Mortgage in real estate

[Ralphjoe]

A mortgage is a loan provided by a mortgage lender or bank that enables an individual to purchase a home. These loans must be paid back overtime. The home purchased acts as collateral on the money an individual is lent to purchase the home. Most times individuals are allowed to loan upto 80% of the total value of the house.
Types of mortgages
There are basically two types of mortgages, they are as follows
1. Fixed rate mortgage
This is the kind of mortgage whose loan repayment interest is fixed, let's say there is a 20% interest on the loan, one will need to pay that fixed interest till the loan payment is finished. They normally lasts for 10, 15 or 20years repayment plan.
2. Adjustable mortgage rate
This type of mortgage utilities a changeable interest rate on the mortgage, the disadvantage of this is that your interest rate may go so high that you may not be able to pay up whereby your loan will go through a process known as foreclosure where your loaned house will be taken back from you.
Do you have a mortgage? Do you think mortgage is a good way to have a home?

 

[Abibatabosede]

Mortgage in the real estate business helps a lot of people who love to own a house but doesn't have money acquire their own land and pay instalmentally, expecially the salary earners.

 

[Sariana23]

I had not read this thread and it is super interesting. I was not aware of the variable rates of mortgages, that I know or in my country, the rates are generally fixed and vary in each bank but attached to the legal agreements of the government. And in this case, the fixed rate is more recommended, since depending on the percentage, the client has clarity of their budget to meet future payments.

 

[Alexandoy]

We purchased our home via a bank mortgage. We talked to the owner if they will allow us for that arrangement. When they agreed, they gave us a copy of the title that we submitted to the bank together with the loan application form. The bank assessor went to the property for the measurement and estimated cost. We were granted a mortgage of 1.2 million pesos

 

[Olahab]

As a real estate agent, you work with purchasers who have varying amounts of experience in buying homes and acquiring mortgages. For the first-time buyer, more support is going to be necessary for the way of explaining the different types of mortgages and the process of applying to a lender and financing a home. You may also be called upon to explain mortgage options to new real estate investors as well.

 

[Mawome]

Mortgage in real estate is another factor that helps in terms of development and restructuring, actually they are ready to give you any amount of money you ask provided that you meet their requirements, but personally I don't think borrowing money to make investment that am not really sure of is well worth it.

 

[kayode10]

Mortgage is one of the best leverage when you want to make a lot of money with real estate investment. you want to get a few pictures to acquire an asset that will be bringing passive income for you without putting that your own money. just make sure that the accent you want to acquire will pay back the mortgage I still give you some passive income.

 

[Victor72]

Presently I don't have any mortgage, but I believe this is one of the best and easy way for you to own a home but some people believe that the interest rate sometimes is very high.

 

[Richard92]

A lot of mortgage in real estate these days because mortgage help people to be able to acquire real estate property easily. Without mortgage the property will be too expensive for them to purchase at once.

 

[Setfragil]

I really love your explanations and analysis on mortgage, it is very detailed. I do not have mortgage loan but I think it is a good way to own a house without stress. If you have the means to pay back the loan as at when due, you can take up the mortgage loan but if you are not certain of the loan repayments, mortgage loan is not for you because you will end up losing your house if you default in loan repayment.

 

[cowantussie]

A mortgage is a type of loan that's used to finance property. A mortgage is a type of loan, but not all loans are mortgages. ... With a secured loan, the borrower promises collateral to the lender in the event that they stop making payments. In the case of a mortgage, the collateral is the home.

 

[Setho]

In countries where a lot of the population are in the middle class and stay in the urban towns, mortgage remains the most effective way of getting a house and should be encouraged.

 

[Bousine123]

Thanks for the break down my friend. Some people here actually need this explanation.

For your question, I don't really have any thing to do with Morgage, it's not encouraged in my country.

 

[kayode10]

If you are very good at negotiating price, you can have your mortgage spread over a long period of time in order to make the pasta with your real estate properties. You can spread your mortgage over 30 years.

 

[Richard92]

If you are very good at negotiating price, you can have your mortgage spread over a long period of time in order to make the pasta with your real estate properties. You can spread your mortgage over 30 years.

Many real estate company do mortgages the help individuals by telling them to pay installmentally and also most times give them discount in any property they buy.

 

[Yusuf]

This is a good definition of what mortgage is all about. I really think it's going to be in the interest of the people in the society if the government Can also build more housing unit for it's people

 

[Setho]

A lot of people do not have the necessary amount of money to be able to buy a house at a time so mortgage is the best and sometimes you even make more profit.

 

[joy101]

Mortgage is really help real estate development in order to get house in real estate business, this is really good to help people get to house in real estate.

 

[Heatman]

Mortgage in the real estate business helps a lot of people who love to own a house but doesn't have money acquire their own land and pay instalmentally, expecially the salary earners.

Personally, I don't really care about it for as long as I can fix up the money to invest in my real estate projects. Mortgages are good for most people.

 

[Nurudeen]

This a real definition snd explanation about what mortgage is all about. With this method a lot of people who wants to go into this business will be able to know what to do and where they fit in.