what steps need to take a person who decided to issue a mortgage loan?
Since the mortgage is becoming increasingly popular among the population, let’s consider step by step what documents you need to collect, where to go and what else is required to get a new home.
Collect all the bank related information
Before you give your money to the bank, stop. Commercial institutions that provide mortgage loans to the public, quite a lot. No need to run into the first available and get a loan. To get started, collect all the information about the bank, using the official website of the institution, and reviews of acquaintances, friends, and colleagues.
Consider the real estate market of the village in which you want to buy housing. Consider the parameters of the future, new house. Do not forget; you should have at least ten percent of the value of the future apartment on your hands.
Determine the credit limit
The next step is to determine the amount of the mortgage loan. Fold the monthly family income and divide it in half. This is the maximum payout that you can make each month. Each bank has its own rules, but usually, this amount varies from thirty to fifty percent, and it depends on the number of family members and income.
You have received a positive response from a bank. Now determine the property you want to buy. If the apartment is from the secondary market, it is better than the old owner owned it for at least three years. You can choose the appropriate option yourself, or you can turn to the help of professionals – realtors. We evaluate the apartment by an independent evaluator. Mortgage brokers in Bristol are making these terms easier for everyone by their valuable suggestions.
We make out the documents
After completing all the checks, we sign the contract. The first is a loan with a banking institution; the second is a contract of sale with a real estate seller. The mortgage agreement indicates which property is pledged and its estimated value. That is, this contract contains all information related to the transaction.