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When taking out a mortgage loan, the borrower bears a lot of additional costs for processing the loan procedure. Part of the expenses are one - time: paid and forgotten. Not so with insurance. Each year, the borrower will have to pay for policies that guarantee the Bank's loan repayment. It's not cheap, but there's no getting away from insurance.

For mortgages, banks require the borrower to insure the property against damage or destruction, the borrower (or borrowers) - against death and full or partial disability, as well as the risk of loss of ownership of the property if the transaction is declared invalid (title insurance). Banks are usually required to insure only the "box", that is, damage or destruction of structures of a house or apartment as a result of fire, explosion, natural disasters or illegal actions of third parties, but sometimes the list of mandatory risks also includes flooding.

The banker is not his enemy

These types of insurance increase the cost of mortgages by 1-1. 7% annually. The fact is that all insurance amounts are calculated based on the loan amount, and even with relatively low insurance rates for each risk separately, all together results in a tangible weighting of the credit burden. The" cheapest " risk - the title-must be insured only for three years, the rest - until the loan is repaid. Of course, every year the insurance will cost a little cheaper - because the balance of the outstanding loan and interest is reduced. But these costs are still quite sensitive.

Nevertheless, the requirements of the banks are quite reasonable. Who knows what will happen to the borrower tomorrow? A brick on the head - and the Bank does not care. He needs money, no matter who pays it. Why not an insurer?

The loan is through a doctor

Insurers, however, also do not want to pay extra, because before issuing a policy quite often, especially with large amounts of credit, the borrower will have to undergo a medical examination, after which the insurance company will consider the results of the work of doctors for several days. Accordingly, chronic diseases, Smoking, and even poor physical fitness can, if not cause the refusal of insurance for a long time, at least make the policy more expensive. And, of course, it is much more convenient if the insurer accepts the results of the survey conducted in a convenient polyclinic for the client. In this case, you can collect medical data in advance and get a response from the insurer even before applying for a loan - but how will the insurance be refused? Then there is no need to ask for a loan.

Expanding opportunities

There is no way to avoid insurance for the borrower - banks simply do not issue loans to those who do not meet all the requirements. And, strictly speaking, insurance is really necessary: it is much better to pay insurance premiums and feel relatively calm than to sit on a powder keg. Moreover, some insurers allow you to pay installments. Insurance contracts, however, are concluded immediately for the entire duration of the loan agreement, so if there is a possibility of early repayment or re-crediting, you must choose the option in which insurers will be ready to terminate the insurance contract ahead of time, with minimal losses for the borrower.
William Larkin. Portraits of the english aristocracy - the beginning of the 17th century - [a][/a]
William Larkin. Portraits of the english aristocracy - the beginning of the 17th century [a][/a]
William Larkin. Portraits of the english aristocracy - the beginning of the 17th century - [a][/a]
See also - Antique mythology in painting and art ([a][/a])