Response can assist you with comparative market analysis on different projects to allow you to access financial institutions in the marketplace we have an affiliation with many banks and finance institution group, providing the best service to our valuable clients. Finding the right loan for your investment is just as important as finding the right property. There are many options open to you; whether you want an investment for, capital growth or retirement income loans are available to satisfy both your long and short term investment strategies. All you need to know and to do for home finance. Please follow the information below and download the relevant forms and contact us on the following: Tel. #: 00971 4 3437153 Fax #: 00971 4 3437154 Email :
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Why We need to find the best bank and product? The best product and bank mean saving money, also not all the bank would lend on specific project. Why we need to provide all the personal and financial information? The information you provide us with will assist us in pre-qualifying you according to the criterion of the banks, as well as recommending the best loan options to fit your needs. What kind of information you need to complete the application? Personal contact information, employment history and financial condition, and the property information if available. What are the next steps after filling the application? We will analyze the information base on the client information and selected project if provided with selected banks and financial institutions for processing and provide you with pre-qualification offer. The offers are not a final approval from the bank; the final decision will be made by the bank after verification of the loan application and supporting documents. What do I need to do to finalize my application? One of staff member from Response group will call you and request you will be required to sign, fax us the application along with the supporting documents required, which will be indicated on the real estate. Who has access to my information? The information you provide on the application is strictly confidential and is only accessible to Response employees and the participating bank network. What happens if I change my mind to take up the loan or select a different property? The offer that you have obtained from the bank might not be valid for another property and we have to complete a new loan application at charge to you. How much is the maximum I can borrow and afford? Two factors are considered; you’re total monthly income and your regular fixed expenses. Your total monthly loan repayments- including mortgage- should not exceed 55 per cent of your monthly income by all means. This should also help you work out what you can repay and make sure you are comfortable with the monthly repayment. Subject to your personal circumstances, it is possible to borrow up to 60 times your monthly income. However, the maximum loan cannot exceed up to 90 per cent of the value of the mortgage property as per the norms of the market nowadays. Are there any age restrictions for mortgage holders? The law requires that you must be 21 or over to have a mortgage and the mortgage term cannot extend beyond the age of 65. How long can the term of the mortgage be? The term varies according to the requirement of the home buyer. However, the maximum term does not exceed twenty-five years. Can I repay my mortgage early? Yes, in most cases, you can. However, you should seek the advice of your finance provider, whether it is in your interests to do so. Can I change my mortgage to a different property? This is something that is expected to happen. You would be required to repay the loan from the sale proceeds of the mortgage property-with any profits going to you. You can take out a fresh mortgage on your new property if required. Do I need mortgage insurance and if so what kind? Insurance on both your property and your life is very much required. However, as part of the service, some finance providers have negotiated very competitive rates with insurance companies on your behalf and you should check if that is included in the deal. Is it possible to take a mortgage in the name of husband and wife? In the case of married couple, both in employment, it is possible to calculate the maximum available mortgage on their combined income. But even if both are paying towards the mortgage, the financing deal must be in the name of one individual. He or she would be legally responsible for repayment. How is the value of a property determined? It is usually arranged at the home buyer’s cost to have a professional third party appraiser estimate the market value of the house you plan to acquire. What happens to the loan and my dependants if I should die before the mortgage is repaid. Will they lose the house? No. when you take out a mortgage you are guaranteed complete peace of mind. That's because of insurance which will pay off your mortgage completely in the unfortunate event of your death. Your home will therefore be safe and secure for your loved ones as beneficiaries of your estate. That's why insurance is important to home buyers. Is a mortgage the best way to by a house? Yes, because it is the preferred choice of millions of homeowners around the world. Compared to other types of loan, a mortgage is unquestionably the most cost-effective way of financing a house purchase. A mortgage is secured on your home and is therefore considered safe by home financers. As a result, the profit rates (interest rates) charged is lower than other types of finance.
| 
