Matco Articles Home.
Translate Page To German Tranlate Page To Spanish Translate Page To French Translate Page To Italian Translate Page To Japanese Translate Page To Korean Translate Page To Portuguese Translate Page To Chinese

Increase your website traffic with Attracta.com


 
We now have 53936 Articles From over 100 Categories
  Number Times Read : 213      
Categories

Accessories
Acne
Aerobics
Application Development
Arts
Ask an Expert
Banking
Beverages
Branding
Budgeting
Business
Buying
Cancer
Career
Cars and Trucks
Causes and Organizations
Cell Phones
Collecting
College and University
Communications
Computers
Cooking
Corporate
Crafts & Hobbies
Culture and Society
Current Affairs
Database Marketing
Death and Dying
DHTML
Directories
Disease & Illness
Diseases and Conditions
Domain Names
Drop Shipping
E-Commerce
Electronics
Employee Relations
Entertainment
Environment
Equipment
Ezines and Newsletters
Family
Fashion
Fiction
Finance
Financial Planning
Financing
Fitness
Free Tools and Resources
Gadgets and Gizmos
Gardening
Grants
Growth Topics
Health
Health & Fitness
Home
Home & Family
Home Business
HTML
Human Resources
Import Export
Infants and Toddlers
Internet
Internet Business
K-12
Men Only
Motivational
Motorcyles
Nature
Our Pets
Personal Development
Pets and Animals
Podcasting
Pregnancy and Family Pla
Presentation
Product Reviews
Recreation & Sports
Recreation and Leisure
Reference & Education
Relationship
Religion and Spiritualit
Screenplay
Search Engine Optimizati
Search Engines
Self Improvement
Selling
Shopping
Speaking
Sports
Start Up
Stock Market Investing
Strategic Planning
Structured Settlements
Supplements and Vitamins
Team Building
Technology
Teenagers
Telecommuting
Telesales
Television
Tools & Resources
Travel
Travel & Leisure
Vehicles
Video
Web Development
Weddings
Work Life Balance
World Affairs
Writing & Speaking
 
Stats
Total Articles: 53936
Total Authors: 41431
Total Downloads: 5376353


Newest Member
Ed Robinson
 


    How To Survive The Financial Drought

[Valid RSS feed]  Category Rss Feed - http://www.matcomall.com/articles/rss.php?rss=348
By : Catherine Harvey    99 or more times read
Submitted 2008-05-19 12:31:59
Mortgage brokers are the best way of quickly finding the best deal and this is becoming increasingly important in this time of financial difficulties. Banks have been through a time of refusing mortgages to the majority, particularly those without large deposits and home loans have been increasingly difficult to come by. A change is occurring at the moment with banks now offering new borrowers better deals but, unfortunately, at the expense of current customers who have felt the weight of sudden interest hikes.

When discussing finances with your mortgage broker, make sure you know the ins and outs of the finer details for that rainy day. When the unexpected financial pressures come along, you will need a contingency plan, especially if you have no significant savings.

For those who believe their financial setback to be temporary, you mortgage broker will hopefully have secured you a deal that means you can take full benefit of a payment holiday. The conditions will vary from lender to lender and it is essential you know what they are before you commit yourself.

Some lenders require that you make overpayments during the more secure times to take advantage of a mortgage payment holiday. The amount of the overpayments will equal the amount you can take a holiday from paying. This is, of course, for those who have had their loan for longer and have had chance to pay some off in advance.

For other more fortunate borrowers, a payment holiday is possible as long as you have had the mortgage for three months or more. This period will stretch between three and twelve months depending on personal circumstances and can bring welcome relief, possibly giving you time to get back on your feet to ride out the current credit storm.

These mortgage payment holidays are available one or two times through the life of your mortgage and can bring serious welcome relief. I experienced this on a personal level when I was going through a divorce. Unable to afford the mortgage payments after my husband left, and without an amicable arrangement with the ex, I had to find a way of keeping the house until I was able to sell it.

My mortgage broker advised me to take a payment holiday which was agreed for six months. I kept up the insurance payments and the house was put on the market with a sale completed days before the mortgage payments were due to kick in again. Needless to say, this worked out well for me as I didn't lose money on a repossession which is what I would have otherwise faced.

For those without this option, or who do not wish to use it yet, can take advantage of offset mortgages. These mortgages set the amount of your savings against the balance of your mortgage effectively cutting the size of your overall mortgage. However, they can be adjusted in order to bring lower repayments for a set period to bring you a bit of a breather.

For those who have a stable credit rating and want to take effective measures before facing financial difficulties, it is a good idea to borrow more than needed initially as rates are good for those new to mortgages. This spare equity can then be put in a high interest account, earning you money and being in place for that difficult period, should it ever come.

If your mortgage broker arranged a repayment mortgage for you then the amount you are paying can be reduced by switching to an interest only mortgage. This is best looked at as a short term measure to relieve difficulties and adequate investment taken out to repay the outstanding amount at the end of the term if you wish to continue on this road.

One measure that not that many people consider when wanting to ease the financial burden temporarily is that of switching your borrowing to a currency that has a lower interest rate. This can drastically cut the cost of your mortgage but comes with risks that should be carefully weighed up by your mortgage broker first.

At the end of the day, the trick is to not be panicked into action by news reports of impending financial doom, after all, good news never sold newspapers.
Author Resource:- Financial expert Catherine Harvey looks at the way a mortgage broker could help with financial difficulties.
Article From Mr Matco\'s Article Directory
Related Articles :

HTML Ready Article. Click on the "Copy" button to copy into your clipboard.




Firefox users please select/copy/paste as usual
New Members
select
Sign up
select
learn more
Affiliate Sign in
Affiliate Sign In
 
Nav Menu
Home
Login
Submit Articles
Submission Guidelines
Top Articles
Link Directory
About Us
Contact Us
Privacy Policy
RSS Feeds

Actions
Print This Article
Add To Favorites

 
Sponsors

Purchase this software