Category: Mortgage

How do you fight high interest rates? There are several ways that investors can cash in on rising rates, such as buying stocks of companies that consume raw materials, laddering their CD or bond portfolios, strengthening their positions in the dollar, and refinancing their homes. What happens when you refinance…

What is the scope of reverse mortgage in India? In India, the lump-sum so withdrawn through reverse mortgage can only be used for medical treatment of the senior citizen, their spouse and dependent. The money could also be used for renovation of the property, or repayment of loan taken for…

What is APR on a mortgage? An annual percentage rate (APR) is a broader measure of the cost of borrowing money than the interest rate. The APR reflects the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your…

What is a 15 year refinance? What is a 15-year fixed rate refinance loan? A 15-year fixed rate mortgage is a home loan with a repayment period of 15 years. It has an interest rate that does not change throughout the life of the loan. Can I take two home…

How many times can you get a mortgage? Rule #1 – You can have as many mortgages as you want! This comes as a surprise to most, but there’s no law stopping you from having multiple mortgages, though you might have trouble finding lenders willing to let you take on…

What are the dangers of an ARM vs fixed? ARMs require borrowers to plan for when the interest rate starts changing and monthly payments grow. Even with careful planning, though, you might be unable to sell or refinance when you want to. If you can’t make the payments after the…

Who is the middle man between lender and borrower? A loan broker, or a mortgage broker, is the middle person in between a lender and a borrower. While a borrower can directly borrow from a lender, a loan broker can help the borrower decide which lender meets the borrower’s financial…

Can you renegotiate a mortgage early? Start to shop around early While your current lender will likely send you that renewal slip some time in the last 30 days of your mortgage term, you can usually start negotiating as early as 120 days before your maturity date. How long does…

Can we claim petrol bills for income tax? If the employee owns the car, an exemption of Rs 2,700 per month or Rs 3,300 per month in respect of the driver salary, maintenance and fuel expenses borne and reimbursed by the employer. Which is better itemized or standard? Advantages of…

Will SBI home loan interest rates increase in 2023? SBI increased the MCLR, EBLR, and RLLR loan interest rates with effect from February 15, 2023. As per the SBI website, the MCLR for one month and three months has been raised from 8% to 8.10%; the MCLR for six months…