What Are Guarantor Mortgages?

A loan guarantor refers to an act agreed by the guarantor and creditor that when the debtor fails to perform the debt, the guarantor performs the debt or assumes responsibility in accordance with the agreement.

Loan guarantor

A loan guarantor is a guarantor and

Loan guarantor

If the borrower uses the purchased self-used house as the loan collateral, he must use the entire value of the house for the mortgage of the loan; if the real estate is used as the mortgage, the mortgagor and the mortgagee should sign a written mortgage contract; During the mortgage period, it must be properly kept, responsible for repair, maintenance, and guarantee of intactness, and accept the supervision and inspection of the lender at any time. The lender shall not dispose of the collateral before the expiration of the mortgage period; during the mortgage period, the mortgagor shall not re-mortgage or lease, lease, transfer, sell or give away the collateral without the consent of the lender.

Loan guarantor pledge guarantee

In the case of pledge, the pledgee and the pledgee must sign a written pledge contract, and the pledge contract is suspended until the borrower has paid off the principal and interest of the loan; the lender shall not dispose of the pledge before the expiration of the pledge period. During the pledge, if the pledge is damaged or lost, the lender shall bear responsibility and be responsible for compensation.

Loan guarantor

When the borrower cannot provide the mortgage (pledge) in full, a third party recognized by the lender should provide a guarantee of joint and several liability. The guarantor is a legal person and must have the ability to repay all the principal and interest of the loan on behalf of him and have a deposit account with the bank. If the guarantor is a natural person, the principal and interest have a fixed economic source, have sufficient reimbursement ability, and have a certain amount of security deposit in the loan bank; the guarantor and creditor should conclude a guarantee contract in writing. If the guarantor changes, he must go through the change guarantee procedures in accordance with the regulations. The original guarantee contract cannot be cancelled without the approval of the lender.

Loan guarantor mortgage plus guarantee

It means that the lender requires the borrower to provide a third-party joint and several guarantor with the ability to pay on behalf of the borrower as a loan guarantee on the basis that the borrower has not obtained the property rights of the purchased house. Today, the developer of the home purchased is generally required to be the guarantor.