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· Pros of Refinancing Your Mortgage – Lower monthly payment: One of the most common reasons for refinancing a mortgage is to reduce the monthly payment amount.If your income has decreased, or you simply want to spend your money on something other than your mortgage, a lower monthly payment alone may be reason enough to refinance.
Should I choose a repayment or interest-only buy to let mortgage? ‘Repayment’ and ‘interest-only’ are the two different ways of repaying mortgages – that’s mortgages of any kind, not just buy to let mortgages.Which one suits you best depends on your financial situation.
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There are certain drawbacks for choosing the interest-only mortgage. These cons include: Rising rate of mortgage increases the risk particularly if its an adjustable rate mortgage(ARM) Most people spend the extra money rather than investing it; Most borrowers are unable to afford the principal amount once the interest-only period elapses.
A 15 year mortgage means a lower interest rate but a higher mortgage payment. A 30 year mortgage means a higher interest rate but a lower mortgage payment. So which one is best for you? We’ll compare 15 vs 30 year fixed-rate mortgage loans and go over the pros and cons to help you decide which one is best for you.
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Here are just some of the cons of choosing an interest-only mortgage: Interest-only mortgages are not available from every lender. Not every lender offers interest-only loans, even for investors. You’ll have to look a bit harder for an interest-only mortgage and your application will be seriously assessed to make sure you are a suitable borrower for this type of loan.
Cons of Interest Only Mortgages. Interest only mortgages do have negative aspects to them. Like all mortgage loans, compare all of your options carefully. In some circumstances, borrowers are no better off than if they rented for that initial interest-only period. You have not built equity in the property. You will have to make higher monthly payments later on, after the initial period.
Should You Use a Mortgage Broker? When you make the decision to buy a home, getting in touch with a professional real estate agent is typically your first call. But in order to be able to afford such a large purchase, a mortgage is typically necessary, which means a call to a mortgage broker is warranted.