i bought a house in jan 2006 using a fixed discounted rate mortgage with northern rock which ends in jan 2008.in dec 2006 i got a loan which is secured on my house.in jan 2008 when my discounted rate finishes will i have trouble finding a new mortgage deal due to having the loan secured on the house?
Does having a loan secured on your home make it difficult to change mortgage lenders?
Naw you shouldn%26#039;t have a problem, this is done on a daily basis, they call it a refinance. You get another mortgage company to refinance your house and when they do whatever is owed your current mortgage is paid off.
The escrow closing agent will take care of all payoffs to your current mortgage.
Now in order to start this refinance you will need to contact a mortgage broker and complete a loan application, about a month prior to your discount rate expiring.
You will find a mortgage broker in your local telephone book.
I hope this has been of some use to you, good luck.
%26quot;FIGHT ON%26quot;
Does having a loan secured on your home make it difficult to change mortgage lenders?
If I understand your question correctly, no. You can probably refinance in 2008, unless you are way over mortgaged on the house. But I doubt you will be.
Does having a loan secured on your home make it difficult to change mortgage lenders?
It won%26#039;t be a problem. What you will do is refinance your home through the lender you want and all liens, mortgages or loans secured by your property will be required to be paid off.
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