Mortgage with no down payment
Mortgage with no down payment - To date, the housing problem does not cease to be the most vital in the life of citizens. Problem own separate property and remains unresolved. In order to somehow ease an opportunity to purchase housing : private houses or apartments , introduced a special type of lending , which is called a mortgage.
So called credit issued bail purchased housing. At the first stage the amount of money issued by the bank spent on the acquisition of property , and then pawned property acquired financial institution. Another kind of mortgage is a pledge of an existing property in the housing or apartment in order to obtain a loan for its repair , completion or construction of new properties .
And we came to this notion of Greece , where the liability of the debtor knew mortgage for borrowed funds to their land . Using column ( mortgage ), which was put on the border of the land ownership of the debtor, all reported that the duty of the owner to ensure that these allotments. The word “mortgage” means ” stand .”
If the loan obligations are not fulfilled , the penalty shall be paid only to the mortgaged property , and the mortgagee has an advantage over others competing for the property , the debtor’s creditors to satisfy their claims . The lender is usually required to reduce the risks compulsorily insured mortgage property .
On mortgage with no down payment
And of course, the most beneficial to the borrower is the mortgage with no down payment . This type of lending allows ease the living conditions of the newlyweds , families with many children , in short all those whose incomes do not allow you to collect significant savings. At present, federal agencies developed and maintained by such government mortgage programs for the military, young and large families, young teachers.
Mortgage type of loan is granted for a long period with a lower interest rate than other types of loans . But the toughest test of solvency borrower ‘s income, work experience is required . Also, the bank may require and real estate appraisal from independent experts .
Mortgage with no down payment can be redeemed annuity , that is , in equal portions . Monthly payments in the form of a loan will be much higher than when the first installment paid up to 30% .
How are banks to mortgage loans with no down payment
If we take a glance past two or three years , we can note the widespread refusal of banks to issue such as a mortgage loan with no down payment . This situation is caused by the protracted crisis situation , destabilizing the entire economy of the country as a whole. Constantly fluctuating property prices, a depreciating collateral , banks are not allowed to minimize possible risks. Attempts our enterprising countrymen take down payment consumer credit, is not very welcomed in the banking sector .
But in recent months there has been stagnation phase to real estate. Responded to these changes, some banks, exposing the credit market programs mortgages with no down payment.
In the future, experts predict a continuing decline in rates. But property prices will rise. Therefore, it is necessary to calculate their income and well think that it is cheaper to take shelter now, filling out a mortgage with high interest rates, or wait until rates fall, but more expensive real estate.
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