The nuances of the choice of the type of mortgage loan -The real estate market has the option of purchasing of housing mortgage loan, which come as trust and consumer. Consumer credit does not require collateral, but is given for a short period of time and, in some cases, has restrictions on the sum. The money in this case, you can use on your discretion.
Target credit, in turn, is used to clearly defined goals that will be closely monitored by the bank issuing the credit. A mortgage loan is a loan that is issued for real estate purchase and secured by the real estate.
So what is a mortgage? A mortgage is a system of long-term loans, which are issued for the acquisition of housing. The buyer is given the opportunity to live in a new place already after making a down payment, which is usually about 10-30% of the total cost. The remaining amount is paid out over several years, the new housing would be taken into account by the Bank as collateral. Get a mortgage loan can any natural person having a stable income.
Because the conditions of the loan agreement are not subject to any change, the possible bank failure will not affect the borrower. Make a pledge in no case may any part of a separate home or communal apartments.
The interest rate you will pay only for the time period in which used the Bank’s money, that is, if you want to prepay the loan amount, interest will not accrue any early repayment. A mortgage loan is issued for a period of up to 25 years, which depends on your age. That is, repayment should occur before the borrower will reach retirement age.
Mortgage credit amount depends on the following factors: a stable personal income of the borrower, the presence/absence of depend ants in the family, as well as the period for which the credit is taken. If in the course of repaying the credit you for any reason is no longer able to make payments, you will have to sell the House and pay off the money earned at the expense of the remaining debts to the Bank. Remaining after repayment of debt means you can use at your discretion.
Competently evaluate all the advantages and disadvantages of each type of loan and choose the most optimal and feasible for you.