FAQ
Why do I have to fill out the online application?
The information you provide us with will assist us in pre-qualifying you according to the criterion of the banks on our network, as well as recommending the best loan options to fit your needs.
What kind of information I will need to complete the online application?
Personal contact information, employment, a snap shot of your financial condition, and the property information if available
What happens after I fill out the online application?
After completing the information, the system will provide you with offers from banks if applicable. The offers are a pre-qualification and are not a final approval from the bank; the final decision will be made by the bank after verification of the loan application and supporting documents
What happens after I select an offer?
After selecting an offer; the system will prompt you to print and sign the real estate form as well as faxing it to us along with supporting documents. Upon receipt of your application, the application will be verified and forwarded to the bank you have selected for final approval, after-which you will be contacted by the bank representatives directly.
Are there any charges to apply through Accelarabia.com?
The services we offer to our customers are absolutely FREE! NOTE: obtaining an offer from Accelarabia.com will have the same terms and pricing if obtained from the bank directly. Bank charges and fees to obtain a loan will apply, which will be displayed on the offer screen while you are using the online application.
What do I need to do to finalize my online application?
After selecting an offer; you will be required to sign, fax us the application along with the supporting documents required, which will be indicated on the real estate form generated by our system.
Who has access to my information?
The information you provide on the online application is strictly confidential and is only accessible to Accelarabia.com employees and the participating bank network. What happens if I obtain an offer from one of the banks on accelarabia.com network but I change my mind about the property I am interested in buying? The offer that you have obtained from the bank might not be valid for another property and we have to complete a new loan application at charge to you
How big a mortgage can I afford?
Two factors are considered; you’re total monthly income and your regular fixed expenses. Your total monthly loan repayments- including mortgage- should not exceed 55 per cent of your monthly income by all means. This should also help you work out what you can repay and make sure you are comfortable with the monthly repayment. Subject to your personal circumstances, it is possible to borrow up to 60 times your monthly income. However, the maximum loan cannot exceed up to 90 per cent of the value of the mortgage property as per the norms of the market nowadays.
Are there any age restrictions for mortgage holders?
The law requires that you must be 21 or over to have a mortgage and the mortgage term cannot extend beyond the age of 65.
How long can the term of the mortgage be?
The term varies according to the requirement of the home buyer. However, the maximum term does not exceed twenty-five years.
Can I repay my mortgage early?
Yes, in most cases, you can. However, you should seek the advice of your finance provider, whether it is in your interests to do so.
What happens if I have to move house during the mortgage period?
This is something that is expected to happen. You would be required to repay the loan from the sale proceeds of the mortgage property-with any profits going to you. You can take out a fresh mortgage on your new property if required.
Do I need mortgage insurance and if so what kind?
Insurance on both your property and your life is very much required. However, as part of the service, some finance providers have negotiated very competitive rates with insurance companies on your behalf and you should check if that is included in the deal.
Is it possible to take a mortgage in the name of husband and wife?
In the case of married couple, both in employment, it is possible to calculate the maximum available mortgage on their combined income. But even if both are paying towards the mortgage, the financing deal must be in the name of one individual. He or she would be legally responsible for repayment.
How is the value of a property determined?
It is usually arranged at the home buyer’s cost to have a professional third party appraiser estimate the market value of the house you plan to acquire.
What happens to the loan and my dependants if I should die before the mortgage is repaid. Will they lose the house?
No. when you take out a mortgage you are guaranteed complete peace of mind. That's because of insurance which will pay off your mortgage completely in the unfortunate event of your death. Your home will therefore be safe and secure for your loved ones as beneficiaries of your estate. That's why insurance is important to home buyers.
Is a mortgage the best way to by a house?
Yes, because it is the preferred choice of millions of homeowners around the world. Compared to other types of loan, a mortgage is unquestionably the most cost-effective way of financing a house purchase. A mortgage is secured on your home and is therefore considered safe by home financers. As a result, the profit rates (interest rates) charged are lower than other types of finance.
