1. What Does Mortgage Mean?
Mortgage means “mortgage collateral”. Refers to housing loan provided by banks in our country.
2. What is the difference between the mortgage and the Housing Loan?
In 2007, the law amending the housing finance system and mortgage and housing loan was the same as operating in our country. The differences between them are as follows:
While the mortgage loan can be given as short-term as 2-5 years, the loan period can reach up to 30 years in the mortgage.
While the interest rate on the mortgage loan is fixed, the loan used in the mortgage may be fixed or variable.
In the mortgage, a mortgage is established on the house purchased for collateral. The mortgage is created in favor of the bank issuing the loan.
(Mortgage Unknowns) 3. How Does The Mortgage System Work?
Once the person has determined the real estate he wants to buy, the bank demands the money required for the purchase of the real estate. The bank makes the value determination of the real estate through expertise and ensures that the creditor’s income information is verified. After these researches, the bank makes the final credit decision within 2-3 days.
(Mortgage Unknowns) 4. Are The Credit Conditions Of Each Bank The Same?
The conditions and interest rates that banks apply when lending are different. In addition, the repayment options offered by each bank are not the same. However, each bank takes priority to conditions such as regular income and good credit score when lending.
(Mortgage Unknowns) 5. How Much Credit Can You Borrow With Mortgage?
You can learn how much you can borrow before buying a house by talking to the banks. The bank that makes an appraisal on the housing may decide to take advantage of mortgage up to 75% of the value specified in the appraisal report.
(Mortgage Unknowns) 6. Mortgage Is An Advantageous System In What Aspects?
Because mortgage allows the borrower to pay the loan as a tenant, it provides both economic benefits and housing investment opportunities for the individual. In addition, the bank is able to benefit from more than 1 mortgage for different housing because it looks at your payment power when lending.
(Mortgage Unknowns) 7. Can a loan be obtained for any kind of Housing?
In order to obtain a mortgage loan, the housing you want to buy must have a floor easement deed.
(Mortgage Unknowns) 8. Do you need to vouch for the loan?
The bank does not ask for a guarantor for establishing mortgages on the housing in return for the loan.
(Mortgage Unknowns) 9. Is it possible to sell the House purchased by the mortgage?
You can only sell your mortgage to someone else with the mortgage on it.
(Mortgage Unknowns) 10. In Which Cases Can Not Benefit From The Loan?
The housing should not be in residence, the housing should be purchased from relatives, at least 80% of the construction must be completed and the construction must be in compliance with the law. Otherwise, housing loan cannot be used. Do not forget to take out housing insurance to guarantee the housing you are going to buy against a lot of risks, from fire, earthquake, water raids, theft. Compulsory earthquake insurance Dask is not enough to protect your home alone. If you wish, you can apply online to the insurance company to have your compulsory earthquake insurance as well as to get the best housing insurance price.