lender in the industry, but the two personnel perform different functions. A mortgage broker is a professional licensed to obtain vital information like the borrowers' financial statements, insurance...
When meeting with your mortgage lender, there are certain questions you need to ask before closing. Whether you are a first-time homebuyer or you wish to refinance your home, then knowing some of these mortgage questions answered by an expert, would be a big catch to sealing the best closure deals. You should know the answers to several mortgage questions because it would help you in making smart...
Becoming a homeowner can be very interesting and a dream come true. By taking the bold step of obtaining a mortgage loan, you would be headed for homeownership. But What Is a Mortgage? Irrespective of the frequent use of the word, many still don't know what is a mortgage. Before buying a house, you should know the basics of a mortgage, the different loan types, terminologies used in the banking...
Can a mortgaged house be inherited? The answer is yes! However, a mortgaged property can present a problem for those who acquire this type of property through an inheritance. If you are wondering how to inherit a house, this factor can be given either because the property was included in the deceased person's will or because it passes to a direct relative. However, not...