Mortgage System Key Parts of Mortgage

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Mortgage is a kind of savior for couples which are buying new house or car.Mortage users are increasing day by day in our country. So how do we use the mortgage effectively.


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What is the Mortgage? What is the Difference between long-term and mortgage credit or loan?

  • Actually, Mortgage system is not a type of credit, it is a legal document which allows extending your hire-purchase rate.

İt is not the same thing with long-term credit. Because; mortgage cheaper than long-term credit.

The purpose of the Mortgage is all of the processes that involve funding from Capital Markets over the secondary market.

Do interest rates fall through the mortgage Act?

Interest rates don’t fall under the law. However, the mortgage system refers to the lower funding of housing loans with capital market instruments as of its essence.

Increasing operational costs and decreasing interest costs are not very relevant about the mortgage using rates. Medium-term expectations are generally in the direction of falling interest rates.

On the other hand, the expectations of the decreasing hire-purchase ratings and total prices of the mortgage system can be observable.

How does the Mortage system work?

Mortgage, in other words, the system works in the mortgage. First, you choose the house you want to buy yourself. You must have a down payment of approximately 25% of the house price. For the remaining part, you can owe your bank. These down payment amounts may also vary depending on the appraisal report. So if you buy the house at a lower price than the expert report, you can give less money. The bank then asks its surveyors to inspect the house. Credit calculation is made according to the expert report. The bank will ask you to document your income. If you are a salaried employee, you will be asked for a number of documents if you are doing your monthly income, doing your own business or dealing with trade. Accordingly, a loan amount that you can withdraw is determined.

How much of my income can I use housing loans?

Even if the bank changes slightly to the bank, you can use a monthly loan amount of up to 60% of your income in monthly installments. For example, if you have a monthly salary of $ 2,200, you can use a loan with monthly average monthly installments of $ 1,400. (Monthly installments are variable, depending on the interest rates may increase or fall) Again with you, you can show people, such as the same household living together with your parents. Then you are able to use a more consistent loan. If the money entered into the husband and wife household is $ 5,000 per month, then the monthly installments can be as much as $ 3,000. When lending, banks also look at your credit rating. If you’re on a blacklist or if you’ve had a credit problem before, the mortgage loan may not be available.

Bank puts a mortgage on the home

The bank puts a mortgage on the house you bought and you can start living in this house or rent the house. When your due date is over, you can apply for a mortgage and receive a mortgage. Thus, you can be a homeowner by making long-term and lower loan borrowings through a mortgage. Since the bank puts mortgages on the house, it provides a lower interest rate loan than other types of loans because it is a middle class.

 

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