Who sends the mortgage deed
Lenders want to be sure that they are evaluating your situation correctly, if the information they are evaluating is incorrect, their decision to approve or reject your loan will be compromised.
When applying for a loan, you will be asked to provide proof of your income, such as pay stubs, a letter from your employer, tax returns or an assessment notice, as well as statements showing your deposit or existing loans you have, and even a document ID to confirm who you really are.
We are specialized mortgage brokers who can help you get your loan approved. If you want to make an appointment or speak to an agent, call us on 1300 889 743 or ask online.
“…He was able to find us quickly and with a minimum of fuss a loan at a good interest rate when others told us it would be too difficult. Very impressed with their service and would highly recommend Mortgage Loan Experts in the future”
“…they made the application and settlement process incredibly easy and stress free. They provided very clear information and were quick to respond to any queries. They were very transparent in all aspects of the process.”
Why is a witness needed for a mortgage deed?
The Mortgage Loan is a form of debt that is obtained by pledging an asset or property with the bank as collateral for the repayment of the money. According to article 58 of the Property Transfer Law, a mortgage is the transfer of interest in a specific real estate property made in order to guarantee the repayment of a sum of money advanced as a loan to the borrower.
In simple language, a mortgage means that if a person wants a bank loan, they will get it as long as they keep their house or flat with the bank as collateral. This implies that if the borrower does not repair the money, the bank can take possession of said house or flat and auction it off to recover outstanding debts.
Although application procedures may vary from bank to bank, having a clear title to the property is a mandatory requirement for any mortgage loan. This is because the bank does not want there to be any claims lien that gets in the way of enforcing the guarantee. This means that if the borrower deposits and the bank wants to sell the property and get the money back, it must avoid the hassle of third-party litigation that may hold the borrower's title.
Mortgage deed witness
Obtaining a mortgage loan invariably implies the execution of a mortgage deed by the mortgage debtor in favor of the mortgage creditor. In addition to the mortgage, there are also other documents that the bank may require to be executed to provide better protection for the repayment of the mortgage loan.
Each bank in Hong Kong has its own standard mortgage form. In May 2000, the Hong Kong Mortgage Corporation Limited introduced a model mortgage deed that banks can adopt. This sample mortgage deed is in English and there is a Chinese translation. In general, a mortgage deed will contain, among others, the following provisions:
The mortgagor charges/mortgages his property to the bank as collateral. In an "all-monies" mortgage, the property will be the guarantee of all the debts of the mortgagor, without any limit. Therefore, if a mortgagor requests the release of the mortgaged property from the mortgagor, the mortgagor is, in principle, entitled to ask the mortgagor to repay all of his debt at that time with the bank, including, for example, overdrafts. granted after the advance of the original mortgage loan.
How long does it take to get the title of the house after paying the mortgage
Buying a home is an exciting time, but applying for a mortgage can be stressful. When you apply for a loan, there are several documents that your lender will ask for. A good way to reduce stress when applying for a mortgage is to make sure you have all the documents you may need on hand before you start the application process. Here are the 5 most important documents your mortgage lender will need so you can be prepared when the time comes.
Part of your mortgage application is declaring your income, so you'll need to provide your most recent W-2s and tax returns to prove it. Every year, your employer must send you a new W-2 form to file with your taxes, and after you file it, you should keep a copy of your tax return. These documents detail your financial history, which will help your lender determine the amount of mortgage you can afford. If you don't already have them on hand, start gathering them as soon as possible.
The lender will also likely ask you to provide your most recent pay stubs, usually within 30 days. These pay stubs show the lender what he is earning now, and help complete his financial picture. While W-2 forms and tax returns can tell the lender what he earned last year, pay stubs give them a more immediate picture of his financial situation.
