The mortgage market is developing actively: the programs and the companies offering them, it becomes more and more. Inspired by the choice, you can forget about those nuances, which involves the acquisition of housing loan funds.
1. Remodelling: 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, is forced to put mortgaged property for sale. In order to avoid unexpected losses respecting financial enterprises are not considered inconsistent with the residential premises of redevelopment as the object of pledge.
Redevelopment to become legal, must be filed the following documents: the draft, the new product data, the conclusion of 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 parameters of the object, if they changed .
With respect to minor changes in the apartment, such as the dismantling of built-in cabinets, which entailed no change in residential or common area, bathroom with bath association, setting vannogo trough in the bathroom or kitchen, etc., banks tend to hold loyal.
Alignment and registration are not subject to major alterations: changes in the external boundaries of the object, or a total floor space of housing accommodation toilet, bathroom or kitchen of the room, etc.
2. Transaction involving minors
When a mortgage loan secured by both existing and purchased housing, co-owners of which is a minor child, parents need to borrowers, obtain the consent of the guardianship. Practice shows that it is a very uneasy.
The position of guardianship ambiguous: some of them really appreciates all the risks associated with the encumbrance of an apartment, the other holds the slogan "no mortgage with 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 a document authorizing a transaction involving a child, almost always legally-founded, and the more nepravomeren than smaller compared to the amount of own funds in the borrower takes the loan.
Parents who dared to mortgage, you must submit to the guardianship and custody as soon as possible a complete package of documents on the deal, to try to get a commission, or at least an appointment with the head of the structure. In the event of insolvency and placing apartments for sale must submit a written commitment to guarantee the purchase in the name of a minor for the remaining funds from the sale of collateral at least a room in a communal apartment.
Guardianship agencies should clarify all the details related to the transaction, to focus attention on the amount of credit for a more comfortable living conditions of children in a new apartment, etc. Only the combination of instruments and motivations can give the desired result.
If a compromise achieved still do not succeed, an adverse decision can be appealed in court.
3. When the apartment is still under construction
In the primary real estate market, there are risks - the probability of unfinished, bankrupt developer, etc. - on which banks are well aware, so give mortgages to buy apartments under construction are not each.
Of paramount importance financiers give permission for the construction. This information is open and can be viewed in any legal program, so a potential borrower can advance with a look at it. A second factor that affects the adjudication, is a house under construction readiness. The higher the wall, the greater the likelihood that the mortgage will be. Its role and reputation of the builder, the size of its share capital, openness of the company, the number of constructed objects that interest holders have already drawn up a property right.
When a positive decision to grant a mortgage loan, you need to pay attention to the form of guarantee, which requires the bank.
Sometimes, lenders insist on a 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 the contract be responsible for this will be the developer, which, in turn, may have to deal with real estate investors. Well, if the developer goes bankrupt and unfinished house, the mortgage borrower will still have to repay the loan.
4. Risks during the mortgage transaction
When a mortgage loan secured by both existing and purchased housing, co-owners of which is a minor child, parents need to borrowers, obtain the consent of the guardianship. Practice shows that it is a very uneasy.
The position of guardianship ambiguous: some of them really appreciates all the risks associated with the encumbrance of an apartment, the other holds the slogan "no mortgage with 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 a document authorizing a transaction involving a child, almost always legally-founded, and the more nepravomeren than smaller compared to the amount of own funds in the borrower takes the loan.
Parents who dared to mortgage, you must submit to the guardianship and custody as soon as possible a complete package of documents on the deal, to try to get a commission, or at least an appointment with the head of the structure. In the event of insolvency and placing apartments for sale must submit a written commitment to guarantee the purchase in the name of a minor for the remaining funds from the sale of collateral at least a room in a communal apartment.
Guardianship agencies should clarify all the details related to the transaction, to focus attention on the amount of credit for a more comfortable living conditions of children in a new apartment, etc. Only the combination of instruments and motivations can give the desired result.
If a compromise achieved still do not succeed, an adverse decision can be appealed in court.
3. When the apartment is still under construction
In the primary real estate market, there are risks - the probability of unfinished, bankrupt developer, etc. - on which banks are well aware, so give mortgages to buy apartments under construction are not each.
Of paramount importance financiers give permission for the construction. This information is open and can be viewed in any legal program, so a potential borrower can advance with a look at it. A second factor that affects the adjudication, is a house under construction readiness. The higher the wall, the greater the likelihood that the mortgage will be. Its role and reputation of the builder, the size of its share capital, openness of the company, the number of constructed objects that interest holders have already drawn up a property right.
When a positive decision to grant a mortgage loan, you need to pay attention to the form of guarantee, which requires the bank.
Sometimes, lenders insist on a 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 the contract be responsible for this will be the developer, which, in turn, may have to deal with real estate investors. Well, if the developer goes bankrupt and unfinished house, the mortgage borrower will still have to repay the loan.
4. Risks during the mortgage transaction
The peculiarity of the mortgage transaction is that the act of buying and selling apartments, registration and issuance of mortgage loan occur simultaneously. As a rule, for each transaction in the bank is given approximately 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 operations in cash and real estate. This is one of the causes of conflict between the parties, sometimes until the break in relations.
To avoid this, before the deal should be aware of the documents that the borrower transfers the credit expert. Questions arise after reading the documents, too, need to ask him the same in advance. Otherwise, during the transaction may start an argument. Most often, the borrower dissatisfaction appears on the insurance contract. Present at the transaction landlord, seeing that the bank and the borrower had a conflict, can be frightened and refuse to sell it. Such cases have been recorded.
When the transaction is a chain, to enter into a dispute with a credit expert is particularly risky if the excitement of at least one element changes its mind, the whole structure collapses. The general practice in St. Petersburg, is that real estate is not particularly happy for sale to buyers with credit money, so if at the time of the transaction between the borrower and the financier will arise misunderstanding, 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 and passing the notary. This fact causes a different reaction. Realtors are accustomed to a notary to certify real estate transactions, so it is sometimes recommend or even require mortgage borrowers to register documents. But the notary fees are not cheap. Legally, the recognition comes only after registration of the transaction in the Federal Registration Service. For this purpose does not necessarily have the notarization of documents, a fairly simple written form.
Remark: The most favorable mortgage deals for a period of stagnation in market prices. At this point, the borrower can choose a quiet apartment. During the active growth of prices is a risk that the loan taken today tomorrow may not be enough to buy an apartment.
about mortgages / fast mortgage / intricacies of the mortgage
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