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Types and information about the operation. A huge advantage for people who want to buy a house today. Mortgage loans, mortgage types and things to know about the functioning of our article
Mortgage lending is a kind of real estate financing system. This system allows people who do not have enough savings to purchase housing through monthly payments, such as rent. Mortgage loans are provided as long-term loans to people who want to own a home to various financial institutions.
Mortgages are made on the immovable property purchased as collateral and this mortgage remains until the debt is paid. After the debt is over, you will be the owner of the mortgage.
Home mortgage loans
In general, there are mortgage loans ranging from 1 to 20 years. The main types of mortgage loans are home loans, workplace loans, land loans, housing development loans, construction loans and refinancing loans.
- Home (housing) credit; it is the loan used to take home. The house is mortgaged until the debt runs out and it is the property of the institution where the money is received. Once the debt is paid like rent, the mortgage is removed and you are the owner.
- Workplace credits; It is a kind of mortgage loan that is used to buy places such as office, workplace and workshop.
- Land credit; is a type of mortgage used for land and garden financing. As is the case in others, until the debt is paid, the landlord assumes that the money is provided.
- Housing development loan; renewal of housing is the type of credit used for decorating and renovating.
- Construction credit; rough construction is an individual loan type used to support the financing of finished structures.
- Refinancing loan: housing loan debt transfer and renewal structuring credits are also known by their names. It is an alternative type of loan that allows the replacement of the current mortgage loan with a more appropriate interest rate and maturity conditions.
Best mortgage loans
Mortgage system in the simplest form of the person who wants to have the real estate and the seller begins to negotiate with the bargain. This person then goes to the bank he deems most appropriate and provides the money to buy the property. The Bank carries out the necessary researches such as determining the value of the immovable property and verifying the income information of the consumer. This research gives the person the credit if he / she finds it appropriate.
Almost every bank that gives mortgage has its own criteria. There are different credit conditions, interest rates and reimbursement options. The first point of each bank is the regular income status and credit rating of the person who wants to get the credit.
Each bank uses different criteria when granting mortgage loans. You can get approval from another bank if you can’t get approval from a bank. The reason for this is that each bank creates a risk profile. Each bank has common aspects. These are related to your credit note and the properties of the immovable property. Your total regular income has a flexible system that takes into account your down payment amount.
The properties of the immovable property are important because they will be presented as collateral to the mortgage loan by the bank. These features are determined by the expert report. The quality of the building, its physical condition, the need for repair, the properties of the building such as sewage and heating, land registry, share and the approximate value in the market are prepared by sworn experts. While loans are not given to houses and lands which need to be repaired before, some banks have started to provide loans for these places.