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Learn about Mortgage

Mortgage Pre-Approval

If you would like to apply for a loan in Morocco, several criteria must be taken into consideration. Firstly, you need to get your debt ratio. In Morocco, the debt ratio for a mortgage is usually 40% to 50% depending on the bank. This means that banks will not grant you a loan if the loan's monthly payments exceed 40% to 50% of your disposable income. However, while this rule will be strictly applied for low-income households, banks will be more inclined to grant exemptions for high-income households. You might be required to be able to pay for a down payment. Banks will use your personal contribution to judge the height of your investment but also your savings capacity. Thus, banks consider that if you have the ability to put money aside, you will surely have the ability to repay your credit. MRE (Moroccans leaving abroad) and buyers willing to buy in new developments may be required to produce further/different documentation.

Mortgage Interest Rates

A typical rate (the one from Societe Generale Maroc) might be the following: - 1 to 5 years: 6.18% - 6 to 30 years: 6.30% This rate may vary depending on your personal situation.

How does Refinancing Work?

Most institutions offer refinancing options, especially if you have a good credit score. Since you will be applying for a new loan, you will be required to produce the same documents as for a mortgage, with pre-approval the only difference is, they will be very keen to see how consistent you are repaying the other loan. People take refinancing if the mortgage rates are lower so that they can be able to repay the previous loan. Refinancing is also done in real esatte when you want to purchase a property.

Frequently asked Questions

What is a mortgage?

A mortgage is a loan that buyers can use to purchase a property, and that is secured against the property itself. If buyers cannot repay the debt, then the lender takes possession of the property.

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What is the maximum amount I can borrow?

The total amount you can borrow usually depends on your debt-to-income ratio or credit score, which is determined by the borrower's ability to repay their debt and their credit history. The monthly payment should generally not be more than a third of the borrower's gross income.

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Where can I get a mortgage?

Always use certified financial institutions, such as banks or credit unions, to avoid any scams.

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What are the different fees that apply?

The fees depend on the type of financial institution, but in addition to reimbursing the capital - the amount of money that was lent - borrowers usually need to pay interest every month that can be negotiated with the bank.

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What is the difference between a fixed and an adjustable interest rate?

In a fixed-rate loan, the interest rate remains the same for the whole duration of the loan. In adjustable-rate mortgages, the rate varies depending on the economics and monetary policy of the country.

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What happens if I cannot pay my debt?

The lender may foreclose and seize the property, which will become their possession.

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Do I need mortgage insurance?

Usually no. However, if the amount of money needed is very high compared to your income or your capital, then financial institutions will ask you to take out mortgage insurance.

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What is the best time to get a mortgage?

You should wait until you have a regular source of income to take out a mortgage. A period of high inflation is also usually beneficial for debt owners, since inflation reduces the debt burden in real terms, and debts are generally not indexed to inflation.

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How much capital do I need to be granted a mortgage?

The more capital you bring, the lower your interest rate will be. Banks usually require a minimum amount of capital, often around 20 percent of the total amount of the loan.

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How does Refinancing Work?

Refinancing takes the current debt and changes its terms and conditions into an entire new different debt, with new obligations.

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