How many years the mortgage guarantor will expire depends on the guarantee period stipulated in the contract. If there is an agreement, the agreed period shall be implemented. If the agreed guarantee period expires, the bank guarantor will no longer bear the guarantee period. If there is no stipulation in the contract or the stipulation is unclear, the guarantee period shall be six months from the expiration date of the main debt performance period. If the guarantee period exceeds the guarantee period, the guarantor shall be exempted from guarantee liability.

What are the risks of being a mortgage guarantor

1. If the borrower does not repay, the guarantor will be responsible for the repayment

In the promise Before becoming a guarantor, you must think carefully because when you sign as a guarantee for a debt, you are making a personal commitment to the lending institution to repay the debt. Even if the relationship between the guarantor and the debtor changes, for example, a husband guarantees his wife a house loan and they eventually divorce, the guarantee will not be affected by the dissolution of the marriage and will still be valid.

In other words, once a guarantor signs a guarantee, he will always be the guarantor, unless the borrower is approved by the lending institution to cancel the guarantor qualification.

2. If the borrower fails to repay, it may affect the guarantor's credit

Under normal circumstances, the borrower repays the loan himself and the guarantor does not have to worry about it. The loan amount and monthly payment will generally be shown on the guarantor's credit record. When the guarantor himself needs to apply for any loan, the debt he guarantees will be regarded as his own debt, and usually the lending institution will include it in the debt, which may affect the loan amount of the guarantor.

What do you need to pay attention to when being a mortgage guarantor?

1. Generally speaking, the higher the creditworthiness of the lender, the smaller the risk of the guarantor. If you want to know the creditworthiness of a lender, you can judge it based on your daily contacts with the lender. You can also find people who do business with the lender or other acquaintances of the lender.

2. For the guarantor, the risk mainly depends on the lender's ability to repay the loan. The greater the lender's ability to repay the loan, the smaller the guarantor's risk will be. The lender's ability to repay the loan is determined by the amount of property at its disposal and the size of the liability. Therefore, when providing a guarantee, it is first necessary to see whether the property at the lender's disposal can repay the loan, and secondly, it is necessary to find out how much the lender owes.

3. Under normal circumstances, the borrower repays the loan himself and the guarantor does not have to worry about it. However, the loan amount and monthly payment borrowed by the borrower will generally be displayed on the guarantor's credit record.

4. When the guarantor needs to apply for any loan himself, the debt he guarantees will be regarded as his own debt. Usually the lending institution will include it in the debt, which may affect the guarantor. loan amount.