Mortgaging Property
Finding a loan is an important part of buying a property.
A mortgage is basically a loan to finance a real estate purchase. The property acts as a form of security for the mortgagee (ie. the lender), so essentially if you fail to make your loan repayments, the mortgagee can sell the property to recover the debt.When deciding on the loan that best suits you, you will need to give consideration to the term of the loan (ie. the length of time to repay it), the amount of interest to be paid, and the principal to be borrowed.
A Stacks/The Law Firm conveyancer can go through the terms of the mortgage with you and answer any questions that you have.
2/11/2011 | DON’T GET HIT WITH STAMP DUTY TWICE! You might have considered using the term, ‘and/or nominee’ when buying property. Putting ‘Joe Bloggs and/or nominee’ on the contract of sale generally means you can transfer the property from your name to another entity...
12/10/2011 | BUYING AT AUCTION – MAKE SURE YOU CAN PAY THE DEPOSIT! Auctions. The expression, ‘let the buyer beware’ has never been more relevant. Sellers rely on the buzz factor; the potential for buyers to get over-excited and bid higher than they’d planned. Let’s face it - a property is far more...
21/09/2011 | INFORMAL FAMILY AGREEMENTS TO BUY PROPERTY – THE PITFALLS Let’s face it, finding the money to buy your own property can be tough. Property prices these days are steep and getting a loan can be difficult. Getting a little help from family to enter the property market often makes sense...
