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Decided to mortgage real estate? Read Guide to make reasonable decisions

Решили заложить недвижимость? Читайте руководство по принятию разумных решений

Securing a real estate loan is an important and responsible decision, it requires thorough consideration and planning. Setting a bail is not just a formality, it can affect both your financial stability, and your future opportunities. If the obligations are not fulfilled, the bank may require you to sell

the real estate. Anne Pärgma. Anne Pärgma. Photo: Swedbank.

Securing a real estate loan is an important and responsible decision, requiring thorough consideration and planning. Setting a bail is not just a formality, it can affect both your financial stability, and your future opportunities. If the obligations are not fulfilled, the bank may require you to

sell the real estate.

The head of Housing loans Swedbank Anne Pärgma describes the key principles that you need to follow.

An informed decision – are you ready to risk?

The most important thing is to understand all the responsibilities that will be imposed on you pledge real estate. “Ask yourself: are you ready to risk the loss of real estate, if you have problems with the payment of the loan?” – Anne Pärgma emphasizes Anne Pärgma. It is important to evaluate your financial capabilities and consider how justified this risk is.

Which loan guarantees real estate?

You need to clearly consider the amount of the use of collateral. In the words of Piargma, it is necessary to decide whether the property will guarantee only a specific credit contract oralso and future contracts.

“If the collateral is used only for one contract, then when receiving a new loan the collateral would have to amend the collateral agreement, which will cause additional costs of time and money,” she explained.

Reviewing the documents and hiring professionals

A thorough review of all documents is the key moment to set the bail. “You have the right to request the notary and the bank drafts of the collateral agreements. “Read them carefully and request immediately for explanations, if something is not clear,” Piargma emphasizes. If it is necessary to refer to a lawyer or to the bank for consultation or explanation.

Active communication and preventing problems

Piargma stresses that the mortgagor should not stay passive: “If you have mortgaged your real estate to cover an other’s loan, ask how the credit agreement is being enforced. If the borrower doesn’t answer your questions, contact the bank immediately.” She adds that it’s always easier to prevent problems than to resolve them.

Canceling a mortgage – don’t forget about the

formalities

Mortgages are not automatically canceled after the full payment of the loan. “To cancel a mortgage requires a separate procedure, in which the notary and the owner of the mortgage, ” Piargma explained. – – By paying this attention, you can avoid inconvenience in the future.”

Preparedness for the unexpected

Use of real estate to secure other people’s credit requires very big attention.” “This is a long-term process that could be conflicted withunforeseen risks,” Pyargma warns. Therefore, the decision needs to be as carefully considered as when signing a credit agreement.

So, a balanced and reasonable decision toprovideyourreal estateascollateralforanother’sloanwillhelpensuresafetyasamortgagor,

AnnePiargma.

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