What is the Mortgage? What is the Difference between long-term and mortgage credit or loan?
Actually, Mortgage 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.
İmportants of Mortgage
1: In the past, only fixed-rate housing loans were offered, while the new system also offers variable rate loans. In variable-rate housing loans, the interest to be based on the loan between the periods specified in the contract is determined as CPI index published by the CBRT. In addition, in variable interest loans, it is necessary to specify the maximum interest rate in the contract regardless of the direction in which the CPI is exchanged.
2: Reserve utilization Support Fund
While there is only, Reserve utilization Support Fund” exemption in old housing loans. There is ”Reserve utilization Support Fund+Bank Insurance Transaction Tax exemption in the mortgage system.
If you close your credit debt early, you earn 2 percent discount. Such a fee cannot be charged from variable interest loans.
In the old system, there is no need a ”Real Estate Appraisal Specialist License” person. But in the new system, there is a need to be a guy who calculates your mortgage loans.T hey have to get a Real Estate Appraisal Specialist License.
In the past, the banks didn’t give you all insurance pages only a few. But in this time you will every detail of the mortgage system to your bank.
If you delay the payment of the mortgage default rate won’t be more than % 30. On the other hand, the expectations of the decreasing hire-purchase ratings and total prices of the mortgage system can be observable.