Things To Know About A Mortgage Loans
What percentage of the appraisal value I will purchase can I use a loan up to?
Maximum 90% of the appraisal value determined by CMB licensed appraisal firms for the house you will buy, up to $800,000, and maximum 80% if it is over $800,000; 90% of the appraisal value for Class A residences; For Class B houses, you can use a mortgage loan up to 90% of the appraisal value up to $800,000, and up to 85% of the appraisal value over $800,000, provided that our bank approves.
In how many months can I repay the housing loan that I will use from your bank?
You can repay the housing loans you will use from our bank in installments up to a maximum maturity of 180 months.
What are the Mortgage & Housing Loan Terms?
Some conditions are sought in order to get a housing loan that will help you to have your dream home. In other words, “Can I get a housing loan?” The answer to the question is about your compliance with these conditions. So, what are the main requirements for a housing loan?
- The person who will take out a housing loan must be at least 18 years old. The upper limit is considered to be 70 years old.
- In order for the bank to take out a housing loan, you need to submit the documents requested in full. These documents provide detailed information about the house and you and respond to your loan request.
- Your credit score plays an important role in the positive-negative response to the home loan request. When your credit score is low, your request may receive a negative response. In the meantime, let’s point out that some of the factors that affect your credit rating are the way you pay for the loans you have taken before, your frequency of use of loans, and your credit card debt situation.
- Your household income is expected to be able to pay the mortgage monthly, deducting routine expenses.
- Necessary conditions for a housing loan are not only individual.
- The house you are applying for a loan must also have a residence permit.
- If you want to apply for a housing loan for a house whose construction has not been completed, in this case, it is necessary to offer a floor servitude.
- Many banks offer loans for projects that are at least 80% completed.
- However, if there is a bank with which the housing project you will buy a house has an agreement, in this case, it is possible to take out a loan before 80% of the building is completed.
- The bank’s approval of the loan is directly related to the appraisal report prepared after your application.
- The details included in this report determine whether the bank will approve your mortgage application.
How long does it take for my housing loan application to be concluded?
If the documents in the loan application step link are delivered to our bank and you make your application, they are evaluated within an average of one business day. If your application is approved, an expert will be sent to the house you will purchase (same day or next day, if possible) and the appraisal process will be completed. Based on the appraisal report prepared by CMB licensed valuation companies, the suitability of the house you will buy is evaluated and the final loan is created. All banks complete these transactions in an average of 4-5 days. Click for loan application steps.
What are the steps of the appraisal process of the house I will buy?
After the title deed of the house, you will buy is delivered to our bank, the title deed of the house received by our bank is sent to the CMB licensed appraiser companies. Our customer, who will use the loan, does not need to make any application at this stage.
What are the required collaterals in the use of mortgage loans?
A first-degree mortgage is established up to 100% more than the housing loan you will use from our bank.
Is a guarantor required in the use of a mortgage loan?
Our bank does not require a guarantor for the use of housing loans. However, our branches may request a guarantor when they deem it necessary.
When will the mortgage placed by your bank in the use of housing loans be lifted?
If you apply to our branch, where you use the housing loan, after the payments and other obligations related to the housing loan are made to our bank, the mortgage release process is carried out.
If I want to close my housing loan early, do I pay a fee?
If the interest rate is fixed, the consumer may be asked for early payment compensation by the housing finance institution if the entire loan amount or any amount not less than one installment amount is paid before the maturity date. Early payment indemnity is limited to one percent of the early paid principal amount for loans with a remaining maturity not exceeding thirty-six months, two percent for loans with a remaining maturity of more than thirty-six months, and the total amount of discount to be made.
In case of early repayment of floating-rate loans, no early payment compensation will be received.
What are the costs requested by your bank when using a housing loan?
Our bank demands loan allocation fees and appraisal fees from its housing loan customers.
What insurances can I take out when using a housing loan?
Life insurance, housing package, and home insurance can be arranged for the housing loan you will use from our bank. Housing package insurance can be taken out upon request by the borrower and is renewed every year. Houses or houses built with the loan provided are subject to compulsory earthquake insurance. Credit cannot be used without insurance. Renewing the insurance is the responsibility of the borrower. Life insurance can be taken out if the loan user requests it.