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American mortgage

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hyponamiru.cz / Glossaries / American mortgage

In addition to the classic special-purpose mortgage, Czech banks also offer an American mortgage. This is a non-purpose loan, which means that you can use the funds from the bank for practically anything. With the help of an American mortgage, you can buy, for example, a property that cannot be financed with a classic mortgage (e.g. a garden, a field, a forest), finance the purchase of a boat or the study of children abroad. To get an American mortgage, you need to own the property you pledge to the bank.

Benefits of an American mortgage

Even though a US mortgage has a higher interest rate than a conventional mortgage, it is still very favourable compared to consumer loans. Another advantage is the very long repayment period. The standard US mortgage today has a repayment period of 20 years (note that some banks offer up to 25 years). As with a conventional mortgage, the choice of your preferred interest rate fixation period is yours alone. The American mortgage is for those with very good creditworthiness. You will not succeed in applying for a mortgage if you cannot prove your income or have a negative record.

Kdy je správný čas na refinancování?

You can borrow several million crowns

If you offer the bank a quality property as collateral and you have no creditworthiness problems, you can borrow several million crowns. The specific upper limit of the loan depends on the value of the property. For example, the bank may grant you a loan of up to 70 per cent of the value of the mortgaged property. The percentage limit is set individually by each bank and also depends on the type of property being mortgaged (e.g. flat, holiday home, commercial unit).

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Frequently asked questions

How long does it take to arrange a mortgage?

A mortgage can be arranged within a month or three. The whole process usually takes around two months. The reason behind it is mostly the approval process on the side of the banks. However, there’re plenty of possibilities to speed up the mortgage application and we know them. Check it out for yourself.

Do you deal with new mortgages as well as refinancing?

Yes, we deal with both new mortgages as well as refinancing of the existing home mortgage loans. Our specialists will find a solution for you in either case – a solution you can afford.

With which Czech banks do you have the best experience?

The most client-oriented bank is certainly Hypoteční banka with their speed of request processing, the service quality, the range of checking accounts they offer, and the interface called “Mortgage Zone”. Other such banks include Komerční banka, Moneta and Raiffeisenbank.

Can a mortgage be really arranged online?

Yes, it can. Thanks to the latest technology we’re using, you really don’t need to go to the bank to arrange a mortgage. Check it out for yourself.

We facilitate consumer credit as a tied agent registered by CNB under company ID number 05736501. We are also registered as an independent consumer credit broker of commercial company Broker Trust, a.s., company ID number: 26439719.

@ 2023 The company Hypo na míru s.r.o. is registered at the Municipal Court in Prague, file number C 269834, company ID number: 05736501.