If only ten years ago, few could imagine that the word "mortgage" would be used so often and mentioned in everyday life, today everyone should know the meaning of the mortgage. But there will always be people who, for various reasons, simply were not interested in such a thing as a mortgage.
What is a mortgage? The term "mortgage" originates from ancient centuries and is a descendant of the Greek word Hypotheke. In the literal sense, the word means a pledge. Today, mortgage means the process of mortgaging real estate on credit. The only point is that the property that is pledged is the one for which the lender will pay. But at the same time, the apartment of the right of ownership is drawn up for the happy owner of a mortgage. The pledge will remain in effect until the lender fully repays the loan and receives the appropriate securities that will confirm this.
Such loans are issued for rather long periods and often secured by real estate such as apartments, a house with a land plot, premises for business or just land. Typically, the terms of payment of mortgages are different and they are set by banks. Precisely payouts can be calculated using and understand how much you will overpay for even payments and early repayment of the loan.
You are required to choose the period for which you can pay the required amount. Mostly short-term - from three years, and long-term - up to thirty years are offered.
Such loans are provided by various banking institutions. Types of banks: 1. Banks of a commercial type
2. Banks of mortgage lending
3. Institutions that have a credit license.
Any commercial type can offer today several programs that are concluded with different conditions and percentages. At the same time, it is worth noting that you immediately become the owner of the property and in fact pay the loan already for your own property. There is also the possibility of registering a mortgage for an apartment in a house that will only be under construction. In this case, you will receive title documents after putting the house into operation.
On any website of a self-respecting bank, you should easily find all the programs offered by the bank, as well as a special calculator with which you can calculate the interest rate, loan repayment term and monthly payment amount. But do not be too lazy to visit several banks, because the programs that offer banks vary, and perhaps you will find the bank whose conditions are best for you.