Category: Buying

Details of a Mortgage

What is a mortgage? Ten or fifteen years ago, the word “mortgage” known only to specialists, but today it has become a part of our lives. But, despite many references, yet many people do not realize what a mortgage or a mortgage. Finding an answer to this question, this is the first purposeful human action to identify and realize their possibilities for purchasing their own homes.

The term “mortgage” comes from the Greek word «Hypotheke», and means – bail. The term “mortgage” came into use at the turn of the VI-VII centuries BC in Greece, when they called the post, which was on the land of the borrower and included the name of the lender and the loan amount. In case the borrower defaults on payment of the debt, “mortgage” entitled the creditor to take part zastolblennuyu land.

So, the mortgage today – is issued by mortgage credit when liens basis of this credit is not transferred to the creditor, and remains the property of the debtor. The mortgaged property under the mortgage imposed a ban on the sale or renewal of it to another person to complete the loan and all interest.

Learn more about available mortgages on

Mortgage loan – a long-term loan, which is mostly given bail following real estate: apartments, house with land, industrial buildings to the ground, the earth. Terms, which you can arrange a mortgage, there are different and depend on the bank and which loan program, the amount of the requested loan, and your ability to pay. The proposed term of the loan mainly from 3 – 5 years, and 15 – 30 years.

Mortgage loans are issued by commercial banks, mortgage banks, credit agencies. Each commercial bank, usually now offers several programs with different mortgage terms and interest rates. But in all cases, if you arrange a mortgage, you will immediately become the owner of the purchased housing, and credit and interest is paid is for the personal, rather than rental housing. When making a mortgage for future construction, homeowners after you get paperwork to enter the house in operation.

On the websites of all banks involved in mortgage lending, there is always a calculator to calculate the amount of the mortgage. In order to calculate the availability of a particular type of mortgage to suit your financial capabilities, ask your accountant, in which you work, the calculation of the size of your income. Only then you can use a calculator.

To choose the best option mortgage, consider proposals from several banks. To all the questions you can consult experts detail the “hot line” or consultants selected bank lending. Compare the suggestions and good luck with your choice.

 

Securing a Mortgage

So how do you get an apartment for a long time, it is necessary to protect yourself and all your loved ones from unforeseen situations. You must insure that apartment that you purchase on credit. And that is why when a loan you must insure your apartment. After all, the weight of life contingencies. For example, a house can burn, and apartment come into disrepair.

Also, the bank requires a purity of legal transaction. After all, if some distant relatives of your salespeople will encroach on your property, the insurance company is obliged to reimburse the bank. Also, in order to secure your mortgage, you must insure the person to whom it is issued.

Repayment of the Loan

After all, if the payer is unable to work, and will not be able to repay the loan, the entire family will be able to evict from this shelter. That’s insure yourself, you will avoid such an unpleasant fate, and even if something happens to you, the costs incurred by this insurance company that you have insured their lives. It may be partial contributions if you suddenly fall ill for a certain amount of time. It is necessary to maximize safety to worry about yourself.

Insurance

In general, insurance is now a prerequisite for obtaining a mortgage loan. It happens when the client even before the desire to take a mortgage, insure your life in one of the insurance companies. But the insurer to change its new does not want to. In this case, he needs to find a financial institution, where his choice of SC will treat with understanding. After all, the bank credited you may already have a partner company.

Personally selected and prices of different insurance risks. As usual, the rate of insurance home hovers around 0.3-0.5% of the amount of insurance. The final size of it depends on many factors. These include, inter alia, include the condition of the house, its technical performance, and others.

In turn, life insurance and disability client as unique. On average, changes are recorded at the level of 0.3-1.5%. Influencing factors are the age of the borrower, his professional activities, health, etc. In some cases, banking institutions insist on applying for insurance for the co-borrower. This occurs if the consideration of the application are taken into account his income.

Brick House – without a doubt is one of the most solid and durable houses. Building a house of bricks valued for its beauty and depth, so the brick house will stand more than one hundred years. In-built brick house will live happily ever after, not only you and your children and grandchildren and even great-grandchildren with.

Build a wall of brick houses, usually in the form of solid masonry, which may be supplemented by additional and different parts, such as natural stone, wood, bricks of different textures and shades.

Prices of Brick Homes

Although in modern times and there are, the new, as the more expensive and inexpensive construction materials for building houses and building technologies become more sophisticated, the traditional construction of brick houses still valued.

Brick house, during its construction, can bring to life, literally any constructive solutions.

The reason for this is the long-established system of production of bricks, as well as some design features of the brick by brick you can implement almost any constructive suggestions of Architects, if you decide to build a brick house. Important role in the construction of a brick house and has the prestige, which are the owners who built the brick house for himself, because this building material will always be respected and popular!

Brick house, as a rule – are practical and durable, aesthetically they are beautiful.

What all of us and to you, including the so-brick house like? Why did many, the choice of building materials when building a house is purchased a brick?

In the first place, and this no one would argue, a brick as a building material, has high strength, moisture absorption and durability during its operation. However, to ensure that when building a house, to reach more of the best options for durability and strength at home, building brick houses requires strict adherence to building construction rules and regulations, and compliance technology for laying bricks.

In the second place, brick, as a natural building material has excellent insulating qualities, it is natural due to its structure and material used in the manufacture of bricks. In addition to these characteristics, the brick house still meet all current requirements for fire safety.

The walls are brick houses, in contrast, from the wooden houses do not rot and shrinkage. There is a significant plus brick house – they feature a unique climate, in hot weather in summer, as in a brick house remains cool, and in winter warm.

Are there any disadvantages to a brick house? Yes there is – is the high cost of the construction, the complexity of laying bricks.

Construction of a brick house, is not recommended in cold seasons, especially in sub-zero temperatures, as well as during heavy rains.

Due to weather conditions the construction of a brick building, is often suspended, which means building a house, spread over an indefinite period, and therefore, may increase and the final cost of a brick house, with its construction.

Despite the considerable cost, brick houses have always enjoyed, and hopefully will enjoy the same popularity

How to Buy an Apartment Complex

Before issuing the loan, the bank verifies not only the borrower, but the flat purchased by a mortgage. She is pledged to the bank to repay the mortgage, and in case of difficulty, the funds from the sale of apartments should completely cover the loan. So if you decide to buy an apartment in the mortgage, you have to choose the right, so you can save time and nerves. Let’s see what are the requirements of the bank to mortgage the apartment.

Having the Finances

The main requirement of the bank to the apartment is its liquidity. The liquidity of an apartment depends on many factors – characteristics of the building, description of the apartment, and legal aspects. If this is the apartment building, then the banks more willing to agree to have handed over the objects, or at least at the final stage, but on condition that the developer had worked.

So if you plan to buy an apartment in a new loan, then be prepared that the bank will carefully examine not only flat, but the developer – will be sought investment contract documentation for the lease of land, a document confirming a building permit and so on. As a rule, reliable builders seek to accredit their own facilities to assist the potential investor with no hassle to buy an apartment.

Also, the bank will require proof that the house is not located in the plans for demolition or reconstruction. The important role played by the location of the house, for example, a house on the outskirts of the city is less preferred than in the center. There will also be evaluated by the state apartments, the area, finish, layout.

Value of the Property

The Bank also draws attention to the cost of an apartment, it should not be overestimated, otherwise the bank deny you credit. It is also important to know if the seller has an apartment is not ready to show the documents of its market value, the bank may deny credit.

Bank are also important legal aspects of the transaction, the apartment must be legally free. Without any encumbrances, and is fully ready for registration and registration of the new owner. Also, the former owners should not be in arrears on tax and utility payments.

Bank wary of flats and redevelopment, which often is not legalized. And if the bank is lending to the apartment and redevelopment, it will oblige the customer to agree on redevelopment within six months, or result in the apartment to its former state.

The Commercial Loan

Derivation of the ideal real estate mortgage, an apartment from a reliable builder in the built and delivered to the house, it is desirable that the object was in the accreditation of the bank. And if this is a secondary market, it is flat, without alterations, so it was not the registered persons, or if there is, only one owner who has no children and heirs.

But in the real estate market of apartments for low and in some cases banks make concessions. Therefore, it will be easier to find a suitable apartment that will meet the requirements of the bank, through a real estate agency, and the ideal would be if the agency is working with the bank with whom you plan to get a loan.