What you need to know about the mortgage system

What you need to know about the mortgage system
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Welcome the topic ”What you need to know about the mortgage system”. Today I gonna talk about the mortgage system unknowns. The topic”What you need to know about the mortgage system” about the misknown’s of the mortgage.  So let’s start. 

What is the Mortgage Mean? What is The Definition Of Mortgage?

First of all, what you need to know about the mortgage system. In other words, Mortgage loan means long-term and low-interest borrowing. The new Mortgage system entered into force with the Sistem Law Amending the Various Laws Regarding the Housing Finance System published on March 6, 2007, in the official newspaper.

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.

What you need to know about the mortgage system

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 a monthly average monthly installment 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 monthly installments are possible to use credit like $ 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. Or, if you have other credit debts, your bank may ask you to close them.

Bank puts security Mortgage rules on the house

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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