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Saturday, 20 October 2007

mortgages ain't as tough as it seem

4 years ago, I know absolutely nothing about mortgages. I don't even try to browse for what the heck it means nor did i try reading it up. Simply said, mortgages is an alien subject. I only know of what i've read in the papers and ads on cheap mortgages offered by banks.

I became keen and curious about knowing more in mortgages when I was discussing the prospects of buying a house with ma dearest. So what is mortgage? The word when loosely defined means *"a method of using property (real or personal) as security for the payment of a debt".

I thought i was ready aftra few sessions with ma, but what i'm yet to know that there is not just one type of mortgage!! Argh!! Lemme list you a few:

- Fixed-Rate Mortgage
- Adjustable Rate Mortgage
- Dual Index Mortgage
- Interest-Only Mortgage

... and the list goes on...

Ma also told me something about remortgages. Which means "switching your exisiting mortgage to another mortgage lender, in order to lower the amount you're paying on your mortgage". She said that remortgages can actually benefit me in the long run, but i have to be very careful that i do not land myself in a situation where i end up paying much more than the existing mortgage.

Now, you think i'm ready to buy a house?

Links to this post:
UK Personal Loan Store

*definition taken from Wikipedia

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