Mortgage loans California

Find out from your financial advisor about a comparison of offers from several banks, about the conditions and interest linked to the mortgage lending, and how many years the term is calculated!

The following documents are required for the online mortgage loan application in California

The self-assessment is the basis for the application and can be completed electronically via the Internet. At the Land Registry, you will receive an excerpt from the land register, which you will present when you submit your application. The floor plan of the house that is to be purchased, you get from the current owner and he serves as another application document. With photos, the bank consultant gets a first impression of the property. If you already have loan agreements or other liabilities, please provide the copies. The bank statements of the past six weeks prove your income and must be presented as well as the salary statement as an original. Any investment that you plan or have recently completed should be presented to the bank adviser because the monthly total charges must be planned and calculated.

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If there is no equity, the term of the financing will be extended and the costs will increase. The full financing is more costly than partial financing, who can provide about 20% as equity of the total for the home purchase, saves money in financing due to the shorter term. Who does not want to wait until the equity has been saved, can be advised on full financing, which is only offered by some banks. Civil servants have particularly good prospects of full funding because they have a crisis-proof job and a relatively high salary. A move should not be planned in the next few years, however, because in the early sale of the house, the full financing can be paid almost no cost.

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The bank trusts that the repayment installments are paid regularly. Additional security is a mortgage, which gives the bank the right to use the home to secure the loan. If the bank’s financial claims are not met and other ways of repaying the plan are no longer possible, the lender can have the property enforced with the house.

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A sophisticated financing plan, which takes into account the risks, and the conscientious payment of the installments are the best protection against the Bank’s claiming the mortgage. A regulated income is one of the basic requirements for the granting of a building loan by the bank, create your plan with all the financing details and use the construction credit calculator to find out whether the desire to own a home can become a reality now or later.

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The rules for sound mortgage lending are so simple and often so difficult to adhere to:

A financing plan must be prepared before completion. Here, the equity is subtracted from the purchase price and the required debt capital remains. But careful, that does not correspond to the amount of funding, because there is still div. Additional costs such as brokers, notary, etc. on.

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Look at the financing soberly. In a real estate acquisition, many feelings and dreams are there. This is fine too, but one should distance oneself in the context of financing of it briefly and wonder whether the financial burden is to be borne over the decades. Also, possible financial losses (offspring, short-time working, etc.) should be considered.

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“At least the additional costs” – that is the golden rule of financing. This means broker, notary, and land transfer tax. After all, these do not increase the real estate value. Even better are a financial foundation of at least 20% equity of the financing amount. Only in this way can the interest rate risk be minimized.

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A financial plan, first drawn up by the prospective investor and then checked for viability by an experienced bank adviser, shows whether the monthly salary is high enough to pay the individually calculated repayment installment and the cost of living and other existing liabilities. Partial financing with a low-interest rate, which is contractually agreed for the entire term, is often less expensive than full financing. The saved equity is taken into account in the partial financing and therefore the total term compared to full financing is shorter and less expensive.