At Residential Mortgage, TSAML, we provide affordable Anchorage, AK, mortgages.
A loan that one or more persons receive in order to buy a house or other residential property in which they will live. The loan is secured by a lien on the property; the borrowers repay it over a specified period of time. The interest on a residential mortgage is tax deductible under most circumstances.
Re-mortgaging means switching your mortgage to another deal – often with another lender.
Most people switch mortgages because it will work out cheaper for them. Some re-mortgage to consolidate their debts. Sometimes when you have acquired sufficient equity in the property over time and due to property value appreciation, you can raise more funds in way of re-mortgaging.
If you plan to switch mortgage, remember to look at the overall repayment period too. You may be able to pay less monthly, but check the final repayment date of the mortgage. It may be longer than your current deal. Re-mortgaging doesn’t always mean switching to another lender. You may be able to find a new mortgage deal with your current lender – and it may event work out cheaper to do so.
In fact, many lenders allow you to switch your mortgage deal quite frequently.
Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable. You may have to pay an early repayment charge to your existing lender if you re-mortgage.
I think carefully before securing other debts against your home. your home may be repossessed if you do not keep up repayments on your mortgage