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An offset loan is a type of lending arrangement, usually for a mortgage, in which a borrower also maintains a savings account with the lender. Instead of receiving interest on the savings account, the interest payment due on the loan is calculated only on the net balance of the loan minus the savings account.
A specific type of flexible mortgage common in Australia and the United Kingdom is an offset mortgage. The key feature of an offset mortgage is the ability to reduce the interest charged by offsetting a credit balance against the mortgage debt. For example, if the mortgage balance is $200,000 and the credit balance is $50,000, interest is ...
In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan. [1] [2] The collateral serves as a lender's protection against a borrower's default and so can be used to offset the loan if the borrower fails to pay the principal and interest satisfactorily under the terms of the lending ...
Private mortgage insurance (PMI) is a form of insurance taken out by the lender but typically paid for by you, the borrower, when your loan-to-value (LTV) ratio is greater than 80 percent (meaning ...
Real estate investor and contractor Scott McGillivray leads homeowners through the renovation of their first income property, to help offset mortgage payments, as well as increase the overall value of the home.
According to Sharon, who specializes in VA loans in South Carolina, while the coming change to MLShas its merits, it could cause some real estate professionals to opt out of representing low ...
Juggling multiple loans or credit cards is tricky enough without adding a new mortgage loan to the mix. If you already have a lot of debt, now might not be the best time to invest in real estate.
A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [1] The loan may be offered at the lender's standard variable rate/base rate. There may be a direct ...