Mortgages – what and how?

Posted: August 15th, 2013 | Author: | Money

Housing loans are taken out to the large amounts and for long periods of time, sometimes it takes a few decade fees and thousands of money, which in our country is quite a large sum. It is good to plan the process to get everything well done. And below we describe step by step what to do.

woodleywonderworks / photo on flickr

woodleywonderworks / photo on flickr

At the outset, we should realistically assess our financial capacity per month. It is not worth tightening the belt too much and saving on everything, because we are not going to eat only potatoes for 20 years. Sometime in the future, some problems may occur even to us, you will need a new refrigerator, you will have to change the car, buy new clothes or repair something. If we will put aside only small amount of money, we may have problems in case of an emergency and realize there is not enough funding for one simple reason, we do not have spare money.

At this stage, we should also meet with a credit counsellor who will determine how we see the creditworthiness of financial institutions and tell you how we can improve. Then we should estimate how much do we want to borrow from the bank and for how long. You may find that our borrowing capacity is exhausted for a long time, so sometimes it is worth paying a little more credit, but they have a few hundred dollars a month to spare more emergencies, job loss and the like. By the way, you should find out exactly which documents should have and we will be necessary to better prepare them in advance, or at least they know that they are not another thing that come to our minds, once we find an apartment.

The next step is to sign a preliminary contract to purchase the property and pay in advance, the way we determine the date of signing of the final agreement. It sets the term of a mild advance, credit approval process can take up to two or three months, we can learn more in the bank. Then we apply for a bank loan. The initial offer usually get a week or maybe two. We booked the hotel for several banks and compare them. Then we need to complement and provide the required documents and information required by the bank. In the end we get a final credit decision, once again we can be compared with those issued by the competition if that is tried. In the end, if we want to, we can sign a loan agreement, a process which will take another few days. Agreement should be read very carefully and you should fully familiarize yourself with each point, if you have any doubts, you should ask a counsellor and before the signing you should also check the Internet and read guides on what to pay attention  to when signing the contract on the mortgage.

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