There are Many Different Mortgage Options Available

There are a variety of different mortgage options available to suit all lifestyles and budgets for example:

1. A 20-year mortgage is the maximum in the Egyptian market, but your loan term could be less than that. Remember, extending your term comes at a cost, as you’ll ultimately pay more in cumulative interest over the life of your loan.
2. Most mortgages have an adjustable interest rate, which change over the life of the loan.
3. You'll pay more without a minimum 20% down payment. It makes sense, as the larger your down payment, the smaller your mortgage and the less interest you'll pay over the life of your loan.  you can make a Bigger Down Payment, the bigger your down payment, the lower your loan amount and smaller monthly payments.
4. It is permissible to combine your salary with that of your spouse to increase your monthly income to request a higher mortgage loan or even to reach the minimum required income.
5. It is possible to provide evidence of income, such as deposits, investment certificates, owned real estate rental receipts, or any other acceptable source of income.
6. You can reschedule your loan or make partial settlement to pay off debts sooner. Doing this will not only help you save on term cost (interest) over the life of the loan, but it will speed up the payment process.

Discuss your lifestyle and budget with your mortgage lender to determine which mortgage option works best for you.

 

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