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EXPERT | Loan for secured real estate: the main principles which need tofollow

ЭКСПЕРТ | Кредит под залог недвижимости: основные принципы, которым необходимо следовать

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. Head of Housing Loans Swedbank Anne Pärgma describes the key principles that you need to follow.Most important is to understand all the responsibilities of the mortgage real estate. “Ask yourself: are you prepared to risk the loss of real estate, if you have problems with the payment of the loan?” – Anne Pärgma emphasizes. It is important to evaluate
your financial capabilities and consider how justified this risk is. It is necessary to clearly consider the amount of use of collateral. In the words of Piargma, it is necessary to decide whether the property will guarantee only a specific credit contract or also future contracts. “If the collateral will be used only for one contract, then when receiving a new credit
the credit will have to amend the collateral contract, which will cause additional costs of time and money, ” she explained. “You have the right to ask the notary and the bank for 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 a bank for consultation or explanation.” Piargmaemphasizes that the mortgagor should not remain passive. “If you have mortgaged your real estate to cover other people’s loans, ask how the credit agreement is being implemented. If the borrower doesn’t answer your questions, contact the
bank immediately.” She admits that it’s always easier to prevent problems than to resolve them. Mortgage is not automatically canceled after the full payment of the loan. “To cancel a mortgage requires a separate procedure, in which
the notary and the mortgage owner must explain Piargma. “By attending to this, you can avoid discomfort in the future. Using real estate to secure other people’s credit requires very careful attitude. “This is a long-term process, which could be involved with unforeseen risks, ” says Piargma. Therefore, the decision needs to be as carefully considered as when signing a credit agreement.So, a balanced and reasonable decision about providing your real estate in as the collateral for an other’s loan will help ensure security as for the

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