Ana Sayfa Güncel 27 Temmuz 2020 83 Görüntüleme


Mortgage processing and additional costs

Making a mortgage loan is a complicated procedure and not always clear to the borrower. Every person who decided to purchase real estate in debt should remember that this procedure involves additional monetary expenses.

Types of additional expenses

Expenses that are additionally borne by the borrower when applying for a mortgage loan are divided into three types. The first type includes expenses incurred due to the bank where the person wished to issue a mortgage loan. Such additional expenses can be a variety of fees, fines, and commissions that the financial institution takes for itself, thereby increasing the income from the mortgage transaction.

There is a type of additional expense that does not depend on the mortgage lender. A striking example of such additional costs is the state registration of transactions. A person has to pay for it in any case, whether they want to issue a loan for the purchase of real estate or whether they paid cash for the object.

Another type of additional expense is expenses that are associated with the payment for services of non-financial organizations. For example, you will have to pay for insurance of a collateral object, pay for the services of an independent real estate appraiser, and a mortgage broker, if you had to use them. A person who receives a mortgage can use other services that will have to pay for it.

Risk fee

A financial organization that goes to the conclusion of a mortgage loan transaction is always afraid of losing their funds. The mortgage borrower has to pay for the lender’s insurance. This is the reason why a person has to use the services of an insurance company. Also, the banking organization is afraid that it will issue a mortgage loan for an amount greater than the real estate object is worth, and therefore always when conducting such transactions, it requires an assessment of the property and at the same time the services of an independent appraiser have to pay the borrower himself.

In addition, the borrower will have to spend money on obtaining a notarized certificate. Although this is not a mandatory procedure by law, banks that issue mortgages usually insist on obtaining such a certificate. Expenses for notary services again fall on the borrower.

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