This is the dream of every one to have own house. Though, due to the fast moving life of the day, a lot of people are residing in the dwelling units of other persons on rental basis. But the feel of having own house is a one of the big achievement in life. There are different views to construct own houses or reside on rent. Some persons are having the family responsibilities but not having the sources of income too higher. They have to survive on “Any How” basis. The education of the kids, routine expenses, looking after of old parent and ancestral properties, all these responsibilities does not permit a person to invest more money in the construction of houses. With the time, the marriages of kids are also on head. To avoid the huge money investment, majority of the working people feel better to reside on rent. Likewise other cities, home mortgage Greenville sc are also quite supportive to the persons.
These houses are constructed differently according to the income group of the individuals. In the different portions of the city, persons are offering their dwelling units on rent. Though, the needy persons are getting the same too because still there is a need to survive. The city offers good facilities to the residents and hence migration of the population across the country is continued. Though, the technical definition of loan and mortgage is quite different. Loan is an agreement between the lender and the borrower while the mortgage is designed and related with the property of real estate. Loan may be of any type but the mortgage is only associated with the land or houses.
Roll of Private and Public Money Lending Agencies in this Regard
Various agencies are there who provide home mortgage but the officially recognized agencies are more reliable in the city because they have the nature of helping the individual and not intended to make money only. Both types of agencies public or private, are giving the mortgage for home. Housing development financial corporation is there which is officially approved. Though, the same is a private body but the pattern of dealing with the customers is just based on the norms formulated by the local administration. The supreme control over all such agencies is rests with the Federal bank but the local states administration is authorized to issue some guidelines based on the circumstances of the state.
Anyone can avail the home mortgage greenville sc by producing the requisite set of documentary evidences. Processing time of the home mortgage application is quick in the public sector money lending agencies like the functioning of private bodies. In some of the government financial agencies, work procedure is quite strong and leave the working pattern of the private agencies quite behind. In case an individual want to get the home mortgage, he/she will have to produce the concerned documents to the agency and submit a prescribed application. The home mortgage is normally an agreement between the money lending agency and the customer for minimum of eight years.
No financial penalty is posed on pre-payment of the loan amount. In some of the agencies, there is a reward system too on pre-payment. This is just to encourage the customer to make the money free of the agency. Guarantor in home mortgage is normally not asked as the property is itself a guarantor. There is a written condition to cease the property in case of non – payment of the amount in due time. The time frame can also be extended on the written request of the individual and sole discretion of the agencies.