When you want to mortgage your property to get a loan, you ask yourself: How many years can I borrow? So let's look at this together。

Home mortgages can take up to a few years

There are several factors that make this question different: first, are you in a new or second-hand room? In the case of a new house, you can borrow up to 30 years; however, in the case of a second-hand house, this period shrinks to 20 years. This amount is not discretionary and can be determined on the basis of your ability to repay, so as not to put pressure on you to repay。

If you fulfil these conditions, you feel you can apply for a mortgage, and don't forget, your house has to meet the specific conditions set by the bank for such loans. If you're not satisfied, unfortunately, you might have to find another place。

So what are the advantages of choosing mortgages? First, it is clear that the amount of the loan is more attractive, as it is usually proportional to the value of the collateral. Most would choose to use valuable property as collateral, and lower-value property might not always be used as collateral. Second, with enough collateral, your expected annualized interest rate will be lower than a mortgage-free loan, reducing your borrowing costs. The last advantage is the long duration of the loan and the possession of collateral, especially fixed assets such as real estate, so that the period of credit is usually 10 to 20 years, with a maximum period of 30 years。

In general, mortgages are lower than personal credit requirements, and as long as the collateral is sufficient and the purpose of the loan is specified, you may obtain loans。