Getting a mortgage loan; It is an action that should be considered well as it brings a long-term process and reimbursement responsibility. Banks offer very attractive interest rates in certain periods and help their customers to become homeowners. See http://www.myitrust.com/get-a-loan-online-with-bad-credit-view-real-online-lenders-for-bad-credit-now/ for an illustration
Housing loan calculations are made differently than other loans, and the application and approval process takes longer. Since the functioning in housing loans is a bit more complicated, there are many more that are wondered about. You can reach what you wonder about the housing loan in the rest of our article.
How Does the Process Work in Housing Loan Application?
News about housing loans is increasing day by day, and the campaigns made by banks allow many to become homeowners. The process of the housing loan applications is as follows;
- First of all, you need to apply for a housing loan to the bank. If you wish, you can make your application online by going to the branches, or online. The bank conducts a review for the pre-approval you made your application for. Your credit rating plays a big role at this point.
- If your loan application is pre-approved, you should visit the bank branch with the necessary documents. By reviewing the interest rates and payment options offered specifically for you, you will be provided with the most suitable housing loan option.
- After this process in the bank, an expertise is sent to the house you want to buy.
- After making the necessary examinations, the expert prepares a detailed report about the house you want to buy. The preparation process of the report is completed within 1 to 3 business days.
- After reviewing the report, the bank sends you the last offer of your loan.
- It is possible to become a homeowner with your right to use credit up to 80% of the value determined in the appraisal report.
- If you approve the loan option under the conditions offered by the bank, transactions are initiated.
- Since the banks are mortgaging the house, where the loan is provided, you can complete the transactions by going to the relevant institution for the deed transactions together with the authorities of the relevant bank when your loan amount is ready.
What are the Documents to be Provided in Housing Loan Application?
You can have your own house by applying to the branches with the required documents for housing loans. The documents that should be provided in the mortgage loan application are as follows;
- Application form that can be obtained from the relevant bank
- Original and photocopy of the identity card
- Proves fixed income document
- Deed document of the house that is planned to be purchased
- Certificate of residence
- If the applicant has a firm on his behalf, documents belonging to the firm (tax plate, signature circular, trade registry newspaper, etc.)
- Proves that at least 70% of the housing to be purchased is completed documents
Depending on the bank you are applying for, the documents requested may change and banks have the right to request additional documents.
How Much Down Payment is Required to Get a Home Loan?
Housing loan conditions include down payment. Before you apply for a home loan, you must determine the house you want to buy. After the application, appraised; It prepares a report by investigating the condition, location and surroundings of the house. In the report prepared by the expertise, the material value of the house is also indicated.
You will be able to use loans up to 80% of the amount in the report. In other words, when you take out a mortgage loan from banks, you need to make a down payment of at least 20% of the value of the house you want to buy. As the last change in the regulations that the banks have to comply with, determined by the BRSA with the short name of the Banking Regulation and Supervision Agency, the down payment amount has been decided to be at least 20%.
How many months is the mortgage loan term?
Mortgage loan terms are longer than the consumer loan terms. Although the most preferred loan term is generally 10 years, it is possible to use housing loans with 20-year option repayments. Banks provide long-term loan options for convenience in mortgage loan payments and provide ease of payment to customers for home purchases. For example, Şekerbank offers housing loans with a maturity of up to 30 years.
Housing Loan Interest Rates
Housing loan interest rates are determined by special campaigns implemented by banks in 2019. In this respect, it is wrong to say that any bank gives more suitable housing loans. You can easily calculate the housing loan from our website.
The interest rates and loan costs applied by the most appropriate lenders to the loans they provide vary. It should be important to make researches on the internet and make comparisons from reliable sites, and to apply after choosing the bank that provides the most appropriate loan.
What are the Requirements to Get a Home Loan?
One of the most important criteria in the pre-approval process of mortgage loan applications is the credit rating. It is quite difficult for a person with a low credit rating to get a mortgage loan. Among the necessary conditions, it is necessary to give a 20% down payment and mortgage the purchased house.
It is also stipulated that the title deed of the house you plan to purchase by applying for a housing loan must be among the documents. In addition, the applicant’s income must be such that it can comfortably pay off loan installments. While some banks do not look for a guarantor requirement in housing loans, some banks absolutely require one guarantor.
7 Rules You Must Know in Housing Loan
The important rules and important rules about mortgage loan can be listed as follows;
- In house purchases, a mortgage loan of 80% of the value of the house determined by the appraisal is given. Since 20% of it should be paid in advance, there should be a certain accumulation in loan applications.
- Incomes of people who are from the same household are accepted for housing loan use. The higher the income statement, the higher the loan amount to be withdrawn. Each family member must have a good credit rating. Even a person’s risky credit score has a negative effect on credit purchases.
- Maximum half of the monthly income declared to the bank by the applicants is accepted by the bank as the monthly payment amount.
- In the payment plans, increasing and decreasing options can be preferred for the options that can be applied individually. In addition, many options can be offered such as postponing payments or making a repayment schedule with interim payments.
- In housing loans, five-thousandth of the loan is charged as a file. Apart from this, mortgage, expertise and insurance costs must be paid. Life insurance is mandatory for housing loans.
- Title deed payments are made by the buyer and seller in half the amount.
- Penalties can be imposed on interest rate, early payment or interim payments of housing loans. When interest rates decline, mortgage owners are entitled to request restructuring.
Sitting in a Rent or Getting a Home Loan from the Bank and Owning a Home Loan?
The answer to the question of rent or mortgage advantageous, which is among the questions frequently asked by many residents, can vary according to everyone. Of course, it is much more advantageous to own a home loan if you have money accumulated and are able to pay for the housing loan.
While rents have an increasing pace every year, mortgage loan is generally paid in equal installments and in the same amount. Besides, if you get the opportunity to become a real home owner when the loan payment is over. Unfortunately, there is no such option in rent.