Each mortgage distributor bank has a different policy regarding changes in interest rates. You should ask if they have the right to change interest rates at any time or based on certain criteria/benchmarks. If there is a decrease in mortgage rates, will this decrease be applied to previously disbursed mortgages? How is the process? Do customers have to submit applications or banks automatically reduce mortgage rates for existing customers? There are times when interest rates fall, then new interest rates are only applied to new customers and do not apply to existing mortgage customers. Make sure these conditions are in the credit agreement pmi calculator.
In addition, the freedom to pay off prematurely is important because maybe you have to do Take Over to another bank. Take over is done, for example when looking for cheaper interest, or when a customer wants to sell the house to someone else who wants to continue his loan as well.
Generally, mortgage lending institutions provide the opportunity for customers to pay off mortgages prematurely with certain conditions. What needs to be seen is how much the penalty fees charged if repayment is accelerated.
Then, mortgage costs include valuation fees, notary fees, land deed maker tax sale, and purchase deed, credit agreement deed, mortgage deed installation certificate, fire insurance premium, credit life insurance premium, etc. mortgage costs are important to note because the amount is not small.
Mortgage costs generally must be paid before the loan agreement. Prospective customers must pay in advance so that the necessary preparation of funds.
Besides that, there are a number of requirements that must be met when applying for a mortgage. These requirements should be prepared before applying for a loan so that enough time is collected, namely:
Down payment. At present, the minimum down payment requirement is 30% of the sale and purchase price of the house. This is a regulation from the national bank that must be followed.
Document. There are two types of documents that need to be prepared, namely sources of financing and property ownership. Financing documents to prove that the customer has the ability to pay, while ownership documents to show who is the legal owner of the property to be purchased.