Buying a home is one of the biggest commitments you will ever undertake. So choosing your mortgage does take thought. Take some time to consider what mortgage is right for you. After all its your money you will be spending so, I would recommend utilizing it in the best way possible.
The kinds of mortgage available to you
There are thousands of different mortgages on the market at the moment, all offering something different, something similar but essentially offering one of two types:
Repayment and Interest, with a repayment and interest mortgage you (the lender) you will have to payback the specified mortgage amount plus the interest in a specified time. For example if you borrowed 100,000 over 25 years, the total plus interest is 190,000 over 25 years, this is what you will repay. You will see the balance becoming increasingly smaller over the term of the loan.
Interest only, with an interest only mortgage you only pay the interest on you mortgage, however when the term of your mortgage is over you are still left with the initial buying fee of your house. Using the above example this would be 100,000 still left to pay. When you take an...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
