What is the mortgage system in real estate? Relatively complex for novices, this procedure follows very specific rules. The mortgage serves primarily as a guarantee granted to a creditor, on the value of a real estate, most often a house. We explain what you need to know about mortgage when you want to make a loan.
Read also : Pinel law and ceilings
- The mortgage system on real estate
- Making a mortgage on your home
- Stop mortgage on real estate?
- What you also need to know about mortgage
Plan de l'article
The mortgage system on real estate
Generally speaking, the mortgage comes into account when you decide to take out a loan in a bank or any credit institution, and at the same time owner of a real estate. If you own a house, you have the option to put a mortgage on your property, as a guarantee against the loan you take out.
The guarantee placed on the mortgaged property facilitates the obtaining of the loan or credit and reassures the lending institution. Indeed, in the event of an impossibility of paying the monthly instalments of the loan , the debtor (your bank) will be able to repay himself on the sale of the property.
Also to discover : Real estate tax
Make a mortgage on your home
Having a mortgaged house does not necessarily mean bad financial situation. It is quite possible to mortgage your house and manage the situation smoothly.
To mortgage his home, some things are to know:
- An official deed is written by and by a notary
- ; The property is then entered in the national register concerned, the land advertising service;
- This file exists only to prevent a second mortgage on a property already mortgaged;
- As a creditor, you have rights: if the sale of the property is pronounced and necessary, you can exercise your right in the real estate, even if the property changes ownership in the meantime.
Stop mortgage on real estate?
Your house is mortgaged and you want to stop the mortgage? A mortgage does not end after the last maturity of the current loan. This is a special clause of mortgaging a house. The mortgage of a house is lifted the year following the last maturity of the loan contracted, especially if the loan was taken out after March 25 2006 (2 years later, if the credit was subscribed before that date).
Therefore, it is not possible to raise a mortgage before the end of a loan at no additional cost. It is necessary to wait until the loan matures and count on the next year or two years to see the real estate cleared from its mortgage naturally. This is called a mortgage . This practice is more common than we think, but it requires that we know exactly what is being done with your budget.
What you also need to know about mortgage
A borrower must be vigilant andanticipate his ability to repay in front of his bank. A borrower must not be a player with the law, under penalty of paying the costs. The seizure of the property of the property is sometimes the price to be paid when the mortgage rules are not respected.
Note : during the period when the house is mortgaged, the sale of the property can quite take place.
Mortgage is a practical system that allows any borrower or individual to contract real estate if he owns a property. This solid guarantee in the eyes of any bank facilitates the obtaining of a loan or credit, which can be directly linked to the property concerned, moreover (works, etc.).
Mortgage is also a great solution if you want to purchase a credit from a bank, to buy another real estate r, for example.