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What Mortgage Insurance do you need?- Mortgage Broker Colchester

Loans are usually available in all sizes. Many people say that a home loan is the biggest loan they would ever take. Many people cannot buy a property without a mortgage loan. But if you are taking a mortgage loan, then you must know what kind of insurance you should do against your loan.

So here in this post, we will discuss on Mortage insurance as explained by Mortgage Broker-Colchester

The types of insurance for your home loan:

 There are several types of insurance that you can do if you are taking a mortgage loan.            

 Life insurance is the type of insurance that is designed for a huge amount to be paid to the nominee if the loan holder dies during the period covered by the policy. This is good for the ones who are the only earner in their whole family and their family depends upon them.

 Cover in case you are diagnosed with critical illness:

type of insurance made for the ones who are diagnosed with any illness. However not all the illnesses are covered, and before going for insurance you should check the terms and conditions.

 Income protection insurance:

is one of the most essential insurance that you should go for. This is designed in such a way that if you lose your job then the insurance will assist you to continue with the payment of your home loan. Once again there are specific cases in which you can avail of these, and you must go through the policies.

 Buildings insurance:

insurance is designed in such a way if in case anything happens to build, then it will cover you to re-build the house.

Is mortgage insurance worth it?

Everyone doesn’t have the same situation in their life. You can even have the rough financial times which can make it worse for you. Money doesn't make all the situations better. But mortgage insurance can ease your financial worries sometimes. A reliable and trusted Mortgage Broker in Colchester will always advise you to go for mortgage insurance.

So summing up these were some essential points showing the importance of Mortgage insurance. However, for the best rates and valuable mortgage advice visit Fees Free Mortgages now!

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5 Facts about working with a Mortgage Broker in Ipswich

Everyone at one point in their life buys their dream home, narrowing down the search you have found your dream home, but you would always want the best Mortgage to get those keys in your hand.  Working with a reliable Mortgage Broker in Ipswich will always help you to get an easy lending process from the initials to the final.

The word Mortage Broker, you must have heard from the real estate agent near you. But here in this article, we will learn five interesting facts about Mortgage brokers.

What is the mortage Broker?

The Mortgage Broker-Ipswich acts as a middle man. The job of the mortgage broker is to find a potential lender for you with rates that are suitable for you. They will always help you to find a suitable lender for you.

How do they get paid?

The mortgage broker is paid by the lenders and the borrowers as well. If you want your home buying process to be easy then you can easily choose a reliable mortgage broker by comparing the quotes and seeing the rates they offer.

How are they different from the loan officers:

The loan officers are usually the employees of the lenders who are being paid for writing the loans. but the mortgage broker is independent who works for a mortgage broker firm. And they work independently.

Is the Mortgage Broker In Ipswich right for me?

A mortgage broker is always right for you as they provide you the right advice for your loan, they work for you and want you to get a loan without any hassle and the interest rates that are suitable for you.  You can always trust a mortgage broker as they are very reliable and with infinite access to the market, they give you the best solution.

How to choose a mortgage broker?

The best way to find a reliable mortgage broker is by asking your friends and relatives, you can even take regerrals. You can also read the testimonials from different websites and choose among them. the google reviews will also help you, as customers give their genuine opinion in their reviews.

So summing up these were some facts about Mortgage brokers. However to get the best mortgage advice and rates, contact Fees Free Mortgages, the most reliable Mortgage Broker-Ipswich.

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We have been helping clients fulfill their dreams for years. We feel proud to be the top-mortgage advisor in 2019. We ensure a positive experience and a fruitful interaction with our clients. Our experts will give you the best advice to achieve your goals. We have never-ending access to the market, which makes us most reliable in Residential purchases, first-time buyers and remortgages. Get the most professional and genuine approach to the mortgage with us.

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The Best Home Loan Option: Mortgage Broker- Colchester

For a homebuyer, the mortgage is specific, to the lifestyle and situation. While thinking about the most suitable home loan options, there are a lot of factors that you need to consider.in some cases some buyers, are comfortable in paying 20% as downpayment while some buyers need assistance.

The term that you are going to live in your home also plays a major role in choosing the type of home loan. Here in this post, we are going to have a brief overview of some Best Home

Loan option as explained by the best Mortgage Broker Colchester has.

Fixed-rate Mortgage:

If you are a First Time Buyer Mortgages in Colchester, then the loan option that you must consider is a fixed-rate mortgage. One of the advantages that you get in a fixed-rate mortgage is the rate of interest remains the same throughout the life span of the loan. In Fixed-rate mortgage, the monthly payment or the EMIs are predictable for a term of 10-30 years. So, it becomes the best for them who wants to stay in the home for a longer period. 

The main advantage of Fixed-rate Mortgage is you will get:

Interest rate security

Stability in the monthly payment

Adjustable-rate Mortgage:

In an adjusted-rate mortgage, the interest rate is adjusted periodically based on the index. The ARM is best for those who are willing to move into other different houses in the coming years. inARM the monthly payment and the rate of interest fluctuates in every adjustment period. And the period between which the rate changes is known as an adjustment period.

The advantages of the ARM are:

Lower initial interest rate

Lower monthly payment during the starting period.

So in conclusion, these were some essential points to consider while going for a home loan option. However for the best home loan advice and solutions, contact Fees Free Mortgages, the most trusted mortgage broker in the UK.

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5 Things to consider while buying an Investment Property: A Guide By the top Mortgage Broker Suffolk.

Well if you are planning to buy a property then buying a real estate can be a great investment for you. Whether it is a primary residence, a property flipping or selling you can easily make a profit out of a property.

According to the best Mortgage Broker Suffolk has, here are some things to consider if you are buying an investment property.

Down payment:

If you are planning to buy an investment property, then you should make sure that you are putting a larger amount for the downpayment of the house. At least 15-25% would be ideal for the downpayment. You should also expect a higher interest rate as well.

Property management:

Well, property management is a daunting task if you are willing to be a landlord then you must keep yourself available for 24 hours. One thing that you have to keep in mind is if you have invested in a real estate or a property, then you may be in a middle of a vacation, but you have to respond if anything stops working, and find the solution instantly.

Expected rental income:

According to Top Remortgage Broker-Suffolk, If you are buying an investment property then you must know whether it will make a profit or would be a money pit? If you are buying a property that has already been rented out then ask the previous owner how much do they collect as rent each month. For better and independent research you may ask the owners in neighbor and see what is the average monthly rental income.

Expenses and costs:

If you are willing to be a landlord then an important point that you should keep in mind is, do you have the fund if in case any extra expense account or any problem arises in the house. You never know about any problem that is going to emerge, your AC unit may break, your refrigerator may stop working. So make sure that you have the fund for extra expenses.

So, summing up, these were some factors to be considered if you are buying an investment property. However for the best mortgage advice and solutions contact Fees Free Mortgages, the most reliable mortgage broker in the UK.

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Get your mortgage approved by a credible lender without any hassle. Hiring a mortgage broker in Ipswich by Fees free mortgages is easy and free. We don’t charge any money for our service and holds full accountability for our advice. If you want to get your mortgage approved at a lower interest rate and get it done without lifting a finger, then you are welcome at Fees Free Mortgages.

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We have been helping clients fulfill their dreams for years. We feel proud to be the top-mortgage advisor in 2019. We ensure a positive experience and a fruitful interaction with our clients. Our experts will give you the best advice to achieve your goals. We have never-ending access to the market, which makes us most reliable in Residential purchases, first-time buyers and remortgages. Get the most professional and genuine approach to the mortgage with us.

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Why is a credit score important? A guide by Top Mortgage Broker in Suffolk

While looking for a Mortgage Broker in Suffolk you must have come across a term called a credit score. When you are applying for a home loan or a personal loan, there are a lot of criteria or check-list you have to pass through. The credit score is one of the most essential criteria you have to reach while applying for a mortgage loan.

 Well, before moving on to the importance of Credit score let us first know what is a credit score?

 Credit score:

 The loyalty of a borrower is represented by a figure or score, this figure is said to be your credit score. The higher your credit score lower would be the interest rate. Every bank or lender has a maximum credit score that they study to approve a loan. Overall if we will say it’s evidence that how much the bank should trust you for repaying a loan. Are you risky or reliable?

 Why is a credit score important?

 While talking about the Credit score, there are usually two types varying from each other. The first score is the score that is stocked with the credit reporting agency and these files can be accessed by all the lenders through which they access your eligibility before approving for a loan. As there are numerous credit-reporting agencies and no universal system, so the score will always vary.

the second type of credit report is assigned by the credit supplier internally, with which you have applied for the loan. This score is evaluated by them and is there own score based on the records you have provided them.

the credit score of any individual depends upon the documents and data that they provide. The more accurate the information is, the more credit score you will get.

 How to improve your credit score?

Always try to reduce your credit card limit

Reduce the loan application number

stick to the due date 

So, in conclusion, these were some points to highlight the significance of the credit score. However for the most reliable mortgage advice, contact Fees Free Mortgage, the most trustworthy Mortgage Broker Suffolk has.

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Hire a Mortgage Broker in Ipswich- Free or Commission Based- Whom to Choose?

If you are looking for buying a home through a mortgage, then you may come across terms like mortgage broker and loan officer. A mortgage broker works on behalf of you to lenders. As middlemen, their work is to talk with several banks and find you the best mortgage with competitive interest rates. Mortgage brokers are licensed and regulated financial professionals with a good relationship with reliable lenders. Their work is to facilitate mortgage loans to users by using the requisite information. You can hire a professional mortgage broker in Ipswich to do all your paperwork for you, find the right lender and ensure you get preapproved for a low-interest mortgage.

Do you have to pay Mortgage Brokers?

Most mortgage brokers don’t charge you for the job since they get paid by lenders. However, some brokers might ask you for a fee. The fee of brokers starts around 0.50 per cent to 2.75 per cent of the loan amount. Therefore, most people prefer Fees Free mortgage company- who doesn't have any personal affiliation with a lender. Moreover, they also offer free advisory services for free. Since you may not have that kind of money in your hand to pay a broker, free mortgage advisors and brokers will be a great help, especially for first time buyers and remortgages. The competitiveness and the price of homes in the local market also is a major factor that dictates the charges of brokers.

Why you should choose Fees Free Mortgage Broker?

Mortgage brokers with no commission-based affiliations with any specific companies are good since they won’t give a bad deal for the sake of earning a big commission from a lender.

Who are Loan Officers?

Loan officers are employees of lending companies whose work is to approve your mortgage. They mostly work with professional brokers.

Mortgage brokers can save you countless hours which you might have to spend while applying for loans. Researching the lenders, contacting them, applying for a loan, underwriting the loan, ensuring the transaction, etc. will take days. With a mortgage broker in Ipswich, you can get all of it done without paying any fee or commission.

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Most Popular Myths about Remortgage Broker in Essex Debunked

You will never know what you have missing these whole time unless you try it. Although we don’t recommend you do take risks like there’s no tomorrow, but when it comes to remortgage brokers, you should remain optimistic. Most people are too engrossed in believing myths about broking agency that they don’t even realize what they are missing out. A large percentage of people in Essex who hires remortgage brokers report having experienced a great deal and better expert advice.

Now where the actual problem lies? Why people have a hard time trusting mortgage and remortgage brokers?

Myths about Mortgage & Remortgage Broker

1. They Charge A lot

That’s a common misconception which needed to debunked. Most people think that brokers will charge you a lot of money after completing the task. That’s not even remotely the case. When you access the service a mortgage or Remortgage Broker in Essex, you don’t have to pay any money. Companies like Fees Free Mortgages don’t charge you any money.  

2. Broker Are Only Beneficial During Bad Credit

Whether you have an impeccable credit or not, it won’t matter if you get a mortgage from a credible lender. Brokers can help you meet the right lender who can approve your mortgage with a low-interest rate. The last thing you need is to choose a mortgage which makes your bleed money by charging you a significant interest rate.

3. Brokers Works for Lenders

Well, you may have heard of such issues which are not completely wrong. Without a doubt; lenders have a good relationship with brokers and they can negotiate on your behalf. Now the truth is that remortgage brokers in Essex are divided into two section – one who works with referral and one who works independently. So, if you need unbiased services then you should choose services those who don’t have any financial deal with lenders.

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Kinds of mortgages you need to know about if you are looking for best Mortgage Broker Ipswich has

The mortgage loan has made buying new property easier. We don’t have to wait anymore to complete our savings to buy a new property. A mortgage broker like Fees Free Mortgages the best Mortgage Broker Ipswich has made it even simpler by giving exciting deals, cash backs and offers to make your dream a reality.

There are different kinds of mortgages according to the need of a purchaser. Let us know about different types of Mortgages and their benefits:

First-time buyer’s mortgage: A first time buyer usually means to those who are buying a property for the first time. This kind of mortgage is generally very profitable for the purchaser as it includes a lot of exciting deals such as cash backs and lower deposits. The profit of having a lower deposit means you can deposit only 5% of the property value to get a new mortgage.

Remortgage: Remortgaging usually refers to refinancing, in this process a person can easily pay off one mortgage by keeping the same property as security to a new mortgage broker. The process of Remortgaging doesn’t mean to take a second mortgage of the property it is just transferring the mortgage from one lender to another. The advantage of remortgaging is you can get some new exciting deals and offers.

Second mortgage: A second mortgage generally means taking a new loan while the first mortgage is still running or in effect keeping the same property as a mortgage. When a house owner regularly pays all the monthly installments then the market value of the property increases, the difference in the market value of the property and remaining payment of the mortgage is known as home equity. If a house owner wants some money for some new projects then they can take a new loan based on the value of the home equity which is called the second mortgage.

Buy to let mortgage: A buy to let mortgage usually refers to the loan taken by a purchaser to buy a property to give it as rent to pay the installments. These loans are specifically made for the purchaser who wants to invest in a property and get some money. Hotel investment, hostel investment are some of the examples of buy to let mortgages

So if you are interested in some exciting deals with proper guidance that which mortgage loan is the best option for you then discuss with Fees Free Mortgages the expert Mortgage Broker Ipswich has. exciting offers and cash back with the best property advise will take the hassle out of your work.

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Problems faced by home buyers and how a first-time buyer mortgage broker in Ipswich can get you out of the situation.

Money remains the focal point of the issue, first-time buyers often face issues while raising capital to buy a house. With skyrocketing property price, stagnant wages and the imposition of strict rules on the mortgage have made it practically impossible for a person to avail a property within and Outside Ipswich.

Lenders approve a mortgage by considering three prime criteria – Full-Time Employment of the Applicant, An outside credit history and Wages above a certain number. Approval won’t come easy for a person who is self-employed with dependents on them and have faced financial issues on the past. Even factors as small as paying a child’s school fee can affect a lender’s decision. In such condition, obtaining a mortgage may require you to pay a higher-than-usual deposit with higher rates.

When owning property become a wild goose chase, it allows landlords to raise their rental price. In one way or other, people will often end up spending more on rent than they would pay for the mortgage. Besides, paying rent reduces the saving capabilities of a person, making it harder for them to avail a mortgage in future.

This is where a professional broker come to action. An FCA and CeMAP certified Mortgage Broker in Ipswich help in democratizing the mortgage and make it accessible to almost anyone. The work of a broker is to make it easier for applicants to receive a mortgage.

The process is quite simple:

1. Initial Discussion

A broker considers your goals and objectives then move towards estimating the hurdles lying on your way.

2. Analyze the Market

A primary purpose of a broker is to make your mortgage process as easy as a pie, by recommending your proposals which goes easy on the pocket. Besides, they elaborate the whole process including financials and legal implications to you before asking your affirmations.

.3. Application Submission and Oversee the Process

The whole process of sitting hours in the bank for the interview, submitting an application and tracking the process is a task which is too tough to follow, especially if you are applying for the first time. Therefore, you need a certified Mortgage Broker in Ipswich, who knows the ins & outs of the process.

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