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An application for a mortgage plan and repayments of the mortgage loan can involve several issues. A mortgage is a lengthy process, and lenders impose a variety of restrictions on the applicant. Here are some clarifications to questions that may arise in the mind of an uninitiated borrower.
A. Lenders impose a fee on the borrower if he decides to pay off his mortgage before schedule. The fee may include early repayment charges and deeds that release payments. Different lenders charge diverse fees for early repayment of a mortgage.
A. APR is the short form for Annual Percentage Rate. It is the actual cost of borrowing. It takes into account the interest rate, the mortgage product fees and the term of the mortgage. The APR allows you to contrast various deals offered by lenders.
A. Every lender specifies a precise upper limit on the age of the borrower seeking a mortgage. If an individual intends to take out a mortgage past his age of retirement, he needs to provide evidence that his income is sufficient to sustain the monthly payments of the mortgage.
A. The applicants may get a mortgage on the property. If there are two individuals, the lender takes into account the incomes of both. If there are more than two applicants, the lender considers the income of any two of the borrowers. However, some lenders add up the potential of all of the borrowers for making the monthly repayments. The lender holds each borrower responsible for the whole mortgage payment. If one borrower is unable to make the repayment, the others on the mortgage have to accomplish the payments on behalf of the defaulter. Non-payment would adversely affect the credit rating of all of the borrowers.
A. A borrower wishing to change name after marriage needs to produce a certified copy of the original marriage certificate and a copy of Civil Partnership Certificate. For a change in name due to divorce, the lender requires certified copies of Decree Absolute and the birth certificate, indicating the maiden name of the borrower.