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How Loans Are Secured
How Loans Are Secured

Video: How Loans Are Secured

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Video: What is a Secured Loan and How does it work? | Secured Debt vs Unsecured Debt | Secured Debt 2023, February

Insurance companies, banks and savings banks play it safe when it comes to building finance. First of all, the client's creditworthiness is checked in detail

Fixed income in whatever amount, real estate, equity, cost estimate for the property to be built - all of these factors are analyzed before a loan can be approved.

The first priority should be that you can properly convey the value of your desired property to your LBS financial advisor. The mortgage lending value of the property is calculated from the extracts from the land register, plans and purchase contracts. The bank then decides how much money it will lend you and in which position in the land register it will claim a lien.

Savings banks and banks usually ask for a mortgage loan to be secured in the first place in the land register, which is why we speak of a 1st mortgage (also a 1a mortgage). The financing framework is extended by the 2nd mortgage (also 1b mortgage). This is secured on the one hand by a secondary mortgage and on the other hand by a guarantee. In practice, home savings loans are subordinated, i.e. according to the sponsors of the 1st and 2nd position in the land register.

In this post you read:

  • Real estate - solidly financed
  • How Loans Are Secured

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