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Residential property buyers [What Europe does for you]

Many if not most Europeans looking to purchase their first apartment, or thinking of buying a bigger apartment or house to fit a growing family, take out mortgages for the purpose. Under these contracts, the purchased property secures the mortgage and, should repayment obligations not be fulfilled, allows the loan provider (usually a bank) to seize the property and sell it to pay off the loan. Taking out a mortgage loan is therefore a very important financial decision, entailing a financial commitment that can last for decades and carrying risks for both the buyer and the bank. Continue reading

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