LOANS AND MORTGAGES
What is a Mortgage?
- Mortgages are kind of loans used to purchase homes and other real estate.
- The home or other real estate is used as security for the loan.
- Fixed-rate and customization mortgages are two types of mortgages offered.
- A mortgage’s cost is determined by the type of loan, the period and the rate of interest charged by the lender.
- Mortgage interest rates differ tremendously depending on the nature of package and the applicant’s credentials.
Interested borrowers start the process by submitting an application to more than one mortgage lender. The lender will demand proof of the borrower’s ability to repay the outstanding loan balance. Financial and investments records, latest tax filings, and evidence of current employment are all examples of this. In most cases, the lender will also conduct a credit check.
If the request is successful, the lender will make the borrower an offer for a loan up to a given amount at some rate of interest. Pre-approval is a method that allows homebuyers to apply for a loan once they have decided on a property to purchase or when they’re still looking for one. Pre-approval for a loan can provide buyers an advantage in a competitive housing market by demonstrating to owners that they will have the financial means to backing up their offer.
Once both the parties are agreed on terms of deal, this is the time where brower needs to pay his down payment. Ownership will be transferred to buyer, and buyer will sign for remaining mortgage documents.
Types of Mortgage
- Residential mortgages.
- Capital and interest/profit mortgages.
- Non-resident mortgages.
- Rent only mortgages.
- Fixed and floating rate mortgages.
- Investment mortgages.
- Offset mortgages.
- Commercial mortgages.
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