Therefore, in the case of financial difficulties of the borrower, both parties will find the best way to repay the loan. In an extreme case, an apartment, located in the pledge will be sold and the proceeds from the sale will go to debt to the bank. In this case, the cost of real estate owned by the borrower, can grow, therefore, likely that the remaining funds will actually buy another house. Misconception 9. A bank may go bankrupt, then the apartment can be sold for debts of the bank What is the risk of a person who has taken a mortgage loan in the event of bank failure? Bankruptcy creditor bank that issued the mortgage, practically does not affect the fate of the borrower. He will continue to regularly make payments to repay the loan can change only the payee details (name, bank account). Terms of the contract of mortgage Credit can not be changed in the new creditor unilaterally, so the borrower does not need to fear any unpleasant surprises.
In addition, housing, purchased the mortgage is a property of the borrower and is not may be brought to recover debts of a bankrupt bank-creditor. In this regard, mortgage well protects the interests of the borrower. Delusions 10. Appeal to mortgage brokers – is the extra costs of all changes, and now mortgage brokers reduce the cost of their services, and real estate agencies are increasingly offering free services to their own mortgage specialist. The main advantage of mortgage brokers or offices of major agencies property that they have information on current developments in the programs of banks, special bank promotions, have agreements with several banks, according to which the client has a number of preferences. Perhaps rate reduction for customers by 0,5%, free or expedited hearing, etc. in the struggle for client real estate agents themselves carry all sorts of action, offering discounts for payment of interest on mortgage payments or surety for the client. Gain due to the lowered rate could reach thousands of rubles, in addition, specialists can help borrowers save time and effort, which nowadays is also worth its weight in gold.