To date, the only way to get their own housing for many Russians is provided by mortgage lending. A mortgage is a bank granting a home purchase loan secured by acquired property. In case of default by the borrower to the creditor, the latter has the right to receive at his disposal mortgaged property, which is the acquired apartment on a mortgage.
The process of registration of a mortgage begins with the provision by the borrower to the lender of a certain list of documents. Mandatory ones include: an application for a mortgage loan, a completed bank application form, a photocopy of the borrower's passport, a photocopy of the borrower's education documents, income statements, a photocopy of the work book.
The Bank is entitled to require additional documents: a certificate from the place of permanent registration, a certificate from a neuropsychiatric and narcological clinic, photocopies of passports of people living with the borrower, etc.
A special document when applying for a mortgage loan is a mortgage mortgage, which is a security that certifies the right of its owner, that is, the borrower, to property acting as collateral for a mortgage and to receive money issued by the bank. In accordance with the law, it is necessary to indicate a number of information about yourself in it. Like any other security, a mortgage mortgage is drawn up in accordance with certain requirements. The document must indicate the full name and place of registration of the borrower. If the borrower is a legal entity, the address and full name of the organization are indicated . Also, the details of the agreement with the bank that issued the loan, the date and place of its conclusion are indicated in the mortgage, the amount of the mortgage loan and interest, if any, are prescribed.
A mortgage mortgage also contains a mandatory detailed description of the mortgaged property so that, if necessary, it can easily be identified with that indicated in the document. This paper is the main one when concluding a mortgage agreement. In case of discrepancy between the data displayed in the mortgage and the mortgage agreement, priority is always given first, that is, those conditions that are displayed on the pages of the mortgage will be considered valid.
A mortgage mortgage is a single document, all its sheets are attached to each other, numbered and must be sealed with the seal of the authority that conducted the registration. The presence of separate sheets of the mortgage makes the document invalid.
Another mandatory element of acquiring an apartment in a mortgage is insurance. Everyone who applies to mortgage lending should understand that he will have to face a large number of unforeseen expenses. These are, as a rule, various bank commissions, loan fees, insurance. Mortgage insurance has a significant impact on the final cost of the purchased apartment. This should be taken into account when calculating the costs of its acquisition. Some banks ask the borrower to provide them with an insurance contract for the purchased apartment before issuing him a sum of money. The size of annual insurance premiums is reduced in accordance with a decrease in credit debt to the bank.
A person who decides to take a mortgage should be legally prepared, fluent in banking terminology, aware of his actions in the preparation and signing of important documents. In addition, he must be fully confident in his financial capabilities. Today, there are a huge number of pros and cons of mortgages. Before deciding to burden yourself with a huge debt to the bank, you should carefully study the essence of the issue in order not to end up without money and without an apartment.