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Post by janetmukes on Jan 13, 2020 4:17:53 GMT
Brokers rely on commissions from the lenders for bringing the business to them. Therefore, it does not cost the borrower any additional expense for all of the benefits of a mortgage broker.
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Post by mattcathes on Jan 13, 2021 8:01:03 GMT
Your equity is the amount of the value of the property that you own. It grows when the market value of your home increases (or when you make extra payments on your mortgage). If you already own a home, learn how to calculate your equity here.
When you own your home you can potentially leverage your home equity and access it by redrawing on your loan, or borrowing on top of your equity with an additional advance or with mortgage refinancing. These funds can then be used for a variety of things from renovating your property to buying a new car or even to go on a special holiday.
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Post by johnathanmeakers on Aug 25, 2022 13:58:37 GMT
Before modern banks were established, people would borrow money from local money lenders, landlords, merchants, or other wealthy individuals. These loans were given at exorbitant interest rates that most people couldn’t afford to pay. In the process, the borrower would always remain in debt. It was a vicious cycle. Modern banks started providing cheaper loans to the underprivileged section of society, breaking the whole expensive loans system.
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