390 Muteesa 1 Road Katwe 10184,Kampala Kampala
041-4259651/2, 041-4231509, 031-2262614
041-4258551, 041-4258553, 041-4230881
031-2224600, 041-4345589, 041-4345748/81
The real estate business all over the world is dependant on mortgages and thus many mortgage firms and banks are in place to get customers the best deals and financing for their homes and property. Here are some important tips to consider before choosing mortgage firms.
Services provided by mortgage companies can be classified into two; Pre first mortgage that includes services such as mortgage advice, brokerage services and then the post first –mortgage services that majorly incorporates re –financing as the most important part of it
Loans on mortgages are made to cater for purchase of homes/ property and other construction needs. Banks and other financial institutions offer loan products to help in purchase of vehicles, building sites and other major assets that need refinancing. Some mortgage firms work hand in hand with lenders and broker firms while other client prefer to forgo services of brokers and thus deal directly with the mortgage firms.
The process of getting mortgage financing from a bank or other financial institutions is hectic. Clients are shown the prices of the items to be purchased, any interest rates that accrue to the mortgage loan and amount to pay on down payments. Comparisons of all these rates with other lenders are often done to convince a customer.
Customers are given a price range for the property they intend to buy and this particular price dependent on the client’s income, financial duties and the down payment chosen among other factors. The payment schedule and the type of loan best suited for the mortgage is discussed well with the customer before making a choice.
Refinancing is less stressing than the process of pre first mortgage and there is limited documentation/paper work. Patience is high virtue when requesting for first mortgage beside the long standard procedure on paper work. Nevertheless, it is important to go through the first stages of pre-first mortgage so that you can evaluate the mortgage and financial challenges so that a particular mortgage is best for your lifestyle!
Author: Sandra Nans