First, find a guarantee company to mortgage, ok?
If the lender applies for a mortgage, but his qualification is not particularly good, the bank will ask him to find a guarantee company to provide joint and several guarantee responsibilities.
Guarantee companies are skilled in mortgage business and usually cooperate with many banks, so they will be familiar with the mortgage policies of various banks. They can tell lenders what kind of information is helpful for mortgage approval and help them package the information to improve the pass rate of mortgage approval.
Second, what are the disadvantages of finding a guarantee company for mortgage loans?
1. Finding a mortgage guarantee company needs to pay a certain fee, including house appraisal fee and guarantee fee. Moreover, finding a guarantee company may not be able to 100% approve the loan successfully. If the mortgage is refused, the assessment fee paid to the guarantee company will not be refunded.
2. The guarantee company will jointly guarantee the mortgage. Generally, the lender will mortgage the house to the guarantee company as a counter-guarantee measure. When the borrower fails to pay back the money, the guarantee company will repay the debt for him and remind the lender.
3. If the lender fails to repay the loan within the time limit, it will be recorded in the credit report. If the lender fails to make repeated reminders, the guarantee company may appeal to the borrower and auction the lender's house to repay the loan with the approval of the court.
In a word, looking for a guarantee company as collateral has advantages and disadvantages, depending on what you think.