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What Credit Score You Need For Your Mortgage Loan Approval

When you make an application for a mortgage or other type of credit, lenders work out a credit score for you. This is to assist them to determine whether they consider you’ll be a risk worth taking – you’ll be a reliable borrower and likely to repay the debt. Generally, a higher score means you ‘re seen as  lower risk –the more points you score, the more chance you have of being considered for a mortgage, and at better rates. So, without any further ado, let’s get started! How do lenders make their decisions? It’s difficult to analyse every lender’s specified criteria, there are certain general grounds that apply to mainstream lenders.  Below detailed are the areas that all mortgage lenders will asses. A few key factors that’ll help them to decide. Let’s take a look. Details on your credit report including your credit history  Information provided by you in mortgage application form. Lending policy, every lender has their own lending policy It is
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5 traits of a Successful Financial Advisor

Financial adviser plays a crucial role in assisting you to make an appropriate investment decision. Choosing a proficient and knowledgeable financial adviser is one of the most significant financial decisions companies have to make. Whether you wish to be a financial adviser or simply require recruiting one to help you with financial planning, here I have listed 5 significant traits to keep in mind that most proficient financial advisors have. It is suggested that if you are seeking Financial Adviser London then this blog is of great help. So what are those traits that describe the best successful financial adviser? Let’s take a read! Passion for Financial Planning and Wealth Management The proficient financial advisers are the ones who hold an utter passion for the subject. This is pertinent because, methodologies, law, standard and products within the financial and investment worlds are steadily evolving. When a financial adviser has a prodigious passion for the subj
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Some Mortgage Tips for First-Time Home Buyers

When you are buying a home for the very first time, you need to plan out a lot of things in advance, especially related to finances so that you can get your dream house. Applying for the mortgage is one of the first stages that will get you closer to your home. The tips listed below offer lifetime mortgage advice and will help you prepare for the process to a great extent: 1: Start saving for the down payment You must have a sizable down payment which can help you in several ways. It might even help you to qualify for the lower mortgage interest rate. With this, you will also be able to reduce the monthly payments.  It is advised you put out 20% for the down payment so that you can avoid paying for any private insurance. Some tips to save for the down payment include: living below the means, transferring tax refunds into the savings account, creating a monthly spending budget, using an automatics savings plan. 2: Keep a regular check on your credit Credit histor
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What types of equity release product are there?

People with age over 55 generally struggle with their finances. Most of them own home, and this is where all the solutions of their lies. When you own a home, you need not worry about the finances as you can release the equity tied up in your house and use the cash for your expenses. You won’t have to be dependent on anybody for your money needs. With equity release, you can access the money tied up in your house. You can do this via several methods, which may include lump-sum withdrawal or in installments. Here are the different types of equity release products available to you. 1. Lifetime Mortgage When you choose for this option, you are taking a step forward to take out the mortgage you’ve secured on your property. You can do this while still retaining the ownership. You can also keep some amount aside as an inheritance for your children.  It is your choice if you are letting the interest roll-up or are making repayments. The interest or loan amount is repaid when
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5 Facts About working with a Mortgage Broker

Mortgage brokers are becoming an indispensable part of any loan acquisition process owing to the highly volatile market situations, risky practices and fast-growing options. Here are a few facts you should be knowing about them to have a better time going for mortgage deals. 1. What do you actually mean by Mortgage Broker? A broker or a commission agent (a licensed  mortgage financial advisor ) who manages the process for you by applying for loans with different providers and lenders, finding best rates, comparing options with best offers and negotiating term loans, besides educating you about the details and pros and cons of different deals. Mortgage brokers shape the entire course of loan acquisition by the clients and let them sit back and leave all the calculation and tracking to them. They are the experts who have access to industry people and know every detail about the real estate and mortgage broking. 2. How do they get paid? Well, mortgage brokers are
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How to Tell If Your Broker Is Cheating You?

Whenever you are in a search of a land or an accommodation at your place you tend to look out for people you know well. And collect leads and connect with seller through these references. Mostly, these days however, when people are moving to new places and things are shifting to more professional processes, people have started to look for service brokers.  Now, when you have a broker by your side you have a better and sharper way of doing it. You get to do things in a more organized way and approach and execute deal in less time and with most interests covered. However, that is possible with the skill working well. But the thing that clients don’t check most of the times is if the broker’s will in this perspective is also as righteous and effective as his skill at work is. If not, you are completely screwed and going to mess all your plans.  So, how to know if your broker is not creating a conflict of interest between the parties or if he is not manipulating or coaxing the deal in
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Equity Release Pitfall To Avoid

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Equity release is considered as an apt solution for the retired and non-working individuals who need to have lumpsum cash with them for old age security. More so, when they don’t want to put their property as a security or simply sell it and move to a new one to realize that amount of money. However, while you are planning for equity release you should look into the potential pitfalls and risks it may have. Here are a few major points to take care of as per experts:   1. Mounting interest bills If the equity release deal you have picked is based on lifetime mortgage, you must have borrowed money keeping your home as security. This is generally a full-term plan of fixed nature which could exceed to higher limits, even more than the property value if you live for a longer period. You should always go reputed services that are known to offer options with no negative-equity guarantee and better if you can pay your sum in easy monthly installments.   2. Missing out on hous
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