What is a mortgage?

A mortgage is a lien on a land / house that secures a loan and is paid in installments (interest and principal) over an agreed period of time. The mortgage ensures your promise that you will repay the money you have borrowed to buy your home.

Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. It is important that you choose the one appropriate for you, your future plans and your financial situation.

This is how you qualify for a mortgage

To qualify for a mortgage, you must meet certain conditions of participation; financially able to service your mortgage (ideally repayments may not exceed 33% of the borrower’s income);
be creditworthy without defaulting on receivables in the past;
to provide adequate security for the loan; With respect to mortgage eligibility, it is examined whether potential borrowers are entitled to apply for their preferred product. The terms and conditions include:


https://sachiong.com/how-to-access-a-mortgage/

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