Getting home loans may be an easy task for laymen but for military personnel it may prove to be a daunting task. It is a well-known fact that their nature of the job is such that they are not able to devote ample amount of time to their family then how can they spend time looking for the reasonable home mortgage. OQF provides a reasonable home mortgage to the military personals, reservists, home guards and to the other defence personals.
What is a home mortgage?
It is a loan given by financial firms, mortgage companies or the banks for buying a house. In this type of loan, the borrower is bound to transfer the title to the firm or the financial institution from which he or she has taken the loan. When the repayment has been done and the other norms of home mortgage are met the title is transferred back to the borrower but if the borrower is not able to pay the loan then the lender has the right to sell the property or put it for auction. Firms like OQF providea home mortgage with a floating or fixed rate of interest. These mortgages are a minimum of ten years and can extend to a maximum of 30 years.
Facilities provided by OQF
The main thing that an army person is short of is ‘time’. They are provided with a limited number of leaves. Hence, they prefer to get the home mortgage from a financial firm which can sanction their loan as soon as possible.The job profile of a defence person is such that they suffer from bad credits. They are not able to repay their previous loans on time due to some genuine reasons. Hence, they have bad credits. The process of getting your home mortgage sanctioned from OQF is faster than others. It also providesa home mortgage with zero down payments hence making it a good choice.
Types of home mortgages provided by OQF
Two types of home mortgage are provided by this financial firm. They are:
- Fixed rate mortgages- Periodic payment and the interest rate are the same for each period. The interest rate is generally high
- Adjustable rate mortgages- Periodic payment and the interest rate vary for each period. The interest rate is less in comparison to the fixed rate mortgages
Documents required to applying for a home mortgage
- Bank information like account number, name, address and statements of three months
- Investment statements of three months, if any
- Proof of employment or of a retired personnel
Getting home mortgages from companies like OQF is much better than the normal housing finance because mortgages allow you to make bigger purchases even if your budget isn’t sufficient to buy you a home.