E-trade offers mortgage loans as an alternative to many private loans offered by banks. While E-trade is primarily a holding company to buy and sell different types of securities, it also provides mortgage lending to its customers. In 2003 E-trade introduced an innovative mortgage opportunity known as a portable fixed rate mortgage. This type of mortgage is geared for homeowners who plan on re-locating to another home in the future. While traditionally a new home loan is necessary if a new property is purchased, the E-trade portable mortgage allows you to change homes once with the fixed interest rate from the first property.
However there are disadvantages to this loan. Since you will receive a fixed interest rate, you will be required to pay the same interest regardless of the state of the property market. You will also most likely have a higher fixed interest rate than the one available at the same time to regular borrowers. While home prices are the lowest they have been in a while, it is possible that interest rates will decrease again in the near future.
E-trade loans offer the convenience of not re-submitting another home application if you decide to move but you must be careful to evaluate all costs before making a decision. There will most likely be strict monetary consequences if the terms of the loan are not upheld. It is recommended you consult an experienced lawyer to check whether this type of loan is the best option for you. You can then speak to an E-trade consultant who should explain all preliminary costs and clarify the fine print in the application.
By: John H. Drake
Posts Tagged ‘Interest Rates’
E-Trade Home Loans – Helpful Tips About E-Trade Mortgage Loans
April 24th, 2010Secured Home Loans – Utilize the Value of Your Collateral
March 28th, 2010
Home is the place where you are protected against all the odds of the nature. It is also the most trusted member when you’re in an urgent need of money. Secured home loans are offered to homeowners against their home as the collateral. As home is the biggest asset of any person, large amounts of money can be borrowed. But the amount depends mainly on the equity of the home. A home with bad equity cannot fetch much money with the one with better equity.
The amount that can be borrowed ranges from ₤5,000-₤75,000. Credit history plays a major role in the amount that can be borrowed. A person with good credit history and greater equity can go for higher amounts of loans. The loans are to be repaid within the repayment time which ranges from 10-25 years.
One the advantage of secured home loans is that they are obtained at a much cheaper interest rate. By comparing with many banks and financial lenders one can get a better option to choose his lender. Online lenders always offer money for a much cheaper interest rate.
People with bad credit history have a reason to rejoice as they will be offered loan as they are placing their most valuable asset as the collateral. Secured home loans give you the flexibility of low interest rate and wider repayment time. The secured home loans can be used to cater you needs home improvement, weddings, education, etc. Secured home loans can be accessed through the Internet. It is the most easy and convenient way to obtain a loan. By placing your quote on the Internet you can find many lenders who come forward to offer you money at much cheaper rates. One should properly choose the lender by comparing the interest rates and the repayment duration.
Secured home loans turn your dreams into reality. Home becomes a much better to live in, as it caters all your needs. It keeps you secure in all the odd times. So fulfill your dreams with the biggest asset that is available to you.
By: Steve C Clark
