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.
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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.