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A mortgage is a loan made available by a lender to a homebuyer for a long period. The borrower repays the principal of the loan and the interests incurred on the principal, on a monthly basis. If the borrower fails to make the monthly repayment, the lender takes possession of the home with a view to its disposal. Here are some answers for queries that may occur to a prospective homeowner before initiating a mortgage procedure.
A. Lenders offer mortgage packages based on the cost of the property and the credit history of the individual. Most lenders offer a loan not exceeding 75% of the worth of the home. Some lenders offer a loan equal to the full value of the property. However, this necessitates the purchase of indemnity insurance on the part of the borrower. In addition, most lenders rely on the credit score report to decide on the loan value. They compare the income with the expenditure of the individual. If your income to expenditure ratio is high, you are likely to be able to secure a good mortgage package.
A. Conveyancing is the sorting out of legal issues involved in buying or selling of a property. A solicitor handles the process. It is prudent to take on the services of a reputable solicitor at the time of looking for a home. The seller or his estate agent will get in touch with the solicitor after you make an offer for the home.
A. Lenders require a property appraisal performed on the home before they can grant a loan. The appraisal establishes the value of the property. Lenders make an offer, based on the value.
A. A mortgage broker provides information regarding different loan packages. A broker buys various loan packages in bulk from several lenders and markets them. Since the broker buys the loan products at wholesale prices, he can afford to sell them to homebuyers at attractive rates.
A great advantage of using a broker’s services is that the customer may review all the options simultaneously. A homeowner can compare the different loan products and come to a decision quickly. It is however, worthwhile to get an idea about the property market before visiting a broker.