Is there a need to study a mortgage paper in details before signing?
Careful and thorough study of documents is fundamental requirement to the success of any transaction. However, in this case, we can safely say that there is no need to thoroughly understand all the terms stated in the document. This is due to the fact that correctly made up mortgage is more interesting to the bank than to the borrower, in the presence of errors in it, the bank will not be able to prove its rights. However, it is not necessary to relax completely and it is advisable to pay attention to a number of points.
Signing a given security, you agree with everything indicated in it, so you should check the sum of the loan, the term of its repayment and interest rate. If the mistake was made in favor of the bank, for example, in the sum of your debt, it will be quite difficult to prove. Pay attention to the time period during which the creditor is obliged to return the security paper to you after complete fulfillment of loan obligations: it should be small, the sooner you will get it the sooner you can remove the burden from the property.