CarMax offers some of the most competitive terms in the industry with solutions for a wide range of credit profiles. The author has explained how inefficiency of land sector regarding land development provision of occupancy hinders mortgage financing, from this point of author’s view researchers are interested to go further and look for the issues and challenges facing mortgage financing in general in order to come up with proper and desirous way of financing. The average sources of financing which is weighted by its respective use in a given situation.
Michael V (et al) (2010) ‘Challenges in Financing Real Estate Projects in Dar es Salaam’ they have tried to study the challenges involved in financing Real estate projects, and they have been able to come up with some challenges. Beside that their study is limited to projects in Dar es Salaam and therefore this provide the room for researchers to further explore in depth the issues and challenges regarding mortgage financing in Tanzania. Thereafter, the concept of mortgage financing will be described as well as the conditions necessary for mortgage loans creation.
It starts by giving concepts related to mortgage (meaning of mortgage), historical perspectives of mortgage lending and why people opt for mortgage financing of real estate, the legal context of real estate interest in mortgaging. I believe that banks will begin looking to much more creative means for financing small businesses through solutions like micro-lending.
In identifying those risks, this chapter will concentrate also in identifying various issues that relate to mortgage financing in Tanzania by reviewing several literatures that have already been done by different authors. Mortgage financing is a common method of financing real estate as one of the source of finance for real property introduced in Tanzania early 2000s to facilitate development and real estate ownership to the people.
The guarantee generally equal or exceeds or percentage of the loan amount, this amount in effect represent what would otherwise be a down payment in conventional financing under the VA guarantee loans program. Describes financing arrangement in which existing loan combined with a new loan, that is to say the total debt (new + existing loan) treated as single obligation by buy, with one payment made on entire debt.