When it comes to mortgage loan, you should gather adequate knowledge provided by Sun West Mortgage. It would be pertinent to mention here that adequate knowledge on mortgage loan would ensure you making an informed decision.
Are you aware about the real estate properties that come within the ambit of mortgage loan? You should rest assured that almost all kinds of properties would fall within the ambit of mortgage loan. You could mortgage the home you have been residing in or the one that you have rented out. If you own a piece of land, that could be mortgaged. Any real estate property that you own or is in your name is it industrial or commercial property or any property under construction could be mortgaged with ease.
How much loan could you receive against the property?
A majority of banks would loan an amount equivalent to 50-60% of the entire value of the property. A majority of banks, if they have good appreciation of the property, the bar could be raised to nearly 75%. It would be pertinent to remember that the banks would look forward to reassess the overall value of the property from time to time.
What has been the rate of interest on mortgage loan?
It would be pertinent to mention here that rate of interest on the mortgage loan would mostly hit the 12% to 15% mark. It would make it one of the most affordable loans offered to you. It has been the major reason that a majority of people prefer mortgage loan to personal loan. It would usually come with a higher interest rate.
It would not be wrong to suggest that mortgage loans have been the second cheapest retail loans the banks would offer after the home loans. Usually, the maximum repayment duration for mortgage loans has been fifteen years. However, it could be more than fifteen years based on the bank of your choice.