That is, if the borrower has found an apartment worth $ 35,000, the bank will give him not the promised $ 30,000, but only only $ 28,000 (80% of the purchase price). Sometimes the situation where the customer's choice apartment with an independent assessment of the bank below its estimated market value (the seller's claim). In this case, the bank will agree to give credit only to 80% (70%) of the appraised value. Then, the borrower must either find the missing money to buy their own or look for another apartment. 8. Fear itself – the bank itself has always insure! When buying an apartment through mortgage banks require the following types of insurance: insurance – property rights – property – life and disability of the borrower. All insurance costs shall be the borrower.
In this case, fear is not the risk of borrower, and the risks of the bank, and If the insured event all payments will be made exactly in favor of the bank. If desired, the borrower can insure their risks, but for this he will have to pay separately. 9: Let the bank take care of itself. If the bank goes bankrupt, its assets accrue to the creditors. But the fate of the borrower is not reflected. Borrower just changing "beneficiary" in favor of which he pays the remaining amount and interest. Irrespective of changes lender, the loan agreement may not be reviewed in any case. 10.
Ran out of money – do not worry! If the borrower can no longer pay the required amount, the bank will not take all at once. Paying interest on the loan For several years, the borrower has time to recover some of the bank loan. In addition, there are more money you make as a down payment. This percentage is always in the apartment owned by the borrower. If the borrower can no longer pay contributions on a loan, bought the apartment exchanges. For the borrower to buy housing on the amount that he has made, and the surcharge goes to debt repayment to the bank.