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The Certificate in Mortgage Advice and Practice (CeMAP) is a UK-specific qualification for mortgage advisers offered by The London Institute of Banking & Finance at QCF Level 3. It meets the standards required by the Financial Conduct Authority to practice as a 'licensed' adviser in the UK. As of 2020 80% of UK advisers hold this qualification. [1]
A remortgage (known as refinancing in the United States) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. [1] The term is mainly used commercially in the United Kingdom , though what it describes is not unique to any one country.
Refinancing is the replacement of an existing debt obligation with another debt obligation under a different term and interest rate. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower's credit worthiness ...
Reverse mortgage. A home equity conversion mortgage — or reverse mortgage — is designed for homeowners ages 62 or older. You borrow money from your home’s equity as a loan, but no monthly ...
Many borrowers in recent years have settled for a higher mortgage rate, hoping to refinance in the future. If rates trend lower, some might look to refinance more than once. “A lot of homeowners ...
No-closing cost refinance: A no-closing cost refinance is any type of refinance that doesn’t require you to pay closing costs on closing day. Instead, you’ll bundle these fees into the new loan.
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Equity requirements for mortgage refinancing. ... So, if the mortgage rate on a $150,000 refinance would normally be 7 percent, paying one point could reduce it to 6.75 percent, at a cost of ...