Basic mistakes and errors when taking a mortgage

Posted on Oct 5, 2000 08:15:27 AM

Deciding to take the credit for the purchase of real estate mortgage lending program, not in a hurry. Before you put a signature under the statement must be carefully ponder and review all the conditions imposed by the bank or mortgage lending agency, to verify that all necessary papers and documents as may be required for credit. Often ignorance of the law and “illiteracy” borrowers in mortgage lending issues lead to errors whose consequences are very significant to the borrower.

Negligence

You live in a flat two or three years. Faithfully pay the monthly payments. Everything should be fine. Suddenly, it appears that the apartments acquired by a mortgage, there is another rightful owner. In this case, will begin a protracted trial, which is unlikely to lead to desired results. Bank debt will be repaid by insurance. Before buying an apartment, carefully check the validity of its purity.

“Nothing terrible will happen if I am late with a repayment”
Delay in payment is not a minor error, at least from the standpoint of the bank. For it is an indicator of your financial problems, and hence the potential problems with repayment of the loan. Originally, the measure of the impact on your consciousness is simply a conversation with an employee of the bank and discuss the existing problems, but if it does not affect future payments, the bank has the right to charge penalties and careless borrowers. For each day of delay is calculated from a penalty 0,2-0,5% of the amount of missed payments, and for regular delays, even minor ones, the bank may demand early repayment in full.

In any case, try to be as accurate and punctual in the repayment of the loan for real estate, your impeccable reputation creates a favorable field for the subsequent loans, even when working with other banks.

Deception

Many people believe that they can easily deceive the bank. Do not try, they themselves will remain a loser. The credit committee sit qualified specialists who can see through the best “Die Hard”. Think about the fact that more than 50% of your salary is simply impossible to give, otherwise you’ll have what’s – that jeopardize themselves and their families.

Confidence

Now you have a loving family and a promising work. Tomorrow – no family and no job. Prior to signing the mortgage agreement should provide for all the difficulties.

You also can not be firmly confident that you can quickly find an apartment that will meet both your needs and requirements of the bank.

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