draft a new law that became effective mortgage in March 2007 began, the banks in Turkey on a wide range of mortgage products to their customers Ofer, each tailored to individualism? s needs. These products and prices vary considerably from bank to bank when you taste the loan term, Down, commissions, and payment in advance, etc. All these variables make the decision much more confusing for the customer. In addition, if you add currency loans, different costs include for each bank, expert fees, etc., the selection of the best mortgage product for the customer is an optimization problem with multiple variables. Therefore, the role of mortgage brokers is critical. To better help their customers and to find the best mortgage product and price, the brokers have years of experience in their fields, in finance and property business. Furthermore, it is essential that the mortgage broker must be at the forefront of the online financial calculator mortgage rates and software and access to updates and products offered by banks safe.

Types of mortgages offered in Turkey can be classified as follows:

1st Fixed rate loans:
These types of loans frequently offered and given by all banks. The term of the loan and the monthly payments are fixed, and not to change throughout the life of the mortgage. The borrower can use the entire loan with a prepayment option, but it is the cost of early termination, which could reach 2% of the loan.

2nd Mortgages with variable interest rate:
This type of mortgage specified based on a variable interest rate of the Bank and the Federal Reserve Bank and changes with changes in market interest rates. Borrowers should pay attention to the setting of a ceiling rate in the negotiations with the bank, so that does not exceed the renewal of their payments to pay a certain price. Closing costs that are expected in the fixed-rate mortgage do not exist in this type of mortgage.

3rd All mortgage for recording:
If the borrower wants all costs associated with the purchase of his house and the mortgage is the mortgage, this type of mortgage would be most ideal. These are the commissions are a real estate agent and insurance porperty, insurance against natural disasters, displacement, closure, expert fees, etc. depend Amoun these charges on the property and the lender. However, all these costs could be included in the mortgage and will be delivered in the mortgage package.

4th Good Commission based mortgage:
If the borrower is interested in low monthly payments, can he / she then the possibility of a commission to the front, which is a percentage of the amount of interest payable. After deducting the amount of the loan, the monthly payments would be lower. These types of mortgages have higher fees than other types of closure, however. The costs of early termination of the mortgage and APLI.

5th With mortgage payments specified in different months:
If the borrower is interested in making the payments on certain months, then this type of mortgage that most would be ideal.

6th On Zero Down Mortgage:
For those who have another property, this property can be used as collateral to finance the acquisition of the following properties. If other property has a higher value, then the warranty may cover the mortgage on the new house, making it a zero, to pay the mortgage. One thing that borrowers should make sure that banks give mortgages to 80% of the value of the property.

7th Currency Mortgages: indexed
In addition to mortgages given to YTL (New Turkish Lira) currency, banks, mortgages began in currencies offer a different way. Some of these currencies are in USD, EUR, GBP, CHF, JPY. These types of mortgage loans indexed to foreign currencies can be used as fixed-rate mortgages with variable rates and will be.

8th Refinance mortgage: /> The refinancing option is now available. In cases where borrowers interested in refinancing their mortgages at lower interest rates, they can modify the mortgage, either by the bank, they have the mortgage by other lenders receive. The caviat only in the application in Turkey refinance is that when your mortgage has been applied before March 6th 2007, there will be no early closure fee. However, if it began after that date it will be an early closing costs or prepayment penalties, which may be imposed until 2% of the loan. The borrower must also pay all costs associated with the new mortgage.

9th Equity home mortgage loan Personal:
If the borrower needs additional financing, he / she choose to receive a loan with their property as collateral. The loan could be used to improve the home and other personal needs. They are usually administered at a rate of interest than other types of loans, but less regular personal loans.


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