What You Can Expect From The Mortgage Broker

If you have ever considered having “where to put your head” and that is something of your own, you will most likely have seen credit options to buy housing. But how do you know when it’s really worth taking one of these loans?

  • Tips to know if it’s worth a mortgage Tips to know if it’s worth a mortgage
  • Typical signs that you cannot buy a house

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Buying a new house is one of the main plans and dreams of many people, because reaching a certain age knowing that you have a ‘roof of your own’ is a very rewarding feeling. The issue is that the money needed to buy an apartment or a house is exceeding $ 100 million, a figure that is not acquired overnight, and to save them, they would have to spend years to achieve what is needed. The good mortgage broker in Singapore is the perfect option here.

This is why people prefer to borrow and acquire a loan that guarantees a short-term acquisition and much faster. This type of credit is called mortgage and can be accessed to acquire a new or used home, office or commercial space, remodel or build it. According to figures from the National Administrative Department of Statistics, the number of mortgage loans for the first quarter of 2016 was 1,016,260, with an annual increase of 3.8% with respect to 2015 when 979,483 were registered.

A credit of this type is when a creditor lends money to someone who must guarantee the payment of their obligation with the mortgage of a real estate, for example, the house remains as collateral either before the bank or before an individual to ensure that is going to pay that loan. Now, the mortgage is an accessory contract that supports the initial agreement, that is, the loan which is called mutual contract. Then, the mortgage must be constituted in a public deed in a Notary, where the characteristics and agreements are determined.

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Closed mortgage: is when the debt and the value of the property are specific, that is, if you lend $ 100 million the value of the house or apartment must be for the same amount. In case you are the one who makes the loan, it will be better to be cautious with that detail. Check that the value of the property to be mortgaged is not less than the amount that will be lent.

Open mortgage without limit of quantity: when we speak of amount, we refer to the mortgage guarantee limit. For example, you can have other financial products besides mortgage credit, credit cards, and free investment among others. Then, the house that mortgaged for $ 100 million will be the safeguard of all those products you already have.

Open mortgage with limit of amount: contrary to the above, it is when you can acquire various types of obligations or debts, but the amount of the property you are going to mortgage will not be 100% support of all the financial products you have with the Bank. What it means is that a minimum guarantee amount is determined to mortgage, for example, the bank requires the house to be worth $ 160 million.