Mortgages in Tangier are easier to obtain for residents than for non-residents. There are still some rules and regulations in place that make it somewhat difficult for non-residents to purchase real estate in and get mortgages in Tangier (though it is still more than possible to get).
Speak to your Agent
If you are a resident and are searching for mortgages in Tangier you will want to speak to a real estate professional. They will guide you through the process of learning about the different types of mortgages in Tangier as well as the process for applying for one.
Choosing the Right One
You will find that there are different mortgages in Tangier for you to choose from. Just like in most major cities, you will find that you will have different loan packages that include different interest rates, points, etc.
Buying Down the Rate
For the most part you will want to put down at least 30% of the value of the property in Tangier. You can then obtain mortgages in Tangier for the remaining 70% (or less). The interest rate you can expect to pay will vary depending on a number of factors including whether or not you pay points (each point is equivalent to 1% of the loan amount).
Basically when you are researching mortgages in Tangier you will find that you can “buy down” the interest rate. What this means is if you are willing to pay one or more points you will get a lower interest rate. This is important to note when you are comparing the different mortgages in Tangier and which is best for you.
Doing the Math
The decision will be strictly mathematical. If you think you will keep your current mortgage for more than 3 or 4 years then it may make sense for you to pay down the interest rate. You should compare the monthly payments and see how much money you will save over the course of one year. Then multiply that by your best guess as to how long you will stay in that home. If you save more money than you would pay in points than that is your best option.
You can also discuss with your real estate professional the mortgages in Tangier that are interest-only for a set period of time.
Homebuyers applying for mortgages in Tangier will want to make sure their paperwork is together and complete. You will be told everything you need and it is up to you to make sure you get it all together quickly and get it to the bank.
You can expect to have to provide proof of citizenship, income, etc. Speak to the person helping you get the mortgage and get a list of everything you will need as quickly as possible in case it will take you some time to find the required paperwork. You do not want to delay getting approved for a mortgage in Tangier because you were not ready with the paperwork required.
The bottom line is you will be able to find some great options for mortgages in Tangier if you speak to a real estate professional and ask questions. Speak to them about all of your options and make sure you are ready with the paperwork you need. If you do this there should be no problem applying for mortgages in Tangier.
Filed Under: Tangier Legislation