Five intricacies of mortgage

Five intricacies of mortgage
The mortgage market is actively developed: the programs and companies offering them, it becomes more and more. Inspired choice, you can forget about those nuances, which involves the acquisition of housing loan funds. 1. Redevelopment: Pros and Cons
There are two types of mortgage lending: the security of available housing and the security purchased. In case of default by the borrower of its obligations under the contract of the bank to get the satisfaction of their claims for payment of principal and interest, forced to put mortgaged property for sale. To avoid unexpected losses respecting financial companies do not view accommodations with inconsistent alterations as the object of pledge.
Redevelopment to become law, shall be furnished the following documents: the draft, the new technical passport; conclusion authority for the protection of monuments of architecture, history and culture of the admissibility of the conversion or redevelopment of premises, a new certificate of title showing the new settings object, if they changed .

With respect to minor changes in the apartment, such as removal of built-in cabinets, which entailed no changes in residential or general area, the union of a bathroom with bath, installing vannogo tub in the bathroom or kitchen, etc., banks tend to have loyal.
Approval and registration are not subject to serious re-planning: changing exterior boundaries of the object, or a total floor space of housing, placing a toilet, bath or kitchen of the room, etc. 2. The deal involving the juvenile
When a mortgage loan secured by both existing and purchased housing, co-owners who is a minor child, parents Borrowers must obtain the consent of the guardianship authorities. Practice shows that to get it is very difficult.
Position of the guardianship authorities is mixed: some of them really appreciates all the risks associated with the encumbrance of the apartment, the other adheres to the slogan of "no mortgage, with the participation of minors." With the latter do not consider that to the mainstream mortgage - the only way to improve the living conditions of families and therefore children.
In view of the current legislation responsibility for minors and their property well-being are the parents. Refusal to issue documents authorizing a transaction involving a child is almost always legally based and the more nepravomeren than smaller compared to their own means the amount the borrower takes a loan.
Parents who dared to mortgage must be submitted to the guardianship and custody as soon as more complete package of documents on the deal, to try to get on the commission, or at least to the reception to the chief of the structure. In case of insolvency and exhibiting flat for sale must provide written commitment to guarantee the acquisition of the name of a minor for the remaining funds from the sale of collateral at least a room in a communal apartment.
Body care should explain all the nuances associated with the transaction, to focus attention on the amount of credit for more comfortable living conditions of children in a new apartment, etc. Only a set of documents and motivations can give the desired result. If a compromise reached after all fails, an adverse decision can be appealed in court. 3. When the apartment still under construction
Primary real estate market, there are risks - the probability of unfinished, and the bankruptcy of the builder, etc. - on which banks are well aware, therefore, mortgage loans issued for the purchase of not being built for each apartment.
Paramount financiers give permission for the construction. This information is open and can be viewed in any legal program, so a potential borrower can advance to see it. A second factor that affects the adjudication is the readiness house under construction. The higher the wall, the greater the likelihood that mortgages will be held. Its role and reputation of the builder, the size of its share capital, a public company, the number of constructed objects, in which interest holders have already drawn up a property right.
When a positive decision on granting a mortgage, you need to pay careful attention to the form of a surety, which requires the bank.
Sometimes, lenders insist on bail of two individuals. If the borrower breaks the terms of the agreement and cease to make monthly payments, the bank will recover the debt from the guarantors. If the financiers require a guarantee of the developer, in the event of any breach of contract responsible for this will be the developer, which, in turn, may have to deal with buyers. Well, if the builder goes bankrupt and unfinished house, a mortgage borrower would still have to repay the loan. 4. Risks during the mortgage transaction
Feature of the mortgage transaction that the act of apartment sales, registration and issuance of mortgage loan occur simultaneously. As a rule, for each transaction in the bank is given about two hours, for which the necessary time to execute all necessary documents. During this procedure, the borrower often is under stress, as occurs with major surgery in cash and real estate. This is one of the causes of conflicts between parties, sometimes until the break in relations.
To avoid this, before the transaction must be aware of the documents that the borrower passes the credit expert. Issues that arise after reading the documents, too, need to ask him the same advance. Otherwise, during the transaction may start an argument. Most often, dissatisfaction among the borrowers appear on the insurance contract. Present at the transaction landlord, seeing that the bank and the borrower having a conflict may be frightened and refuse to sell. Such cases have been recorded.
When the transaction is a chain, to enter into a dispute with a credit expert particularly risky: if, because of unrest, at least one element changes its mind, the whole structure collapses. General practice in St. Petersburg is that real estate does not particularly like is sold to customers with credit money, so if at the time of the transaction between borrower and financier of misunderstanding arises, it is likely that the implementation of the apartments will be denied. 5. The identity of the transaction
The legislation allows the mortgage to assure the transaction in writing, without going through a notary. This fact causes a different reaction. Realtors used to be notarized real estate transactions, so sometimes you can recommend or even require the mortgage borrowers to register documents. But notary services are not cheap. Legally, the recognition comes only after the registration of transactions in the Federal Registration Service. To do this, do not necessarily have the notarization of documents, a simple written form.
Remark: The most favorable for mortgage transactions a period of stagnation in market prices. At this point, the borrower can easily choose your apartment. During the active growth of prices is a  risk that the loan taken today, tomorrow may not be enough to buy an apartment.