What are mortgage lenders and subprime lenders?
Generally speaking, in the bank housing loan contract, only one party is regarded as the "lender" (usually called the main lender), and the other party is regarded as the "* * * and the lender" (usually called the sub-lender). "* * * and the Lender" requires not only the immediate family members of the Lender (husband and wife, children, parents), but also one of the property owners of the housing loan mortgage. However, this one is an exception for couples. Even if only one spouse's name is listed on the real estate license, the other spouse can be the lender of the housing loan. When making a loan, you can choose others as * * * co-lenders, that is, primary lenders and secondary lenders. When determining the primary lender and the secondary lender, it should be decided according to the actual situation, not simply by the level of income.
In addition, you should pay attention to the following situations when lending:
1. When the husband and wife repay the loan at the same time, the principal lender and the secondary lender must be determined according to the actual situation. Under normal circumstances, in a bank housing loan contract, only one party is regarded as a "lender" (usually referred to as the main lender), and the other party can be regarded as a "* * * lender" regardless of whether the names of both parties are written on the property ownership certificate. When determining the main lender, we should choose the spouse with high and stable income, and pay attention to the age limit, otherwise it will affect the loan term. Husband and wife buy a house together, what is the share of property? It needs to be determined in advance to avoid future disputes. According to the provisions of the Marriage Law: "The property acquired by husband and wife during the marriage relationship shall be jointly owned by husband and wife, unless otherwise agreed by both parties." Therefore, even if the name of the other party does not appear on the real estate license, it does not affect its ownership of the house.
2. Pay attention to the change of credit policy. Non-local residents who cannot provide local tax payment certificate or social insurance payment certificate for more than 1 year shall be treated differently. For example, the increase of mortgage down payment ratio and interest rate will undoubtedly increase the cost of buying a house. Therefore, this factor should be considered when determining the main lender.
It may be troublesome for friends to buy a house in partnership, and some banks will be relatively cautious about lending to two unrelated people. If there is no problem with the income certificate issued, it may be relatively easy to find a commercial bank with loose policies. Joint loans need to be divided into main lenders and sub-lenders, and the difference in repayment ability between people can easily lead to the difference in the ownership of housing property rights.
What's the difference between a primary lender and a secondary lender? Usually, when applying for a housing loan, if a person's bank flow or income is not enough to pay the monthly repayment, there will be a main lender and a sub-lender to apply for a housing loan together, usually the husband and wife are the main lender and the sub-lender respectively. So what's the difference between a mortgage lender and a subprime lender?
Difference 1: loan records are displayed in different ways in credit reporting. When applying for a housing loan, only one loan record will be generated, which will only be displayed on the credit report of the main lender, and there will be no such loan record on the credit report of the sub-lender.
Difference 2: The loan term is different. The period of applying for mortgage is calculated according to the age of the first-tier lender, not according to the age of the second-tier lender.
Difference 3: Different qualification requirements. Usually, when banks apply for loans, they will let the party with good credit status be the main lender and the other party be the sub-lender.
Difference 4: The repayment order of provident fund is different. When using the provident fund to repay the mortgage, the balance of the secondary lender's provident fund account will be used only after deducting the balance of the primary lender's provident fund account.
Through the above statement, do you know the current main lender and sub-lender? Subprime lenders are also co-lenders. If a family can borrow on its own, it doesn't need a subprime lender and can avoid trouble. However, if the loan is difficult, adding a sub-lender will probably increase the probability of approval.