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A mortgage is a loan that you take out to finance the purchase of a home. It is a long-term loan typically repaid over several years. The property you purchase serves as collateral for the loan, and if you fail to make the mortgage payments, the lender can foreclose on the property.
Several factors come into play when determining mortgage eligibility. These include your credit score, income, employment history, debt-to-income ratio, and the amount of your deposit. Lenders also consider the property's appraisal value and condition.
A fixed-rate mortgage has a set interest rate that remains unchanged throughout the loan term. This means your monthly mortgage payments will also remain consistent. In contrast, a variable rate mortgage offers an interest rate that can fluctuate based on market conditions.
Mortgage pre-approval is the process of determining the maximum loan amount you qualify for based on your financial information. It involves a thorough review of your credit, income, and assets. Pre-approval provides a clear understanding of your budget, helps you shop for homes within your price range, and strengthens your position as a serious buyer.
Most lenders generally require at least a 5% deposit with the addition of Lenders Mortgage Insurance however some lenders allow you to borrow up to 98% of the property if you meet the criteria.
The minimum down payment requirement varies depending on factors such as the type of mortgage and your eligibility. Conventional mortgages often require a down payment of at least 3% to 5% of the home's purchase price, while government-backed loans like FHA loans may have lower down payment options, such as 3.5%.
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Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal; tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders credit assessment with terms and conditions, fees and charges and eligibility criteria apply.
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