Securing the fund, sometimes known as a mortgage, is one of the most critical aspects of purchasing or selling a property. A mortgage is a loan provided by a bank or mortgage lender to a buyer to assist with the purchase of a home. Understanding the ins and outs of mortgages is critical whether you’re buying or selling a house. Because the vast majority of people who purchase a home will require a mortgage, and knowing the FAQs of mortgage can substantially decrease the stress of acquiring one. In today’s blog, we sat down with our mortgage experts at Bproperty, and listed down some of the most frequently asked questions about mortgage for you.
How Do I Start The Process Of Getting A Mortgage?
Getting the mortgage process started is one of the first stages in buying a property. And finding a top mortgage lender or bank is the next step in securing a mortgage.
Doing some web research to identify a top mortgage provider to start the mortgage procedure can be one of the options. The internet has transformed the way people shop for services in general, including mortgages. A simple search for top mortgage lenders in your area using your city and state can return many pages of results. However, getting help from professionals is the best way to move forward with your mortgage process. For instance, Bproperty’s experience mortgage team is always available for you to help you start the mortgage process.
Am I Eligible to Get a Mortgage?
If you think now is a good time to buy a house, you’ll almost certainly require a loan. Banks and other financial institutions may offer mortgages, but any lender will want to make sure you meet some fundamental qualifications before lending you money to buy a home. Now one of the most popular FAQs of mortgage is that, “Am I eligible for a mortgage?” Well, your eligibility to get a mortgage depends on various things. And different types of home loan have different criteria. For instance, if you are a job holder then the category of your company will play a vital role in your mortgage process. And by category we mean the fixed assets of the company, number of employees, the duration of business and many other factors determine which category the company falls under.
So if your company falls under the top tier category then the loan process would get much easier for you. Secondly, the duration of your employment in the company also is an important factor here. The longer you have stayed at your job, the better the chances will be for you to get the loan. And finally, your monthly income, investments, credit score, savings, all will influence the lender’s decision as well.
What Documentation Is Required To Get A Mortgage?
The documentation needed to obtain a home loan in Bangladesh varies from buyer to buyer. However, the papers needed to obtain a mortgage will be pretty similar in most cases. The mortgage lender will require some initial papers when you apply for a mortgage. Below is the list of documents that you might need to submit while applying for a mortgage.
COMMON DOCUMENTS FOR EVERYONE
- Most recent personal bank statement for the last one year
- Recent Tax Clearance Certificate
- Guarantor credentials
- Copy of National ID/ Passport (applicant’s and guarantors)
- Utility bill copy
- Copies of Savings Instrument (if any)
Addition to these, you need to submit documents as per your criteria.
SALARIED PERSON
- Letter of Introduction (LOI)
- Latest salary statement for one year
BUSINESS PERSON
- Trade License for last three years
- Most recent bank statement of the company for one year
- Registered partnership deed for Partnership Company
- IMOA and Certificate of Incorporation
SELF EMPLOYED (DOCTOR, ARCHITECT AND LIKEWISE)
- Certificate of membership of the respective professional association
- Declaration on self-pad along with the seal
- Certification of a professional degree
PROPERTY RELATED DOCUMENTS
- Deed of Agreement
- RAJUK Approved Plan
- Apartment Booking Documents
- Copy of Registration (if applicable)
- All relevant legal documents of the property as per need
How Long Does It Take To Get A Mortgage?
Another common FAQs of mortgage is about the duration of the loan approval. The time it takes for a mortgage to be accepted and funded varies depending on the lender. When looking for a mortgage, it’s critical to know how long it takes on average for a lender to close a loan. A good mortgage lender should be able to fund a loan within 30-45 days after receiving an application.
It’s critical to recognize that there are numerous reasons why a mortgage approval can be delayed. It’s critical to keep in frequent communication with your lender and to send any needed documents to the lender as soon as possible during the mortgage application process. If a buyer fails to cooperate with the lender in obtaining the necessary papers in a timely manner, the closing may be delayed or, worse, canceled.
When looking for a home loan, these FAQs of mortgage often come to our minds. Because of incomplete information or even wrong guidance, we might end up not getting one. To avoid such mishaps, it is a great idea to take professional advice and for that, Bproperty’s home loan service are just a call away!
