Residential real estate market continues to be quite a dangerous area of business in our country with a lot of risks involved. At this point in time, to obtain a mortgage loan to each borrower will need to have more and insurance policy. At the same time, we must understand that in case of insurance for each borrower's total cost of housing increases substantially.
Customers who come to the banking institutions for a loan on mortgage lending programs. Usually pay only 20 or 30 percent of the market value of the property. And all the rest of the money they have to pay for a certain number of years (it is specified separately), adding interest. In addition, further it is necessary also to pay for the mortgage insurance contract.
In principle, everything is very simple and logical. If you take money on credit for a sufficiently long period, then your lender requires certain guarantees that with you all this time nothing will happen, and that's why it was introduced same mortgage insurance. Even if you happen suddenly some kind of accident, the insurance will eventually pay off the loan. At the time of purchase of an apartment, you also do not get any full assurance that its previous owner, after some time, do not decide to lay claim to her property. That is why most lenders today is trying to move the entire responsibility for such troubles squarely on the shoulders of insurance companies.
Most often, banks cooperate with several insurance companies. First of all, here are paying attention to the type of your work, if found risky, you will immediately be prompted to insure. In addition, very often today in obtaining loan under mortgage program insured property itself acquired on credit. Many people believe that it is best to execute a contract of insurance is not only the object of the real estate and its basic design, but also on the interior and exterior trim housing.
Speaking of insurance cases, then so will be considered in any case in which a creditor faced with force major, which affected his health and forced him to temporarily or permanently lose functionality, which automatically makes payments on loans for such borrowers impossible.
Customers who come to the banking institutions for a loan on mortgage lending programs. Usually pay only 20 or 30 percent of the market value of the property. And all the rest of the money they have to pay for a certain number of years (it is specified separately), adding interest. In addition, further it is necessary also to pay for the mortgage insurance contract.
In principle, everything is very simple and logical. If you take money on credit for a sufficiently long period, then your lender requires certain guarantees that with you all this time nothing will happen, and that's why it was introduced same mortgage insurance. Even if you happen suddenly some kind of accident, the insurance will eventually pay off the loan. At the time of purchase of an apartment, you also do not get any full assurance that its previous owner, after some time, do not decide to lay claim to her property. That is why most lenders today is trying to move the entire responsibility for such troubles squarely on the shoulders of insurance companies.
Most often, banks cooperate with several insurance companies. First of all, here are paying attention to the type of your work, if found risky, you will immediately be prompted to insure. In addition, very often today in obtaining loan under mortgage program insured property itself acquired on credit. Many people believe that it is best to execute a contract of insurance is not only the object of the real estate and its basic design, but also on the interior and exterior trim housing.
Speaking of insurance cases, then so will be considered in any case in which a creditor faced with force major, which affected his health and forced him to temporarily or permanently lose functionality, which automatically makes payments on loans for such borrowers impossible.
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