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They took their only baby and left Mom and dad in deep sadness

There are various forms of house finance available. The revolving credit mortgage loans are among the most innovative facilities offered by lenders. They are becoming more widely used in many countries around the world. Find out more about them to decide whether such a loan will be right for you.

How It Works

The revolving credit mortgage loans work in a similar way to overdrafts. You take out a specific loan amount in order to finance the purchase of a property. When you do this, the amount becomes the outstanding balance on your loan account. The interest rate on this balance is determined on a daily basis. Basically, it is floating. Still, it cannot go above or below certain limits. The daily interest depends on the size of the outstanding balance. The lower the balance is the less interest you will pay.

Typically, the borrower transfers her whole salary to the mortgage account and withdraws as much as needed for paying bills. This enables the borrower to make the largest possible monthly contribution to the loan. This helps for lowering the balance and the interest as much as possible. The borrower is allowed to make contributions of any size to the outstanding balance. They can be made at any time as well. For instance, bonuses to the salary can be used towards the repayment of the loan.

At the same time, the borrower can also withdraw funds from the account. The withdrawal limit is determined by the difference between the outstanding and the initial loan amount. It is also possible for the lender to lower this limit so as to ensure that the borrower is repaying the loan without lagging behind.

Pros and Cons

The revolving credit mortgage loans have several advantages. Firstly, you have the flexibility to pay as much as you can afford instead of a fixed monthly instalment. This means that when you have more expenses during the month, you can make a smaller contribution without being penalised.

Similarly, you can make larger contributions for the faster repayment of the loan at any time. If you manage to repay your loan earlier, you will save money. If you are in a cash emergency, you can always make a withdrawal. Generally, you will save money by making contributions to your mortgage rather than by saving due to the difference in the interest rates.

The main drawback of this option is that it involves a higher risk for the borrower. If you are not disciplined about the repayment of the loan, you can easily get into financial trouble.

You can now decide whether revolving credit mortgage loans are suitable for you.

11/20 update: Puppy has been privately adopted. Mom and dad are still listed
Mom, Dad & Baby Girl! This family came in together and they're all terrified! Available 11/20/18
#A519698 (4 month old female puppy)
#A519699 (3-4 year old female, presumably the mom)
#A519700 (3-4 year old male, presumably the dad)

PetHarbor links:

We are NOT the City Shelter to where pictures were taken. FOR MORE INFO ON THIS PET please contact:
San Bernardino City Animal Shelter
333 Chandler Place
San Bernardino, CA 92408
Phone Number: (909) 384-1304
Closed Sunday and Monday
Ask for information about animal ID number #A519699 and A519700

STATUS : - read comment for update from crossposter
I want you to get the best rate. It's really that simple. I am going to share this information with you so that you are armed with it when you go shopping for a mortgage. I want everyone to get the best rate and the lowest fees possible for their situation. I attend all of my closings because I stand behind the work that I do. It feels great when my past client's call me up to say hello or take me out to lunch.

First I want to say that I am a mortgage and marketing specialist. I know just about everything about residential financing in terms of loan products and guidelines. I know what we can and cannot do. I also know how to price a loan with through our pricing engine.

But I honestly don't know what rates are going to do from day to day. They change day to day and sometimes hour to hour when something big on the bond floor happens. There used to be indicators that as a mortgage originator I knew to follow but they turned upside in 2008.

What I have noticed is a minor upward trend over the past month and I do believe that over the next couple of years they are going to climb back up. I am basing that on the fact that The FED has stopped pumping money into the markets. That was keeping rates artificially low for a while and now that has ceased. If you want to stay on top of what rates are doing I suggest following Mortgage News Daily.

If you are quoted a rate today, but don't lock, there is no guarantee that same rate will be available to you tomorrow. However, there are some things that you can do to ensure that you get the best possible rate.

Work someone you trust

This should go without saying but cannot be stressed enough. It is important that you work with a qualified professional who is putting your best interest first. For this reason it makes sense to work with a local company. You know where they do business and where they are if you need to find them to answer your questions.

Make sure you qualify

To get the best rate you need to have the best qualifications. If your qualifications are lacking you may still be approved but may not get as good a rate or term as your neighbor did on a similar home. If you are out to get the best rate ensure that you have a credit score in the mid to high 700's, that you are income qualified, and have asset reserves in an account somewhere.

Have all of your documentation in order

With rates slowly climbing back up I am recommending to all of my clients that we lock the rate. In the past 10 days we saw one day last week in where rates dipped a little but 9 out of 10 days rates increased slightly. I wouldn't count on rates dropping any time soon and floating presents a risk. If you are floating your rate you may end up with a higher rate. As a rule of them I never lock a loan until I have all required documentation. It is a good idea to get everything that your mortgage professional asks you for right away so that you can get the rate you were quoted.

Buy down the rate

This is not a popular option because people most often hate paying points; I don't blame them. No one wants to pay extra money but sometimes it costs the bank money to deliver the desired rate. As an example, if you are quoted a rate, but decide to float and the rates go up. You may still be able to get the previously quoted rate. In order to get a rate that is below "par" you need to pay the difference depending on what it is. So, if you are willing to pay a point or two you will still be able to get that low rate.