insurance premium financing software
With the new mortgage law that took effect in March 2007, banks in Turkey began to Ofer a variety of mortgage products to its customers, tailored to each individual needs. These products and rates vary widely from one bank to another when you include the loan, payment, fees, prepayment options and fees, etc. All these variables make the decision making a lot more confusing for the customer. Moreover, adding the foreign currency-based loans, the costs of different for each bank closure, expert fees, etc., choose the best suitable mortgage product for the customer becomes a multivariate optimization problem. Therefore, the role of mortgage broker becomes critical. To better assist their clients and find the best mortgage product and the type, a broker must take many years experience in their fields, in finance, business and real estate. Furthermore, it is essential that a mortgage broker must be provided at the top of the calculators online financial and mortgage software, and access to up to date rates and products offered by banks.
Types of mortgages offered in Turkey can be classified as follows:
1. Fixed Rate Mortgages:
This is the most common type of mortgage offered and given by all banks. The duration the loan and monthly payments are fixed and therefore does not change through the life of the mortgage. The borrower can pay the entire loan with a prepayment option, however there is an early closure rate, which could be up 2% of the loan amount.
2. Variable rate mortgages:
This type of mortgage is based in a variable interest rate specified by the bank and the federal bank and changes with changes in market rates. Borrowers should pay attention to the establishment a ceiling in negotiations with the bank to change rates when their payments will not exceed a certain percentage. The early closure rate that exists in the mortgage fixed rate does not exist in this type of mortgage.
3. All mortgages for inclusion:
If the borrower wants to include all charges associated with the purchase of home and the mortgage on the mortgage, this type of mortgage would be most suitable. These rates are Realtor Commission, life insurance and porperty the premiums, disaster insurance, moving fees, closing fees, expert fees, etc. Amon these rates depend on the property and the lender. However, All these charges could be included in the mortgage and be included in the mortgage package.
4. Commission offers mortgages based on:
If the borrower are interested in low monthly payments, he / she can then choose to pay a fee in advance, which is a percentage of the interest to be pay. After subtracting the amount of the loan, monthly payments will be lower. These types of mortgages have higher fees than other types of closure, however. The early closure rate mortgage APLIES this too.
5. Mortgage payments specific to different months:
If the borrower is interested in doing the payments in a few months, this type of mortgage would be most suitable.
6. Zero Down Mortgage:
For those who have another property, this property can be used as collateral to finance the purchase of property next. If the property of others of greater value, then the guarantee could cover the entire mortgage the new house, so it is a zero of the mortgage payment. One thing that borrowers must pay attention to is that most banks give mortgages up to 80% of property value.
7. Foreign Currency Indexed Loan:
In addition to mortgages given in YTL (New Turkish Lira) currency, banks started to provide mortgage loans in other currencies too. Some of these currencies are USD, EUR, GBP, CHF and JPY. These types of mortgage loans indexed to foreign currency can be obtained either in the rates of fixed rate mortgages and variable.
8. Refinancing Mortgage:
The option to refinance is now available as well. For borrowers interested in refinancing their mortgages with lower interest rates, which can change the mortgage bank or through which they obtained from the mortgage through another lender. The caviar only in the application for refinancing in Turkey is that if your mortgage was applied prior to 6 March 2007 will not be an early closing fee. However, if started after that date, then there will be an early closing or prepayment fee applicable principles which could be up to 2% of the loan amount. The borrower also must pay for all rights associated with the new mortgage.
9. Home Equity Personal loan or mortgage:
If the borrower is in need of additional resources, he / she may choose to obtain a loan using their property as collateral. This loan could be applied to home improvement and any other personal need. They are usually given in a higher interest rate than other types of loans, but less than regular personal loans.
About the Author:
Huseyin Gunay, MBA is a finance professional and a CFA Level 3 candidate with 10+ years of experience in lending products and investment banking industry. He specializes in data analytics of mortgage products. He currently works at a financial consulting company: Kredi Havuzu. Please visit website for more information on ” target=”_blank”>www.kredihavuzu.com/ssl/basvuruformu.php”> konut kredisi (mortgages), banka faizleri ve masrafları, en uygun konut kredisi başvurusu.
Article Source: ArticlesBase.com – Types of Mortgages Offered by Banks in Turkey
Ottawa broke law in financing EI (Former Liberal Government)
