Numbing the pain

Article Abstract:

There are a number of ways of paying off a home loan. A growing number of borrowers are now choosing a basic repayment mortgage, under which each monthly payment both reduces the capital borrowed and pays off part of the interest. A repayment mortgage is flexible, as the repayment period can be shortened or lengthened to adjust the monthly payments up or down. Many borrowers also choose an endowment mortgage, an investment into which payments are made over a certain period, usually 25 years. Others prefer the flexibility of a personal equity plan.

Finance, House buying, Home buying

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It's all downhill from here

Article Abstract:

There can be considerable financial benefits associated with paying your mortgage off early. For this reason, it is worth seeking a flexible mortgage deal that allows you to make higher monthly repayments. Interest rates are falling at present, but if you can afford to keep the repayments at the same rate as before, then the mortgage will be repaid sooner. It is important to be aware that paying off a mortgage completely can bring redemption penalties, but these will not necessarily negate the benefits of making early repayments.

United States, Financial management, Management, Personal finance

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How the hard facts undermine the case for 'cut-price' loans

Article Abstract:

It can be very difficult to choose the best mortgage from the many different deals which are now available in the UK. It is important that potential borrowers do not decide solely on the basis of the product's annual percentage rate. Other factors which must be taken into account include the lender's fee for arranging the mortgage, the tie-in period during which redemption penalties apply and whether there is compulsory insurance attached to the mortgage.

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