Real estate mortgage loans are related to vital interests and cannot be ignored

Real estate mortgage is the most common form of mortgage loan. It not only has a high amount, but also has a long term and is widely used, so it is very popular among the public. Although more people are applying for real estate mortgage loans, many people still have many questions about it. Three questions need to be clarified when applying for a real estate mortgage. Does the mortgaged property have to be in my name?
It is reported that the property applying for a mortgage loan can be in my own name or in the name of another person. However, a borrower who uses a property in the name of another person as a mortgage must obtain the consent of the property owner and the other party must issue a mortgage commitment letter, otherwise the mortgage will be invalid.
Can all properties be used as collateral for loans?
Although it is easy to get a loan when applying for a loan using real estate as mortgage, not all properties can be mortgaged. For example, properties with unpaid loans, small-property houses with less than five years of ownership, and affordable housing that has been purchased as public housing, etc.
What is the term of the real estate mortgage loan?
The real estate mortgage loan limit is comprehensively determined by the lending institution based on factors such as the borrower's qualifications and the property's appraised value, but the limit can be up to 70% of the property's appraised value. The maximum loan term is generally ten years. However, it must be noted that the age of the property used as mortgage should not exceed 20 years. If the loan amount exceeds this limit, it is more likely to be rejected because the realizability of the property is low and the realizable value is not high.
Information source Wuxi Loan Company