Find Out Real Facts About Real Estate Loans

 Real Estate Loans -  Remedy or a Myth?Today the government does not solve the problem of citizens’ accommodation at the expenses of the budget and enterprises funds any more. Real estate has become very expensive and according to average family income almost the solution is a mortgage. Still it’s possible only if the government undertakes the commitment to forcefully support people in finance relation and provides various privileges mechanisms. What’s mortgage over real estate actually is?Mortgage is a secured over a house loan when the pledge - which is the base of the loan – is not turned over to the creditor (commercial banks, mortgage banks, federal or regional government), but remains with the debtor. A sale ban is imposed on the pledge real estate until the loan is paid off completely.

Mortgage credit is a long-term credit over the following property:
 • Land
 • Industrial premises with the land
 • Dwelling buildings with the land
 • Apartments

The list of the main documents to give to the bank officer:

 • Property ownership certificate
 • Constitutive document – the base for ownership (agreement of purchase and sale, exchange, gift, the protocol of auction sale)
 • The floor plan of the building and the rating plate
 • The document constituting the ownership of the patch of land: ownership certificate (permanent usage certificate, rental agreement)
 • Land patch plan with the cadastral number
 • Local administration resolution - the base for the ownership certificate.
 • Tax payment certificate, the document which will confirm that there is no land tax debt.
 • The real estate price certificate
 • For the physical person: in case the pledge item is the common property – the wife/husband agreement singed by a notary.

This is only the fundamental part of the required documents. Any mortgage bank has the credit official registration directions and may ask for some additional documents and certificates, within these directions. And unfortunately there is no guarantee that the bank will be completely satisfied with the type of the pledge and its juridical registration.

The number of problems to be solved:

 • Not all the commercial banks take real estate as a pledge
 • Not all give long-term real estate loans
 • Not all accept the only dwelling you posses and live in
 • The real estate pledge price may not be sufficient to cover the expenses of the bank

All the expenses which accompany crediting (the pledge research, your financial state analysis, certificates, loan account, and etc.) together with high rates will comprise the sum almost equal to this of the mortgage itself.  
 

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