Refinance mortgage loanWritten by Jakob Jelling
A refinance mortgage loan can help you get cash for equity in your home. Home equity refers to value of house that has already been paid for. This will include your down payment and all monthly payments you have been making. Once you have built up a substantial investment in your home, you can use that to get a refinance mortgage loan, which will give you cash on your equity.A refinance mortgage loan, like most other loans, will have to be paid according to a monthly amortization schedule, which will include principal payment and interest payment for month. So what makes a refinance mortgage loan different? It is low interest rates that make it appealing to credit consumers. For example a low rate refinance mortgage loan can allow you to pay off your credit card, department store card, and other high interest consumer loans. This means instead of paying 20-25% interest every year, you may be down to only 3-6% interest payments. Thus you could have a lot of money saved up over time, which you can use to eliminate all your debts or just pay for a nice vacation trip abroad.
| | What are Personal Loans?Written by John Mussi
As term implies, Personal loans are simply loans for any personal use. They're known as personal loans because money is for personal use, such as buying a car or home improvements. Most lenders do not stipulate what you can spend your personal loan on, generally allowing for any purpose. A Personal Loan is a method of borrowing a lump sum of money from a bank, building society or other financial institution to finance buying of a new car, make home improvements or go on a luxury holiday. Personal loans have become a popular way of raising much-needed funds for personal use Personal loan amounts vary from between £500 to £25,000. Normally, you'll receive a lump sum. In return, you agree to make regular repayments, usually monthly. Assuming you've taken out a repayment loan, which will usually be case, some of money you repay will go towards servicing loan and rest of your payment will be used to pay off capital and reduce outstanding debt. Personal loans are repayable on a monthly basis at a fixed rate of interest. Generally personal loans are offered by banks, financial institutions or building societies and are available in a variety of formats with variations in size, term and purpose of loan. It is important to know APR (Annual Percentage Rate) of lenders so that you can do a comparison search to get best rate of interest.
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