Mortgage / Home Loan
A property financing option secured against the real estate in the UAE.
Detailed Description
Mortgage / Home Loan
What is a mortgage?
A mortgage is a financial agreement where a lender provides funds to a borrower to purchase real estate, with the property serving as collateral.
What are the common types of mortgages?
Common types include fixed-rate mortgages, adjustable-rate mortgages, government-backed loans, interest-only mortgages, and jumbo loans.
What is the mortgage process?
The mortgage process includes pre-approval, house hunting, loan application, underwriting, and closing.
What is mortgage insurance?
Mortgage insurance protects lenders if the borrower defaults, often required for loans with down payments less than 20%.
How can refinancing benefit a borrower?
Refinancing can secure a lower interest rate, reduce monthly payments, or change the loan term, potentially providing significant savings.