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Mortgage & Refinancing Information |
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What is a Capped Mortgage?
A capped mortgage is a variable rate mortgage with a capped limit beyond which the rate paid will not exceed. Mortgages are available in a number of different interest rate options, one of which is the capped rate. A cap means that there will be a limit to any increase in the variable rates for a selected term. The mortgage rate charged on your account can not exceed this rate. However if the variable rate drops below your capped rate you will benefit, as your repayments will be calculated using the lower variable rate. Capped mortgages enable you to place a limit on your monthly mortgage commitments and still benefit from falls in interest rates. Capped rate mortgages put a limit on the highest rate of interest you will have to pay on your mortgage over an agreed introductory period. This means you're protected to a certain extent if interest rates rise, and if they stay low you will still benefit from the lower interest rates. It's basically a combination of the fixed rate mortgage concept with a standard variable rate mortgage, allowing you to profit from decreasing interest rates. A capped rate mortgage is a variable rate mortgage which has a fixed upper rate limit. This means that the borrower knows in advance the highest monthly payment that he may have to make. One advantage of the capped rate mortgage is that when interest rates are likely to rise, they offer protection for borrowers against repayments going over a certain level. This can be seen as being almost as attractive as a fixed rate mortgage. Having a capped rate mortgage can make it easier to budget when you know what the highest amount your mortgage payment could be. Be aware that this type of mortgage usually charges redemption penalties to those who wish to swap mortgage provider. Capped rate mortgages are generally a compromise between fixed rate and variable rate mortgages. Whilst providing peace of mind capped rates are generally more expensive than fixed or discounted rate products. You may freely reprint this article provided the author's biography remains intact: About The Author John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
MORE RESOURCES:
How to refinance your mortgage and save money every month Business Insider Where Are Homeowners Successfully Refinancing? The New York Times Mortgage rates settle after an up-and-down week The Washington Post How to know when to refinance your mortgage KIIITV.com Detroit-based mortgage giant Quicken Loans on pace to set home loan record Detroit Free Press Mortgage rates today, December 10, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 11, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates move higher on encouraging trade developments The Washington Post Mortgage rates fall to lowest level in six weeks The Washington Post 10 Housing and Mortgage Trends for 2020 NerdWallet What Is a Balloon Payment for a Loan? Yahoo Finance Should you refinance? The answer always boils down to money The Daily Herald Mortgage credit standards are loosening, it may be easier to get a loan The Mortgage Reports Millennial mortgage refinances continue ascent National Mortgage News Experts predict where mortgage interest rates land in 2020 The Dallas Morning News Ask a mortgage expert: Tips about credit score, down payment, refinancing and more Reno Gazette Journal Refinance to get ahead of debt FOX 31 Denver Mortgage rates today, December 5, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 9, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 12, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 4, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 29, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Here are the best and worst states to refinance Yahoo Finance Mortgage rates today, November 12, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Housing Market Gets a Boost From Strong Jobs Market Pro Tool Reviews St. Anne’s names new mortgage specialist Wicked Local Wayland Mortgage rates today, November 22, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 21, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports SHERI BISTREICH: Is this a good time to refinance your mortgage? Statesville Record & Landmark Mortgage Interest Rates Forecast NerdWallet Refi boomlet pushed October's mortgage prepays to six-year high National Mortgage News Mortgage rates today, November 15, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Is now a good time to consider home loan refinancing? Newton Daily News Paying off your mortgage vs. investing: Here's what could save you the most | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports HELOC alternative Hometap raises $100M in new capital National Mortgage News Refinance or not? Getting a better deal isn't a slam dunk, but low rates offer compelling choices AZCentral TRANSACTIONS: GCP Capital Group arranges $66450000 of financing Real Estate Weekly Expanding Alternative Mortgage Options Jewish Link of New Jersey Mondrian Park Ave. Hotel gets $135M in refinancing Real Estate Weekly How long does it take to refinance a mortgage? Bankrate.com Everyone is Still Refinancing; FHA Refis at 3 Year High; Rates Fall After Fed; Realtors Forecasts Appraisal Buzz FBC Mortgage Named Title Sponsor Of Cure Bowl SportsLogos.Net News FHA Mortgage Insurance Rates To Hold Steady in 2020 The Mortgage Reports 5 common myths about refinancing your mortgage Bankrate.com What to know before refinancing your home loan The Washington Post Good time to refinance your mortgage? Fox Business Sims Mortgage refinancing cuts SNF interest rate by 60% - Products McKnight's Long Term Care News What Is Mortgage Refinancing? Motley Fool Lowest Mortgage Rates in 2 Weeks Mortgage News Daily Refinancing my mortgage lowered my monthly payment by $200, but I wish I'd known 5 things beforehand Business Insider Refinance mortgage rate moves higher for Monday Bankrate.com Mortgage credit eases in November, MBA says HousingWire Nearly 6 Million People Are Eligible To Save Money With Mortgage Refinance, Report Finds Bankrate.com Mortgage sector on its longest winning streak since the end of 2017 National Mortgage News Refinance mortgage rate falls for Thursday Bankrate.com Who wins and who loses in a housing shortage crisis | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Refinance mortgage rates mixed for Wednesday Bankrate.com |
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