At the time wanted to buy a house, in addition to paying with cash, you can also pay by installments or that we are familiar with the mortgage. Many people believe if you make a payment through the mortgage process is long and convoluted. Actually not that difficult, if you are not arbitrary in determining the bank for your mortgage.
One vote mortgage will take you to a variety of problems, such as high interest rates, accelerated repayment penalty interest and greater costs, notary fees and other costs that headache. Do not want this incident to befall on you? Listen surefire tips in choosing the mortgage is quoted from the book “Success Buy Houses without Capital Instalment” by Bob Sudiono following.
1. Do not choose a state-owned bank. Why? Because these banks apply a super strict requirements that make their heads spin. In addition, the maximum ceiling given too small, only 70 percent of the appraisal value of the home. That is, you have to set aside for a down payment of 30 percent.
In addition, the government bank notoriously slow process when compared with private banks. Government banks usually takes more than a month to process mortgages, while private banks can usually finish around 2-4 weeks.
2. Although private banks better, but you have to remember that not all private banks nice to glance. You should carefully consider its mortgage products. Is it interesting or not. Not infrequently private banks also stingy giving ceiling and mortgage interest.
Usually, that makes private banks more stringent because of Non Performing Loan (NPL) or bad credit bank increases.
3. It has the longest tenure. On average the banks providing credit up to 15 years, and there are also some that provide up to 20 years. The longer tenure, the smaller installments that you must pay. It will be easier for those who pay in installments in the first years.
4. Each banks usually provide mortgage rates vary. Should choose a bank that provides small interest rate. Usually banks on sale of low interest rates in the first and second course. After that the bank will perform the appropriate effective interest rate running.
5. Do not obey all the offers submitted by marketing mortgage bank. Everything you could ever bargain, and do not be shy to haggle. The fees can be negotiated among other fees, notary and insurance. Costs are not negotiable is the tax.
6. Select the bank that frees you from the cost of home valuation (appraisal). Quite a lot of banks are exempt component of this cost.