House owner/real estate agent giving away the keys – house out of focus
The crisis in the United States, highlighted the risks of mortgage. If the French system is very different, it also has limitations. Lighting
Your banker is reluctant to grant you a loan. But you absolutely need funding. If you are a property owner, you can return the situation. This is the mortgage principle. In other words, your banker lends you the money by taking a mortgage, part or all of your property. Keyur Nagrik This is not without risk: if you can not cope with the repayment of the loan, the bank can sell the property to pay off the credit.
The risks of real estate market
the borrower as the lender may find their account. The first accesses the coveted loan, while continuing to dispose of his property. And the second has a guarantee solid as it can seize the property if unpaid. For resale enough to encompass the money lent, it is necessary that the housing market is healthy. This is even more true, if the credit finance the property mortgaged. There, in the case of a rising market oriented, resale repay the loan without any problem. However, in a declining market, if the amount outstanding is large, the risk of selling at a loss becomes probable. Broadly, this is what happened during the crisis in the United States. Conversely, the health of the property market will have no effect if the value of credit granted proves much lower than the property.
To limit these risks, the law strongly regulates the subscription of a mortgage. Keyur nagrik Thus, the total amount of repayments should not exceed one third of the income of the borrower. Also, lenders generally limit the amount of credit to half of the net value of the collateral. These necessary safeguards must not make you forget that the subscription of such a loan should not be taken lightly.
A procedure that has a cost
Your banker accepts the principle of a mortgage. To be legally valid, it must follow a procedure: draft a notarial deed and registration in the mortgage office. An administrative process somewhat time consuming and expensive. You must pay a land registration tax equal to 0.715% of the loan amount and interest. You should also add the remuneration of the notary and the curator of mortgages salary received at the time of registration. Keyur nagrik In total, the National Agency for Housing Information (ANIL) estimates such as the cost to 1,270 euros for a loan of 50,000 euros and 2,845 euros for a loan amounting to EUR 150 000.
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For your mortgage, you can totally decide to request a bank. But take the time to compare the offers of different institutions. The conditions, particularly in terms of credit rates differ by much. Feel free to take advantage of competition. If you want to save you the research, the solution is likely to go through a broker. You certainly pay a commission but it is he who will be responsible for financial trading and who will obtain for you the best conditions.
You decided to make plans and of course, a loan becomes mandatory, you are as much of the population, you have no savings or almost. Do not know what to choose a fixed rate, adjustable, and how. Very easy with a few tips. What is a mortgage?
First, do you know what a mortgage? You need to finance the acquisition of a house, finally to properties in general? The organization to which you are going to turn will direct you to the best and rise quickly your record and then put the money at your disposal that allow you to meet your needs. This type of loan is granted under certain conditions. We will consider the debt, but also you have to spend a deed with the notary. To guarantee repayment of the loan that has been granted to you, the bank at which you realize this loan, then take a mortgage registration on the property. Two types of mortgages
Then distinguish two types of mortgages that are ready conventional acquisition in which the mortgage is a guarantee in favor.
Then the mortgage is a financial loan actually or is guaranteed through a mortgage.
This type of loan is created to satisfy all the needs of all you are an individual borrower, a community, a professional or a company to the extent you own your property.
The mortgage is still not widespread in the French banking system. Its role is to make available a sum of money with a mortgage taken out of the house by the credit agency.
Generally, people who do this type of loan also do it to restructure existing loans or not and to remake a breath of oxygen in their daily budget. It is perfectly legitimate to feel some difficulties or perfectly normal a day in her life strongly want give energy to their budget.
The mortgage can be done in most cases over a period of two hundred and forty months, which may indeed be appreciated by those who seek recourse. For work, or just to treat yourself, this loan type is perfectly suited to the situation of almost everyone. Of course, the debt ratio is checked and the account statements will be studied with great attention.