mortgage loan process
1. Submission materials
According to the submitted materials, the bank should conduct on-the-spot investigation and evaluation on the mortgaged property. Each link is an important link in the process of real estate mortgage loan, which directly determines the amount of your mortgage loan. Generally speaking, there will be some discrepancy between this appraisal and the market price, because the appraisal agency will consider multiple factors.
2. Submit the loan for approval
Submit all loan review materials, evaluation reports or survey opinions to the bank for approval. At this time, the loan customer must pay attention to prepare all the information, and if there is something missing, it will affect the loan progress.
3. Notarization of the loan contract
The borrower-level mortgagor fills in the loan contract and all relevant documents, signs and stamps his fingerprints, and the notary will notarize it.
4. Mortgage registration procedures
The bank goes to the Land and Resources Bureau for mortgage registration with the house ownership certificate and the notarized loan contract.
Precautions for mortgage
1. Is your credit record good?
The biggest difference between mortgage loan and other loans is that when the borrower fails to repay the loan for a long time and has to do it, the bank will auction the mortgaged house to make up for the economic losses.
2. Can you mortgage the property in other people's name?
Besides the property in my name, the property in other people's name provided by the borrower can also be recognized by the bank. However, in order to avoid legal disputes, it is necessary to obtain the consent of the owner of the house when mortgaging the property under other people's names, and at the same time issue relevant declaration materials for agreeing to mortgage, so that the bank can have no doubts about this completely. If you take the house to the bank for mortgage without the consent of the owner, the bank will refuse your application.
3. Does the mortgaged property have the ability to realize cash?
Generally speaking, the mortgaged property must have the ability to realize cash, otherwise the bank will not accept your application.
4. Do you have sufficient repayment ability?
When approving loans, banks will not only consider whether the borrower's credit record is good, but also examine whether the borrower has sufficient repayment ability. Therefore, if you don't have a stable job, or you can't provide proof of income and proof of work, or you can't provide bank running water, you will generally be recognized as a person with worrying repayment ability by the bank, and you don't have the qualification to apply for a mortgage loan, even other loans.