However, it should be noted that being a guarantor for others to buy a house may have an impact on future purchases and personal credit information. When the borrower fails to repay the loan, the guarantor shall bear the repayment responsibility. When the guarantor borrows again, the bank will also check the credit record of the guarantor, and the guarantor's serious bad record will be affected. As a guarantor, the borrower has to bear the repayment responsibility when he does not repay, so once he agrees to guarantee the lender, he agrees to bear the repayment risk for him. Under normal circumstances, if you make a loan as a guarantor, the bank will also check the credit history of the guarantor. The guarantor's serious bad record will affect his credit information.
How did the guarantor of the housing loan come from?
For example, the borrower has ideal conditions in all aspects, high income, stable occupation and good credit, and generally does not need to increase the guarantor. If the bank feels that the borrower is unqualified in some aspects, it will refuse the loan or ask for additional guarantee.
When young people apply for a mortgage, the bank requires a guarantor on the grounds that the monthly payment exceeds 50% of their income, which may lead to the risk of default and require other sources of repayment. When the borrower's repayment ability is insufficient, the bank may require to increase the down payment or the loan interest rate in addition to providing guarantee.
There will be a guarantor for buying a house loan. If the Lender fails to repay the loan on time, the mortgage guarantor shall be jointly and severally liable for repayment. At the same time, the mortgage guarantee fee is generally the fee that the bank needs the lender to provide the guarantor's guarantee certificate to avoid the mortgage risk.
When a buyer applies for a housing loan from a bank, he needs to follow the requirements of the bank. In the process of applying for a mortgage, there are some documents that cannot be forgotten, such as ID card, marriage certificate or single certificate. Different banks have different regulations in this respect. For borrowers with poor qualifications, banks often ask for guarantors or mortgage properties. During this period, the borrower needs to pay relevant fees.