What to do with a mortgage and its strengths and weaknesses
Whether it's a new home or a home for sale, it's undeniable that home prices are skyrocketing, so it's not uncommon to want to get in the way of your dream home. To achieve this, of course, you have to pay a fair amount of money, and instead many people buy their homes with credit.
Today, in the process of buying and selling homes with credit, there is the term overmortgage, which is often considered one of the best solutions to deal with rising mortgage rates. This is because excess mortgages can reduce high interest rate costs. However, when you do this for the first time, you first need to understand more about excess mortgages, both from their strengths and weaknesses, and from how they are done. Now, take a look at the reviews from Kania below!
Understand mortgages
Basically, over-mortgage is the process of moving a previously executed mortgage from one bank to another, that is, buying an unpaid home from the seller or the owner of the home. Therefore, you become a new borrower and the interest rates applied will vary depending on the fixed interest rate of the new loan, which is certainly lower than the floating interest rate of the previous current loan.
Well, you can feel a drop in fixed rates for a certain period of time, usually one or two years, and even up to five years. However, at the end of the period, the applicable floating interest rate will be higher.
Mortgage Pros and Cons
It's undeniable, everything must have strengths and weaknesses, and excess mortgages. Below are the pros and cons of mortgages you need to know:
Mortgage Advantages
Many are interested in overdoing mortgages. It's not without reason, but it's because over-mortgages have many benefits that can benefit you.
1. The transfer from the old bank to the new bank will lower the interest on your mortgage. Therefore, you may repeat interest in the first place or extend the time for low interest installments.
2. Higher housing asset value. This is because housing maintenance has improved and real estate prices continue to rise from time to time.
3. The proof of ownership is more secure as it is under the supervision of the bank.
Disadvantages of mortgages
Excess mortgages are an attractive option and can really help your needs, but you also need to be aware of the many drawbacks it has.
1. Home credit overcredit process is very complicated and takes a lot of time.
2. There are considerable additional costs to managing the process. This is because you have to pay a fine to the bank to repay the loan for a period or earlier than the originally agreed period.
3. The certificate issuance process is not quick and may be the name of the first debtor. Of course, this can be harmful to homebuyers.
How to overdo a mortgage?
The process of overestimating a home can be done in two steps. First, the excess mortgage loan through the bank. This is the most formal method and is usually done through the transfer of the debtor. In the process, you will continue to be guided until you find the best way and comply with the bank's existing regulations.
The second method, on the other hand, is an over-mortgage loan by a notary public who is not as perfect as the direct transfer of the debtor, but is considered safe enough. Here's how to start over with a mortgage from each of these steps.
Redo housing credit through a bank
There are several steps you must take in over-trusting your home through a bank. First, home buyers and sellers need to visit the relevant banks, especially in the section dealing with mortgage issues and transfer of rights. One debtor is then appointed to apply for an excess mortgage and later replace the position of the old debtor.
The bank first examines all files and requirements. If they meet the requirements, the bank gives approval and the homebuyer acts as the new debtor. The homebuyer then signs a new contract in his name with a certificate of sale and warranty binding (SKMHT).
There are certainly many benefits to the procedure of overcrediting a home through a bank. That is, the proof of residence is a bank guarantee and can only be obtained in the following cases, but can be reversed depending on the purchaser's name. The credit will be paid off. In addition, homebuyers can pay in installments to the bank in their own name.
The disadvantage of excess mortgages through banks is that the process of filing as a debtor is usually very long and difficult. This is because banks have an analytical stage first. Therefore, new debtor candidates may be rejected by the bank. In addition, there are additional costs required for this debtor's transfer process.
Re-doing home credit by a notary public
In general, the process of overestimating your home through a notary public is easier and faster than through a bank. Of course, in the early stages, sellers and buyers must come to the notary with complete documents. The notary then creates a certificate of sale for the transfer of land and building rights, and the power of attorney used to obtain the certificate and pay the remaining installments.
After that, the installments and certificates remain in the name of the previous owner, but the rights have been transferred to the buyer, but the seller signs the bank with a post-transfer note on the notice of transfer of land rights. I will. Therefore, the seller is no longer entitled to repay and receive the original certificate, which is the guarantee at the bank. Remember to make a copy of the previously created certificate for submission to the bank.
This faster and easier process is the benefit of notary over-mortgages. In addition, the charges charged are relatively cheaper than going through a bank, so you can save even more when buying a new dream home.
While the home certificate is still the seller's name and overestimating the home through a bank-backed notary, there are advantages, but there are also drawbacks. Therefore, the buyer pays the house in installments on behalf of the seller or the previous owner. In addition, the process of transferring a mortgage that is not under the supervision of a bank tends to be more risky.
This is a procedure for overestimating a home and its strengths and weaknesses. If you want to overdo your mortgage, choose the procedure that suits your needs!Do not forget share This article is meant to help your family and friends understand more about mortgages!
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Source : http://i0.wp.com/www.dekoruma.com/artikel/111992/over-kredit-rumah
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