Development of mortgage lending.

mortgage lending

In recent years, has become popular, one of the functions of the bank - the mortgage. Let us examine in more detail in this form of crediting. Mortgage - is a form of collateral, in which case the mortgaged real estate is just the debtor. In the case does not fulfill the obligations of the lender the right to sell the property and repay the debt on the loan by selling it.
In order to fully find out all about your mortgage, you need to start to learn about its history. Generally the word "mortgage" has appeared before our era in Greece. The ancient inhabitants of Greece so designated obligation of the debtor, the creditor responsible of their land. So, on the border land debtor raised pillar with an inscription that the land is imperative. It was this post and was called "mortgage".
At the present time, the mortgage is more institutionalized than in ancient times.
Property which may be subject to a mortgage.
First, the property must belong to the debtor. These include: the various plots of land, buildings, houses, apartments, garages, summer houses, garden houses and more real estate.
The main feature of mortgage lending is that it is issued for a very long time (up to 50 years, and in some cases the bank goes to other agreements). This allows us to quietly pay the cost of apartments for low-income families. Likewise, interest rates are markedly lower than in other forms of credit.
To conclude with a bank mortgage agreement, you must have a down payment - typically, it varies from 0% to 70%. It is this initial contribution and determine the subsequent rate of interest on the loan.
To get a mortgage with the bank requires the customer a very large number of documents: you must provide a bank certificate of their income, just want to confirm the existence of a continuous length of service and more.
Repayment mortgage is usually carried out in equal portions. In very rare cases the bank comes to an agreement with the debtor, and either increases or decreases the amount of loan repayment.