Mortgage as any form of financial relationship is a combination of objects and subjects of the organized process. The main subjects of mortgage lending are:
a borrower in whose role a legal entity or an individual can act. The main objective pursued by the borrower is to maximize the volume of attracting cheap financial resources for organizing or reconstructing the current production of goods or in acquiring the possibility of better and cheaper home loan lenders .
creditor . A creditor under an obligation secured by a mortgage may be a company or any other legal person. If the creditor is a bank, then its purpose in arranging mortgage lending is to maximize the profitability of active operations, to limit risks, and to ensure repayment of loan capital;
insurance companies – take out insurance for mortgaged immovable property;
appraisal companies – specialize in the provision of consulting and appraisal services. Within the framework of mortgage lending, they act as the main consultants of banks in determining the market and liquidation value of collateral.
The subject of mortgage lending can also be a mortgage broker – an expert in the selection, processing and receipt of home loan lenders, which acts as an intermediary between the bank and the borrower. The main services rendered by brokers include the selection of an optimal loan scheme, full support of client projects, negotiations with creditors.
Subject of pledge
enterprises, as well as buildings, structures and other real estate used in entrepreneurial activities;
Residential houses, apartments and parts of residential buildings and apartments, consisting of one or more isolated rooms;
- dachas, garden houses, garages and other buildings for consumer use;
- incomplete construction of immovable property erected on the land plot;
- air and sea vessels, inland navigation vessels and space objects, lease rights;
the rights of the participant in the shared construction, arising from the contract of participation in shared construction.
The mortgage belongs to the state registration in the Unified State Register of Rights to Immovable Property and transactions with it at the location of the pledged property on the basis of joint application of the pledgor and the pledgee.
It is necessary to distinguish a number of criteria that mortgage subject for mortgage lending should satisfy:
acceptability, implying ease of implementation, convenience of storage (do not store), preservation of consumer properties for a long period;
sufficiency; the value of the pledged property must cover not only the amount of the principal debt, but also:
The interest due to the creditor for the use of the home loan lenders
compensation for damages or penalties (penalty, penalty) due to non-performance or improper performance of the obligation secured by the mortgage;
interest for unlawful use of other people’s money, provided for by a mortgage-backed obligation or legislation;
expenses for the maintenance and protection of mortgaged property;
expenses for repayment of the debtor of the pledgor for related taxes, levies or utility bills;
legal costs and other expenses caused by foreclosure on pledged property;
expenses related to the sale of the pledged property.
Also, the rights of the creditor bank for a mortgage-backed undertaking and under a mortgage agreement may be certified by a mortgage. A mortgage is a security that certifies the right of its rightful owner to receive performance on monetary obligations secured by a mortgage and the right to pledge property encumbered by a mortgage.
Stages of mortgage lending
In the process of mortgage lending can be identified the following stages:
the borrower’s application to the bank for a home loan lenders secured by real estate. At this stage, the bank must verify ownership of the property, whether the property is pledged under other obligations, assess the value of the property;