BEFORE signing – Terms and Conditions of a Mortgage Loan.. THIS, you should know!
TalkShow · Season 2 · Episode 18
Wait a moment and let us give you some advise! This is very, very important.
When you are in the banking process of a mortgage, whether it is your first or mortgage number five, you can have a mix of emotions, between the stress of reading SO MANY papers and the excitement of starting to prepare everything for your new home, you just ask that THE day comes when they give you your keys…
Before all the happiness, it is important that you take the time to read and understand the terms and conditions that the bank will give you, specially here in Panamá. Since they are like the rules to a game, in which you are a player, and you must know if it suits you, if you like it, or if it is simply better to explore other possibilities within your local banking area.
In our Talk Show we talk about the most important factors you should know about the terms and conditions of your mortgage loan, an easy way to get there is to ask your bank the following questions;
- How much is my monthly mortgage payment going to be?
- How much will the life insurance cover, how is it settled if you die?
- How much does fire insurance cover?
- How much will the effective rate be?
Asking these questions to the attending banking executive or even to your real estate advisor will help you become familiar with the subject and how each aspect of your mortgage works.
Other important questions are going to be the following;
- How much do you have to pay in legal expenses and who is in charge? SECRET: always ask for promotions!!
- How much is paid in closing and handling commission to the bank?
- What is the commission for credit renewal?
- What is the percentage of penalty for early cancellation of the loan?
If all this information is getting your dizzy, remember that you can always contact us! We will help you with the entire process.
⚠️ Keep in mind that there are other important details that you should know… we leave you our video below so you can find out about this topic in more detail.
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