As modern financial markets continue to evolve, personal mortgages have become one of the ways in which many people can resolve their financial difficulties. So, what are the ways in which personal mortgages are handled

Personal property mortgages

1. Selection of funding

First, there is a need to select a reliable financier for a loan. At present, there are more private mortgages in the country, including commercial banks, micro-credit companies, network lending platforms, etc. When selecting the financial party, care should be taken to select a formal, legitimate and reputable institution in order to prevent fraud and loss of property。

2. Inspection of property

Secondly, the property to be mortgaged needs to be evaluated. In general, the financier will require the applicant to provide relevant documents such as a certificate of title to the collateral, a housing valuation report, etc. In assessing the property, an evaluation body meeting the qualifications requirements is selected in order to obtain a fair valuation。

Low assessment value

Since mortgages are intended to be secured by property, the value of the collateral should be equal or higher than the amount of the loan. In practice, however, the collateral is usually strictly assessed by the financier, in most cases at a lower value than the market value. Applicants need to be prepared and try to express their claims at the evaluation stage。

4. Submission of application information

If an assessment is made, the loan application must be submitted to the financier. Applications generally include loan application forms, mortgage registration certificates, personal credit reports and other relevant documents. This is the basis for the review by the funders。

5. Audit process

Upon receipt of the application, the funder will exercise due diligence on the applicant. If the results of the survey are good, then the financier will assess the amount of the loan, the duration of the loan and the manner of repayment, and then give a decision on approval or rejection。

6. Timely repayments

When the approval of the loan is completed, the applicant is required to pay in due time and in the manner agreed upon. If repayments were not made on time, early contact with the financier would be required to negotiate a solution。

In the light of the above, individual mortgages require not only the choice of a reliable source of funds, but also the evaluation of property, the submission of applications, the approval process and the timely repayment of funds. The security of personal property and the smooth resolution of financial problems can be ensured only if it is carried out in accordance with the requirements。