1. A mortgaged house does not belong to them. Many homeowners believe that a mortgaged house does not belong to them. Once the borrower fails to repay the loan, the bank will immediately auction it off. In fact, after the loan is completed, the borrower can still live in the house and pay off the loan. After the mortgage is released, the property rights of the house will be recovered. If the borrower repays the loan, the bank will first collect the debt and then file a lawsuit in court. This process takes at least half a year. If you pay off the loan before the auction, you can still keep the house.

2. You can only mortgage a house in your own name. Many borrowers give up the idea because they don’t have a house in their own name. In fact, lending institutions stipulate that borrowers can use houses in other people’s names for mortgage. Loan, as long as the other party agrees. However, a written commitment is required, otherwise the mortgage will be invalid.

3. You can apply for a loan as long as it can be cashed out. Banks have different risk controls and require different collaterals. Some focus on location and apartment type, and like houses in the city center; some focus on the type of house. Only for personal residences, no commercial properties will be accepted.

4. Any property can be used as a mortgage loan. First, the house must be less than 20 years old and the area must be greater than 50 square meters. Secondly, the house must have liquidity and the loan amount must not exceed the appraised value. 70%. Finally, the maximum loan period shall not exceed 20 years, and the borrower’s age shall not exceed 60 years after the loan is repaid.