To borrow against the security of the apartment was safe for you and not to leave you without a home as a result, it is important to know how this type of loan works.

Documents for a Home Equity Loan
Most often the following set of documents are requested:

Passport;
Official certificate of income;
The registered title to the dwelling;
Title documents on property;
Technical documentation for the apartment;
Extract from the house book
In some cases, you may need an appraisal report and certificate of no utility bills.

Loan contract
When you are taking out a loan secured by an apartment, the main reference point will be the Federal Mortgage Law. It is with his study we advise you to begin to assess the reliability of the loan agreement. If you leave in the pledge of the only housing know that in his work when considering a claim from your lender the judge is not guided by the Housing Code. According to him, the debtor can evict from the only apartment, if he repeatedly missed the deadline for payment under the contract on the loan.

When you borrow against the security of the apartment you sign two contracts: a loan and a mortgage. Before you sign both contracts you should read them carefully, to see if the rights of the borrower are not violated. The contract must necessarily specify:

The size of the monetary loan;
Appraised value of the apartment;
The term of the contract;
The point that the pledged property remains with the borrower.
And what shouldn’t be in the contract?

There shouldn’t be any clauses in the contract:

On the charging of large fines at the slightest delinquency;
On the minimum term from the delay to the case to the court;
On additional guarantees.
Signing a deed of gift or contract of sale is by no means necessary, no matter how sweet arguments it is accompanied by.