How to make a mortgage correctly?

There is no such person who would not have heard of a mortgage. But that's not what everyone knows about what it is, and how the mortgage is being processed. First, let's define the concept of "mortgage". This word came to us from the Greek language and in the translation sounds like a "mortgage", a "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 in the bank, you must provide:

• passport;

• certificate confirming income;

• guarantors.

Banking organizations offer the public such a service as the registration of an apartment for a mortgage. After selecting a banking organization that meets the borrower's wishes, an application and a package of documents requested by the banking organization are submitted. Some Russian banks that work on a mortgage loan program can provide such a service as "express lending." It will take several hours to review such an application in the accelerated mode. While the bank will conduct a procedure for checking the candidacy of the borrower, you need to choose a home that would meet the requirements of the banking organization. The procedure for mortgage registration involves the provision of a package of documents for the transaction of purchase and sale, it is also necessary to assess the housing. Each bank organization has its own conditions for providing documents, but the main ones are:

• housing plan and its passport;

• a legal document package for housing;

• certificate of registration;

• characteristics of living quarters;

• certificates confirming the absence of debts for public services;

• Extract from the state register.

Mortgage registration includes the assessment of housing. This procedure is carried out in connection with the limited amount of the loan provided by the mortgage bank. This takes into account the market value of housing. Evaluation of housing is a compulsory measure. In this assessment, banking organizations are directly interested, as they must be confident that housing, being the subject of a pledge, can be sold for the amount of a mortgage loan issued for its acquisition.

The next point is home insurance. This is also an important stage, included in the design of the mortgage. This procedure gives the bank guarantees in case of loss of the borrower's legal capacity or loss of ownership of the property or in case of damage to the home.

After observing all these procedures (checking documents for the property chosen by the borrower, housing assessment, insurance), it is time to conclude a mortgage loan agreement.

The borrower is recommended to study in detail the contract document, as in some banking organizations the contract after signing changes and adjustments is not subject.

In some cases, when signing a mortgage agreement may require a mortgage. Happy design!