The lending institution shall transfer a sum of money to the borrower, who is required to make its money by adding the interest.
To guard against any non-payment of installments by the borrower, the lender requires collateral. Among the most common are:
the mortgage, the guarantee
;
insurance policies;
rates arrears.
In general, the loans can be classified into two broad models:
loans unsecured loans secured
. The unsecured loan
has no collateral and requires only a written agreement between lender and borrower, in which it appears the only guarantee included: personal signatures. Normally lasts less than 5 years, and for this reason, it can be delivered quickly.
The category of loans guaranteed, however, includes all those mortgages that can be administered by collateral, such as the mortgage loan, the loan guarantee, the mortgage pledge or mortgage notes.
In particular, the mortgage loan is the most frequently used, the creation of loans for the purchase (or reconstruction) of a property. Usually lasts longer than 5 years and is signed before a notary , which acts as guarantor and deposits the loan agreement at the Conservatory Real Estate for entry to ' mortgage (the act must be made publicly available by subscription to public land register, only in this the creditor acquires a lien on the mortgaged property by the debtor). The mortgage
According to the civil law, the mortgage is a "security interest" in an object of another person, which must function in some way to ensure repayment of the credit issued.
With the mortgage, if the debtor fails to pay the installments provided for the debt, the creditor institution has the right to steal the property offered as collateral, sell it at auction and get the amount needed to pay off the debt. Registration
mortgage, by deposit of the loan agreement to the Conservatory Property must be made by the notary office with a term of 20 years.
If after 20 years the mortgage is paid off you can not renew the contract, if, instead, the loan is repaid before you can request cancellation.
It 'still not recommended to use the cancellation, unless there is a real need (for example, a sale of the property), because the practice is time consuming and expensive. Does the mortgage left to decay with a natural loss which is triggered automatically after the Under 20 years.
The mortgage real estate is spreading even to the "goods incidental" to the property itself, such as garage, basement, attic, parking, etc..
who opens a loan for the purchase of real estate mortgage-backed, open a loan called "Mortgage".
Usually, the contract provides for the establishment of the percentage of proceeds to the lending institution will receive from the auction of the property in case of default by the borrower: between 150% and 300% of the amount financed. In this way the creditor protection to recover any interest and expenses, in addition to capital.
Guaranty
Besides the mortgage lending institution may require other warranties, including the most common is the guaranty.
In the case of the guarantee requires that the creditor is a third person to act as guarantor for the borrower. The execution must take place between the creditor and the guarantor, usually a relative of the debtor who assumes the responsibility in case of default, and must be written.
If the debtor fails to pay the installments provided the guarantor would have to pay off the debt. Insurance
The loan lenders require an insurance policy, including:
life insurance policy: the protection of a possible premature death of the borrower;
fire and explosion insurance: with which the property is guarantee against the risk a fire or an explosion. Cases not so frequent, but always requires that the insurance institution and the higher the price of the most expensive is the cost. In most cases the mortgage is required to subscribe;
multi risk insurance: insurance package that covers against the risk of injury and illness. Usually it is not strictly required;
to civil liability Insurance: protection from damage caused to third persons because of property (eg loss of the washing machine that floods the neighbor's house, tile falling on someone, etc...)
Some policies are optional for the borrower while others are mandatory and included contract, in which case the institution offers an insurance company conventions, but the customer can evaluate other and if it can find a cheaper offer it.
costs for mortgage insurance vary based on multiple factors, but mainly to the monetary value of a property held, the loan amount required and the duration of the loan.
for mortgage insurance protects the borrower from risk (and its relatives) and provide peace of mind of capital repayment to the lender.
To guard against any non-payment of installments by the borrower, the lender requires collateral. Among the most common are:
the mortgage, the guarantee
;
insurance policies;
rates arrears.
In general, the loans can be classified into two broad models:
loans unsecured loans secured
. The unsecured loan
has no collateral and requires only a written agreement between lender and borrower, in which it appears the only guarantee included: personal signatures. Normally lasts less than 5 years, and for this reason, it can be delivered quickly.
The category of loans guaranteed, however, includes all those mortgages that can be administered by collateral, such as the mortgage loan, the loan guarantee, the mortgage pledge or mortgage notes.
In particular, the mortgage loan is the most frequently used, the creation of loans for the purchase (or reconstruction) of a property. Usually lasts longer than 5 years and is signed before a notary , which acts as guarantor and deposits the loan agreement at the Conservatory Real Estate for entry to ' mortgage (the act must be made publicly available by subscription to public land register, only in this the creditor acquires a lien on the mortgaged property by the debtor). The mortgage
According to the civil law, the mortgage is a "security interest" in an object of another person, which must function in some way to ensure repayment of the credit issued.
With the mortgage, if the debtor fails to pay the installments provided for the debt, the creditor institution has the right to steal the property offered as collateral, sell it at auction and get the amount needed to pay off the debt. Registration
mortgage, by deposit of the loan agreement to the Conservatory Property must be made by the notary office with a term of 20 years.
If after 20 years the mortgage is paid off you can not renew the contract, if, instead, the loan is repaid before you can request cancellation.
It 'still not recommended to use the cancellation, unless there is a real need (for example, a sale of the property), because the practice is time consuming and expensive. Does the mortgage left to decay with a natural loss which is triggered automatically after the Under 20 years.
The mortgage real estate is spreading even to the "goods incidental" to the property itself, such as garage, basement, attic, parking, etc..
who opens a loan for the purchase of real estate mortgage-backed, open a loan called "Mortgage".
Usually, the contract provides for the establishment of the percentage of proceeds to the lending institution will receive from the auction of the property in case of default by the borrower: between 150% and 300% of the amount financed. In this way the creditor protection to recover any interest and expenses, in addition to capital.
Guaranty
Besides the mortgage lending institution may require other warranties, including the most common is the guaranty.
In the case of the guarantee requires that the creditor is a third person to act as guarantor for the borrower. The execution must take place between the creditor and the guarantor, usually a relative of the debtor who assumes the responsibility in case of default, and must be written.
If the debtor fails to pay the installments provided the guarantor would have to pay off the debt. Insurance
The loan lenders require an insurance policy, including:
life insurance policy: the protection of a possible premature death of the borrower;
fire and explosion insurance: with which the property is guarantee against the risk a fire or an explosion. Cases not so frequent, but always requires that the insurance institution and the higher the price of the most expensive is the cost. In most cases the mortgage is required to subscribe;
multi risk insurance: insurance package that covers against the risk of injury and illness. Usually it is not strictly required;
to civil liability Insurance: protection from damage caused to third persons because of property (eg loss of the washing machine that floods the neighbor's house, tile falling on someone, etc...)
Some policies are optional for the borrower while others are mandatory and included contract, in which case the institution offers an insurance company conventions, but the customer can evaluate other and if it can find a cheaper offer it.
costs for mortgage insurance vary based on multiple factors, but mainly to the monetary value of a property held, the loan amount required and the duration of the loan.
for mortgage insurance protects the borrower from risk (and its relatives) and provide peace of mind of capital repayment to the lender.
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