How long will the bank finance a cheap property for?
I am looking to buy a property for about 17,500 before the down payment. I am wondering what is the longest length mortgage that most banks will finance such a low amout for?
Public Comments
- IT DEPENDS ON THE BANK AND ITS LEGAL SECTION, WHO SCRUTINIZE, VERIFY YOUR CREDENTIALS AND SECURITY OPTIONS THAT YOU MAY PROVIDE THE BANK AGAINST THE LOAN. HOWEVER, YOU MAY FORECLOSE THE ACCOUNT EVEN BEFORE THE TENURE FIXED BY THE BANK. SHOULD YOU LIKE TO EXTEND THE PERIOD OF REPAYMENT, YOU CAN APPROACH THE BANK ON PAYMENT OF A FEW INSTALLMENTS AND GET THEIR PRIOR APPROVAL FOR SUCH EXTENSION.
- Each lender has their own set of rules and guidelines as a company, so you are going to have to search them out. You may have a problem finding a lender to lend on that small amount of money. What you need is an investor.
- Mortgages are never given on cheap properties. the lowest mortgage available is 50k You will need to apply for a personal loan. 5 yrs
- Some lenders will give mortgages on inexpensive properties under $50,000. Lenders working on commission generally will not offer them, it is too much paperwork for them. But a lender paid hourly may do this. The terms depend on the lender.
