Every year, more and more citizens decide to purchase their own home with the help of credit funds from the bank. In order for a financial institution to get a better chance of returning its money, a mortgage is issued for the apartment. What kind of paper it is and whether it brings benefits to the borrower will be discussed later.
Definition
So, a mortgage is a registered security. It is she who guarantees the return of funds to the bank, since it certifies the right of its holder to fulfill all the obligations of the borrower specified in it. In case of violation of the conditions specified in the document, the bank has the right to recover from the debtor its collateral property. That is, a mortgage is a kind of duplicate of a loan agreement, because it contains all the same points, but on the basis of it you can sell this debt to another organization without unnecessary paperwork.
Mortgage Mortgage
At the moment, in order to get a mortgage, it is not necessary to draw up a mortgage, but some banks practice this need when drawing up loan agreements. For a credit institution, such a document is an additional guarantee of money back, and it is very important that absolutely all of its clauses coincide with the text of the loan agreement itself. Contradictions are unacceptable in the contract and mortgage on the apartment. What does this give for the borrower? In fact, there is also a certain benefit, since the presence of such a document makes it possible to obtain the necessary funds much faster.
Also, a bank customer who issues a mortgage often receives more favorable credit conditions, since the availability of paper reduces the risks of a credit institution for non-repayment of funds.
Document Content
A mortgage is not just a duplicate of a loan agreement, and it should be concluded only in a certain form. Each paper must contain a minimum of 14 points, which, if necessary, can be supplemented by the parties. Among the mandatory requirements:
- The word “Mortgage” is indicated at the beginning of the document.
- Further, full information about the borrower and the lender, including full passport details, place of residence, registration, legal place of registration and details.
- The following paragraph is necessary to describe the data of the loan agreement: its name, date and place of signing, total loan amount, amount of monthly payments, validity period, interest, composition of payments and so on.
- After that, all the information about the real estate object itself is also described in detail: its exact address, area, cost according to the appraiser.
- It is impossible to draw up a mortgage without specifying in it the state body that registered the purchase and sale of housing, its address and time of the transaction.
- Mandatory in the text is a reference to the type of ownership of real estate and the presence of encumbrances.
- At the end of the document is always put the date of its conclusion, signatures of both parties and data on the state registration of the document.
If desired, the text can be supplemented, but most often an additional free space is simply left in the mortgage, so that in case of its sale it would be possible to indicate the data of the new document holder.
Documents for a mortgage
In order to draw up a document according to all requirements, the borrower needs to prepare a number of specific documents in advance. These include a passport, all documents for housing (especially ownership) and the loan agreement itself.If the parties enter paper into the text, and the mortgage is a security, additional data, then some documents that are not binding may also be necessary for them.
It is very important to know that such a document comes into force only after its state registration, which is carried out for a fee of 1 thousand rubles. Immediately after the registration procedure, the borrower is given the number of his mortgage, and the authorities make a duplicate of the document and keep it at home.
As collateral, property may also be real estate that is not purchased, but only if its value is commensurate with the amount issued. In this case, an independent appraiser will conduct the examination, and documents on the right of ownership must be provided for the contract for both objects.
Assessment procedure
In fact, an assessment for a mortgage is rarely carried out by independent experts; banks engage their full-time employees or experts with whom they have an agreement for the procedure. In this case, the appraiser must please both parties, which, oddly enough, are equally interested in the procedure.
The procedure allows the bank to find out the real value of the apartment and give the borrower only the amount necessary for the purchase, without overpaying. The assessment also allows the credit institution to immediately determine how much it can receive from the sale of real estate if the debtor does not cope with its obligations. The client also makes sure that the seller did not overstate the cost of housing, and therefore did not force him to overpay the excess.
Expert opinion
In order to assess the collateral, the expert is required to submit certain documents. Among them are mandatory papers confirming ownership of the property. If you receive funds for a mortgage, such a document will be considered a contract of sale. Since the mortgage mortgage is drawn up after the issuance of funds to the borrower, the apartment at that moment is at his disposal, and the loan agreement with the bank has entered into force. In addition to the contract, they are required to submit a cadastral and technical passport for real estate.
Based on the above documents, the appraiser draws up a conclusion on the work on several pages with attached photos and all pricing data. At the same time, photos are taken not only inside the home, but also outside, since the infrastructure today also greatly affects the formation of the cost of an apartment.
Since the borrower is officially the customer of this procedure, the original conclusion is transferred to him, and the creditor gets only a copy.
Procedure cost
There are a lot of independent experts to conduct property valuation, so everyone is trying to attract as many customers as possible with favorable conditions. The whole process can cost only 3-4 thousand rubles, but since banks rarely take such conclusions into account, the procedure costs borrowers twice as much. The thing is that full-time banking appraisers charge 6-8 thousand rubles for the examination, and sometimes even more. As for the time of writing the report, after inspecting the apartment it takes about 3 days.
Document storage location
After the mortgage has been drawn up in accordance with all requirements, signed and certified by state authorities, it must be stored with the lender. For this, banks have special rooms with safes, where they put all the securities.
A mortgage must be at the disposal of the lender until the moment the loan is repaid by the debtor, but in various situations, even credit organizations can get into difficult financial situations with an urgent need to receive funds.To do this, the bank does not have the right to collect early loan funds from customers, but can easily sell their mortgages to other organizations and at the same time receive the necessary funds in a short time. A similar situation can occur during the merger of banks, when the organization issuing the loan simply ceases to exist. At the same time, their obligations are not removed from the debtors, the details for their payment are simply changed.
It is very important for borrowers in such situations not to panic, as new mortgage holders do not have the right to change their conditions, just payments will now have to be transferred to another account. Clients are required to be notified of a change in "power" by phone call, message or letter.
Getting a mortgage on hand
Does a borrower need a mortgage after paying off a mortgage? Of course, we need it, because it is she who confirms that the client has paid the entire amount and now is not a debtor. You can get a mortgage at the bank within a few days after the last payment on the mortgage, it does not matter whether it is planned or early. Also, the client must necessarily remove the burden from the paper, a copy of which is in the government body. To do this, you should go there with a personal visit and confirm the payment of your debt, without a visit the encumbrances will not be lifted.
If, when applying for a mortgage, bank employees take time, the client has the right to complain to management and even file a lawsuit.
Document loss
What is a mortgage mortgage loan and how important is it, now it’s clear, but what if the document was lost or damaged? Unfortunately, such situations also take place, and no matter whose fault the document has been damaged, it is the bank that must restore it. In such situations, after closing the debt, the borrower will be given a duplicate of the mortgage in his hands, which must also be registered with government agencies.
Duplication
This procedure usually takes a lot of time and effort, since mortgages are concluded for decades, and mortgages can be lost at any time. As a rule, in such situations it is very difficult to restore all of the specified data in the original exactly, since many years can elapse from the moment a transaction is concluded, while the original itself is not available for review. On the part of the borrower in such cases, it is important to carefully familiarize yourself with all the conditions before signing a new duplicate, since some unscrupulous organizations may intentionally destroy mortgages, so that they can later rewrite the terms of the transaction in their favor.
Of course, according to the law, this is forbidden, but it is impossible to prove a discrepancy, because the original no longer exists. After drawing up the document, it is necessary to check the presence on each copy of the mark “Duplicate”, this is mandatory.
If necessary, the client of the bank can demand a copy of his mortgage at any time, and the bank must issue it completely free of charge.
Conclusion
So, the essence of the mortgage is to provide an additional guarantee for the bank to return the money issued to it. You should not be afraid to draw up such a paper, since it also brings certain benefits to customers. Also, even when transferring the mortgage to another holder, the lending conditions do not change, which means that the borrower, even at the conclusion of the transaction, can be sure that its conditions will remain the same until the end of the contract.