(PRWEB) May 06, 2013
According to a recent post by Marcus Arkan, CTO of Syndicate Mortgages, mortgage holders can process payments easily by using mortgage points, provided that they know how. According to the mortgage specialist, mortgage points allow homeowners the chance to reduce the interest rate on their mortgages. Not only does this prevent them from having to apply for loans with less money, it also guarantees them full ownership.
Discount or mortgage points are equal to 1% value of the total value of a loan. Mr. Arkan says that this is why people would opt for them especially if the price of a mortgage is too high, “Fluctuating interest rates are a headache especially for people who have variable mortgages. But what most owners do not realize is that lenders will be satisfied with lower interest payments as well. A mortgage will be paid in no time with a $3000 point value on a $300,000 home. Smart financing is all it takes.”
Mr. Arkan also adds that a lender might not always agree to a deal so it is best that mortgage holders consult their plans with whoever they turn to for loans. Once a plan of action is established there is no reason why a lender will not approve such a deal.
The mortgage expert also explains how lower interest rates would affect a mortgage loan over the course of a few years, “The amortization rate of a mortgage is now 25 years for insured mortgages. Discount points can take advantage of lower interest rates that will prevail over the entire course of their loan. A mortgage would be paid off at some point even if a borrower only pays some of it at intervals. Needless to say, financial futures are not so secure for mortgage holders who own uninsured mortgages. Mortgage points offer some reprieve to the harried homeowner.”
Mr. Arkan opines that homeowners should consider the costs of any down payments and closing costs before considering mortgage points. Such holders will need to come up with the money beforehand since lenders require it for the process. However, as Mr. Arkan points out, purchasing points still offers hope form homeowners who would like to make payments easier on themselves.
To read more about Canada mortgage and mortgage points, visit the website http://www.syndicatemortgages.com.
About Syndicate Mortgages
Syndicate Mortgages is a Canadian based firm that specializes in helping future homeowners look for the most suitable mortgage rates in the country. The leading real estate company has access to over 70 Canadian mortgage lenders as well as major banks, credit, unions, trust companies as well as private funds. In addition, the firm also includes industry specialists who analyze current market trends in order to find mortgage rates that cater to every individual need. The experts offer consultations on real estate trends and also offer real estate products.
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