2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
There is no such person who has not heard about mortgages. But not everyone knows what it is and how the mortgage is processed. To begin with, let's define the concept of "mortgage". This word came to us from the Greek language and in translation sounds like “mortgage”, “pledge”. Thus, the definition of the term "mortgage" will sound like a pledge of real estate. Moreover, the pledge remains in the hands of the borrower.
Mortgage registration is carried out according to the provided documents of the borrower. In addition to the application that is written at the bank, you must provide:
• passport;
• proof of income;
• guarantors.
Banking organizations offer the population a service such as registration of an apartment on a mortgage. After choosing a banking organization that meets the desires of the borrower, an application and a package of documents requested by the banking organization are submitted. Some Russian bankswho work under the mortgage loan program can provide a service such as "express loans". It will take several hours to consider such an application in an accelerated mode. While the bank will be carrying out the procedure for checking the candidacy of the borrower, you need to choose housing for purchase that would meet the requirements of a banking organization.
The procedure for obtaining a mortgage involves the provision of a package of documents for the ongoing sale and purchase transaction, it is also necessary to assess the housing. Each banking organization has its own conditions for providing documents, but the main ones are:
• housing plan and his passport;
• title package of documents for housing;
• certificate of registration;
• characteristics of the dwelling;
• certificates confirming the absence of debts for utilities;
• extract from the state register.
Mortgage processing includes a home appraisal. This procedure is carried out in connection with the limited loan amount provided by the mortgage bank. It takes into account the market value of housing. Home appraisal is a must. Banking organizations are directly interested in this assessment, since they must be sure that housing, being the subject of collateral, can be sold for the amount of the mortgage loan issued for its purchase.
The next thing is home insurance. It is also an important step inmortgage processing. This procedure provides the bank with a guarantee in the event of the borrower's incapacity or loss of ownership of the home, or in case of damage to the home.
After following all these procedures (checking documents for the property chosen by the borrower, housing appraisal, insurance), it is time to conclude a mortgage loan agreement.
The borrower is advised to study the agreement document in detail, since in some banking organizations the agreement after signing is not subject to changes and adjustments.
In some cases, when signing a mortgage agreement, a mortgage may be required. Happy design!
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