Home Loan Usage ProcessOn December 11, 2019 by admin
A mortgage is a type of loan used as a result of certain stages. It can be divided into two phases as approval phase and usage phase. Let’s examine these stages in detail.
1. Confirmation Phase
It is the audit of the eligibility of the borrower and the house to be purchased in accordance with the criteria of the bank. First, the eligibility of the borrower is checked by the allocation unit of the bank branch. Even if the allocation units vary in every bank, the main issues that it takes into consideration are as follows;
- – Check whether it works properly with banks. (KKB order)
- -Reliability and continuity of the institution in which it works (to measure the person’s job guarantee and reliability)
- – The total income of the households living in the same dwelling is documented and whether this income is sufficient for credit installments.
Basically, the person who meets these criteria goes to the other stage, the expertise stage. The appraiser inspects the house according to certain conditions and sends a report to the bank. The submitted report shows the housing’s eligibility and price.
If the housing is suitable for the loan and is sufficient in the amount you want to withdraw, the bank terminates the approval stage. Gives you your paperwork for the deed. When you receive the deed documents, in fact your credit has been opened but mortgaged.
You can find out how much tax you will pay when you sell your house using our “Real Estate Value Increase Earnings Calculator” tool.
Applications to the title deed are made with the bank documents and the documents received from the municipality. These documents;
- -2 photos (1 photo at the seller)
- -The deed of the house to be purchased,
- -Purchase and identity card of the buyer
- – If the housing has real estate debts, the municipality does not provide the fair value. It asks you to pay the debt first.
When this document is delivered to the title deed by examining the title deed to you if there is any negativity with the message to the bank and the date of sale will send the information to the bank will send the information.
The title deed fee is 2% on the fair price given to you by the municipality and the buyer and seller deposit the deed to the bank where the deed is contracted. In one, the title deed is paid to the circulating capital, approximately 400 USD.
Put a mortgage on behalf of the bank
Do you know that you will pay a certain amount if you want to close your credits by paying early? You can use our “Early Payment Penalty Calculator” tool to find out your early payment penalty amount.
The person who has the authority to put a mortgage on behalf of the bank on the documents provided by the bank is told the date and time of the appointment. In the deed, the bank’s official, buyer and seller perform the transaction at the same time.
After the deed is placed and the mortgage is placed, the money goes to the bank on behalf of the seller. If the person who will use the loan to the bank, has previously given a confirmation to the bank does not need to come to the bank. The seller goes to the bank with the document confirming the sale and the money is transferred to the account.