Home is where you feel safe and comfortable and where your story begins. You can benefit from a mortgage to make your dream of having a home come true.
Usually, the total cost of the purchased good comprises the personal contribution and the loan amount.
Your contribution to purchasing a home is the dedicated amount from your savings. This money can come from personal savings, additional income, inheritance or legal sources. A significant contribution reflects financial responsibility and can improve your qualification for the mortgage, reducing the borrowed amount and, therefore, the rates and loan term.
How is the personal contribution of the mortgage calculated?
The personal contribution is made up of 20% of the value estimated in the valuation report, plus the difference between the purchase price and the value indicated in the report. The valuation of the property must be made by an appraiser approved by maib, and the estimate depends on several criteria, such as location, area and other technical aspects. This value may be lower than the price agreed with the seller, so your contribution may include the difference between the estimate and the final cost.
However, the personal contribution can also be 0% if the loan is additionally secured with other real estate.
If you have any questions, ask for a free consultation with the maib specialists at the mortgage center.
Mortgage Center team believes that the best place is home and is dedicated to helping you move into your home. It's easy and simple!
