The issue of dumping guarantees: dumping guarantees vs dumping mortgage guarantees
For a period of time, many property owners have begun to face the problem of "abandonment". There have been a lot of discussions on the Internet about "abandonment". However, the so-called "abandonment" actually has two possibilities. One is "abandonment". "Guarantee"; the second is "de-mortgage guarantee". The nature and operation of the two are completely different. If the owner likes to search for information on the Internet by himself, he should be careful not to confuse the two. In this issue, the author will explain the difference between the two and what should be paid attention to in operation.
no guarantee
- Nature: Guarantee dumping means that the owner pays off the mortgage loan early during the repayment period and asks the bank to release the guarantee.
- Operation: The owner needs to notify the bank in advance and pay the corresponding handling fees.
- Note: Make sure the repayment amount is accurate to avoid any disputes.
Dump the mortgage
- Nature: Mortgage dump means that the owner pays off the mortgage loan early during the repayment period, but retains the guarantee.
- Operation: The owner needs to notify the bank in advance and pay the corresponding handling fees.
- Note: Make sure the guarantee is still valid so it doesn’t affect future loan applications.
Drop the guarantee: Let the guarantor "regain freedom"
The so-called "guarantee removal" means that the mortgage applicant adds a guarantor when applying for a mortgage. When applying for a mortgage, the applicant may need to add a guarantor due to income issues in order to successfully apply.
The removal of guarantee can be handled unilaterally by the applicant
After a certain period of time, the applicant's income has stabilized or increased to a certain extent, and meets the bank's income requirements, then he or she can apply for a "guarantee release", allowing the guarantor to "regain freedom" and no longer need to buy a property or borrow a loan. No longer restricted. The applicant's application for a "guarantee" from the bank does not require the guarantor's signature, so the applicant can handle it on his own with the bank. In terms of documents, applicants only need to submit new proof of income to the bank, that is, pay slips or employment contracts for the past three months. In addition, since there is no need to find a lawyer to handle the "guarantee dump", you only need to pay the bank's administrative fees.
There are two ways to "remortgage insurance". One is to do it at the bank where you applied for the mortgage; the other is to do it through remortgage. If the applicant still has a mortgage, there is no need to pay mortgage insurance fees when applying for remortgage insurance from the original bank; however, if it is a remortgage, the applicant for a high-percentage mortgage will have to reapply for mortgage insurance and may have to pay another fee. Mortgage fee. As for "remortgage insurance", it means remortgage insurance. When applying for a high-percentage mortgage to buy a property, the applicant needs to purchase mortgage insurance.
Remortgage eligibility
If the policy is remortgaged within three years of taking effect, the applicant can get back part of the insurance premium. 40% of the premium can be earned if the policy is surrendered in the first year; 25% of the premium can be earned if the policy is remortgaged within two years; and 15% of the premium can be earned within three years. However, it should be noted that if you want to refund the premium, you must meet several conditions, including that the mortgage must be surrendered within three years; the property can only be refunded when the insurance is surrendered for the first time; the applicant has not been late in repaying the mortgage. Contributions.
Things to note when refunding mortgage premiums
The refunded fees will be refunded to the applicant in cash. If the applicant originally paid through bank installments, the applicant must continue to make contributions.
It is not difficult to apply for a mortgage loan. Applicants only need to go to the bank where they applied for the mortgage. Some banks will automatically refund the premium, and applicants can also find a mortgage broker to help handle the mortgage surrender matter.