Mortgage mortgage: the purpose and essence of the document

To date, the only opportunity to acquire own housing for many Russians provides mortgage lending. Mortgage is the provision by the bank of a loan for the purchase of housing on the security of the acquired property. In case of default of the borrower's obligations to the creditor, the latter has the right to receive at his disposal the mortgaged property, which is the purchased apartment for a mortgage.

The process of mortgage registration begins with the provision of a certain list of documents by the borrower to the lender. To mandatory of them are: an application for a mortgage, a completed questionnaire of the bank, a photocopy of the borrower's passport, photocopies of documents on the education of the borrower, income statement, a photocopy of the work book.

The Bank has the right to demand additional documents: a certificate from the place of permanent registration, a certificate from a psycho-neurological and narcological dispensary, photocopies of passports of persons living together with the borrower, etc.

A special document for the mortgage loan is a mortgage mortgage, which is a security that certifies the right of its owner, i.e., the borrower, to the property acting as a mortgage on the mortgage and to receive the money given by the bank. In accordance with the law, it must specify a number of information about yourself. Like any other security, mortgage on mortgage is made in accordance with certain requirements. The document must include the full name and place of registration of the borrower. In the event that the borrower is a legal entity, the address and full name of the organization shall be indicated . Also, the mortgage details of the contract with the bank that issued the loan, the date and place of its conclusion, the amount of the mortgage loan and interest, if they are provided, are indicated in the mortgage.

Mortgage mortgage also contains a mandatory detailed description of the mortgaged property so that if necessary, it can easily be identified with the one specified 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 to the first, that is, those conditions that are displayed on the mortgage pages will be considered valid.

Mortgage for mortgage is a single document, all sheets of it 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.

The insurance is another obligatory element of purchasing an apartment in a mortgage. Everyone who applies for mortgage lending should understand that he will face a lot of unforeseen expenses. This, as a rule, various bank charges, a payment for the credit, registration of insurance. Insurance for mortgages has a significant impact on the final cost of the purchased apartment. This should be taken into account when calculating the cost of its acquisition. Some banks ask the borrower to provide them with a contract for insurance of the purchased apartment even before the issuance of a sum of money. The amount of annual insurance premiums decreases in accordance with the reduction in loan debt to the bank.

A person who decides to take a mortgage should be legally prepared, freely versed in banking terminology, aware of his actions when drawing up and signing important documents. In addition, he must be fully confident in his financial capabilities. Today there is a huge amount of pros and cons of mortgages. Before deciding to burden yourself with a huge debt amount in front of the bank, you should carefully study the essence of the issue in order not to end up without money and without an apartment.