When people cannot afford to buy a property in full sum they will use loans to pay for the real estate. Interest is charged to the borrower as a fee for using money before they have earned it. That interest goes to the lender as a reward for investing and not spending the money it has earned.
there are adjustable rate mortgages where the interest rate can vary with conditions, and there are fixed rate mortgages, where the interest rate will not vary. The lender has the option to refinance there mortgage where an old loan is retired with the proceeds of a new loan on the same property. When refinancing benefits can include a lower interest rate or smaller monthly payments.
there are adjustable rate mortgages where the interest rate can vary with conditions, and there are fixed rate mortgages, where the interest rate will not vary. The lender has the option to refinance there mortgage where an old loan is retired with the proceeds of a new loan on the same property. When refinancing benefits can include a lower interest rate or smaller monthly payments.
http://www.youtube.com/watch?v=XWBYnFIoOyU
This video helps its viewers decide when is the right time to refinance a mortgage. It is excersised when the holder of the loan is in some kind of economic hardship. The narrator then walkes the audience through the way to go about refinancing their loan.
http://www.youtube.com/watch?v=a58PSBX7BSY
This video does a good job in explaining the role of interest rates and how they apply towards mortgages. The video uses pictures and allows the opportunity to take notes. It illustrates the basic uses and types of loans.
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