Independent Mortgage Advice

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

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