If you want to own a home and not be able to purchase for cash, the right choice is by credit or more in the know with the mortgage. There are 2 different stakeholders in the mortgage, the mortgage provider and Developers house, although they always work together but keep in mind both have separate functions and authorities about the mortgage that can not be mixed up. Here’s a guide how the mortgage loan.
The steps and requirements in the mortgage :
1. Determine the home to be purchased on credit. There are two ways, the first to come to the bank and request information home sites are available, the second find their own housing through newspapers, the Internet, the survey directly to multiple locations or information from advertising. Should find some alternative homes will be purchased which will be compared in terms of price, ease the process of mortgage, etc.
2. The second step, if the house has been selected targets, ask all matters relating to the home, such as how much, how much the down payment, becomes a sign of how much it costs, if the house has been built or will be built after the down payment, see drawings and design, make sure the location correctly, check the amenities of home, when new homes will be built, also be sure how long the house was built, and ask also how the home mortgage loan process later.
3. When all the information is clear and you understand, the next step is to pay for a sign so as proof of booking the house. Usually every developer is different, there are free indefinitely, which requires no down payment after some time, there are forfeited if not so, there is also returned.
4. The next step is to pay the mortgage down payment if you have been positive so buy a home, generally a sign to be a part of down payment, so if you’ve paid earnest money, then down payment is only paid the rest alone. The down payment will be refunded if the home mortgage filing ultimately rejected by the bank.
5. Once the down payment, the next step is a home mortgage loan application to the bank is selected. Usually, developers will deal with this submission to the bank that has become his partner, if we choose another bank usually asked to submit their own home mortgage loans. Home mortgage loan application requires considerable time, can reach 1 month, where the requirements specified mortgages from banks such as checking accounts, certificate of work, salary slips, become servants remain at least 2 years, ID cards etc depending on each bank.
During the application process takes place after the requirements submitted to the bank, there is usually a survey, the bank will conduct a survey to the place where we work, so do not attempting to lie about it. Banks will also check to the Central Bank to ensure you and your wife is not included in the black list of related credit history that may never done before.
You will also be called upon to be interviewed about your finances. One thing to note is the ability of your finances. Here your income and or wife and also how much the price of the house, down payment, and the old mortgage will affect each other.
Generally, banks will require a maximum installment is 30% of salary, while others allow 40% of salary, no one can be combined with the wife of your income, there are only requires the husband’s salary alone. Keep in mind too high though and if your salary 30% salary cut is still a lot more for the purposes of a month, the bank will not be compromised, the bank will answer a substantial income, needs also would be great, so regardless of your salary, then it must be willing to be used only for home mortgage loans is only 30% of its course, do not forget if you’ve never been before and still running credit shall be deemed included in the 30%.
Home price, down payment, installment old, and big salaries will affect each other, if there is a reduced one, the other should be higher, for example, if the mortgage loan installment per month want to be dropped, then the down payment should be added, or if no, long extended installment. You need to think more to determine this, and it also depends availability of your cash when buying mortgages.