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112-566: The bank was founded in 1929 by the Ministry of Treasury as a national bank, mainly to provide financial services to Poles living abroad . In 1939 the bank had branches in virtually every capital city of countries where Poles lived. The full name "Polska Kasa Opieki" may be translated literally as "Polish Bank of Aid", and the popular form "Pekao" sounds out the acronym "PKO". In 1929, the CEO of Pocztowa Kasa Oszczędności , Henryk Gruber, observed that there

224-455: A floating rate or variable rate mortgage ). In some countries, such as the United States, fixed rate mortgages are the norm, but floating rate mortgages are relatively common. Combinations of fixed and floating rate mortgages are also common, whereby a mortgage loan will have a fixed rate for some period, for example the first five years, and vary after the end of that period. The charge to

336-436: A lien on the property being mortgaged. The loan is " secured " on the borrower's property through a process known as mortgage origination . This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property (" foreclosure " or " repossession ") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage

448-455: A personal equity plan (PEP) mortgage, Individual Savings Account (ISA) mortgage or pension mortgage . Historically, investment-backed mortgages offered various tax advantages over repayment mortgages, although this is no longer the case in the UK. Investment-backed mortgages are seen as higher risk as they are dependent on the investment making sufficient return to clear the debt. Until recently it

560-489: A standard form contract Multistate Fixed-Rate Note 3200 and also separate security instrument mortgage forms which vary by state. In Canada, the Canada Mortgage and Housing Corporation (CMHC) is the country's national housing agency, providing mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research to Canadians. It was created by the federal government in 1946 to address

672-522: A certain term, but the outstanding principal balance is due at some point short of that term, and at the end of the term a balloon payment is due. When interest rates are high relative to the rate on an existing seller's loan, the buyer can consider assuming the seller's mortgage . A wraparound mortgage is a form of seller financing that can make it easier for a seller to sell a property. A biweekly mortgage has payments made every two weeks instead of monthly. Budget loans include taxes and insurance in

784-647: A credit line. In the U.S. a partial amortization or balloon loan is one where the amount of monthly payments due are calculated (amortized) over a certain term, but the outstanding balance on the principal is due at some point short of that term. In the UK, a partial repayment mortgage is quite common, especially where the original mortgage was investment-backed. Graduated payment mortgage loans have increasing costs over time and are geared to young borrowers who expect wage increases over time. Balloon payment mortgages have only partial amortization, meaning that amount of monthly payments due are calculated (amortized) over

896-502: A decrease in interest margins for 2023, due to higher deposit costs and the potential of the polish central bank reducing interest rates, for the first quarter of 2023 the net interest income grew by 34% to 2.77 billion zlotys ($ 651.1 million), while the net profit surged by 60% to 1.45 billion zlotys ($ 349.7 million). In early 2023, Bank Pekao, alongside three other banks, signed a cooperation agreement with Orlen Synthos Green Energy (OSGE). The agreement aims to provide financing for

1008-561: A dialect of Polish called Ponglish . It is made up of a Polish core with many English words inside it. There are also smaller Polish communities in Asia and Africa , most notably Kazakhstan and South Africa . Poles participated in the creation of the first European settlements in the Americas. In the 17th century, Polish missionaries arrived for the first time in Japan . Vast numbers of Poles left

1120-407: A financial institution, such as a bank , credit union or building society , depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender's rights over

1232-505: A higher risk tolerance and do so knowing that they face more challenge in reselling the loan. Many countries have similar concepts or agencies that define what are "standard" mortgages. Regulated lenders (such as banks) may be subject to limits or higher-risk weightings for non-standard mortgages. For example, banks and mortgage brokerages in Canada face restrictions on lending more than 80% of the property value; beyond this level, mortgage insurance

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1344-452: A key concept as it often defines whether or not the mortgage can be easily sold or securitized, or, if non-standard, may affect the price at which it may be sold. In the United States, a conforming mortgage is one which meets the established rules and procedures of the two major government-sponsored entities in the housing finance market (including some legal requirements). In contrast, lenders who decide to make nonconforming loans are exercising

1456-445: A loan. Builders may take out blanket loans which cover several properties at once. Bridge loans may be used as temporary financing pending a longer-term loan. Hard money loans provide financing in exchange for the mortgaging of real estate collateral. In most jurisdictions, a lender may foreclose the mortgaged property if certain conditions occur – principally, non-payment of the mortgage loan. Subject to local legal requirements,

1568-564: A major destination for Polish immigrants, and only around 5,400 Poles live there. Most are well-educated: musicians, medical doctors, engineers and architects with families. Around half lives in Helsinki , and the biggest Polish organization there is the Polish Association, founded on April 3, 1917. Between 500,000 and one million people of Polish descent live in France. They are concentrated in

1680-475: A mortgage occurs when an owner (usually of a fee simple / freehold interest in real property , but frequently leasehold in England and Wales) pledges his or her interest (right to the property) as security or collateral for a loan. Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money,

1792-399: A notion of standard or conforming mortgages that define a perceived acceptable level of risk, which may be formal or informal, and may be reinforced by laws, government intervention, or market practice. For example, a standard mortgage may be considered to be one with no more than 70–80% LTV and no more than one-third of gross income going to mortgage debt. A standard or conforming mortgage is

1904-444: A number of more or less standard measures of creditworthiness may be used. Common measures include payment to income (mortgage payments as a percentage of gross or net income); debt to income (all debt payments, including mortgage payments, as a percentage of income); and various net worth measures. In many countries, credit scores are used in lieu of or to supplement these measures. There will also be requirements for documentation of

2016-526: A significant number remained in what is now Belarus, Ukraine, and Lithuania. The Soviet authorities also forcibly resettled large numbers of Poles to Russia, Kazakhstan, and Uzbekistan. In Russia there are about 47,000 Poles. See Polish minority in Russia for details. There is a small community of descendants of Silesian miners in Ostojićevo . In the 2011 census, 741 declared themselves as Poles. According to

2128-589: Is because Norway is a member of the European Economic Area , providing the same free movement of labour as between members of the European Union . There are, as of December 2022, approximately 4,326 Poles in Portugal , mainly recent immigrants. In addition, around 300 Poles have acquired Portuguese citizenship since 2008 thus making the number of Poles in the country stand at around 4,650 people. Amongst

2240-405: Is common in the UK, especially when associated with a regular investment plan. With this arrangement regular contributions are made to a separate investment plan designed to build up a lump sum to repay the mortgage at maturity. This type of arrangement is called an investment-backed mortgage or is often related to the type of plan used: endowment mortgage if an endowment policy is used, similarly

2352-707: Is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)". Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants, or an investment portfolio ). The lender will typically be

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2464-413: Is generally required. In some countries with currencies that tend to depreciate, foreign currency mortgages are common, enabling lenders to lend in a stable foreign currency, whilst the borrower takes on the currency risk that the currency will depreciate and they will therefore need to convert higher amounts of the domestic currency to repay the loan. In addition to the two standard means of setting

2576-532: Is home to a large Polish community, and there are also ethnic Poles in the northern part of the country, bordering Slovakia and Ukraine . Most Polish-Hungarians are practising Roman Catholics , but many are members of the Eastern (Polish-Carpathian or Carpato-Ukrainian) and Greek Catholic Churches. In 2021, Statistics Iceland recorded 18,508 Polish-born people living in Iceland, with Poles constituting roughly 5% of

2688-532: Is the primary mechanism used in many countries to finance private ownership of residential and commercial property (see commercial mortgages ). Although the terminology and precise forms will differ from country to country, the basic components tend to be similar: Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage lending, either directly (through legal requirements, for example) or indirectly (through regulation of

2800-432: Is to make regular payments toward the principal and interest over a set term, commonly referred to as (self) amortization in the U.S. and as a repayment mortgage in the UK. A mortgage is a form of annuity (from the perspective of the lender), and the calculation of the periodic payments is based on the time value of money formulas. Certain details may be specific to different locations: interest may be calculated on

2912-742: The 1968 political crisis , when the Polish United Workers' Party , pressured by Leonid Brezhnev , joined the Soviet "anti- Zionist " campaign that was triggered by the Six-Day War . In 1998, Poland's Jewish population was estimated at 10,000 to 30,000. A recent, large emigration of Poles took place after Poland acceded to the European Union and opening of the EU's labour market. About 2 million primarily young Poles took up jobs abroad. Most Poles live in Europe,

3024-402: The 2010 foreclosure crisis . In the United States, the mortgage loan involves two separate documents: the mortgage note (a promissory note ) and the security interest evidenced by the "mortgage" document; generally, the two are assigned together, but if they are split traditionally the holder of the note and not the mortgage has the right to foreclose. For example, Fannie Mae promulgates

3136-649: The Federal National Mortgage Association (known as Fannie Mae) and the Federal Home Loan Mortgage Corporation (known as Freddie Mac). The US mortgage sector has been the center of major financial crises over the last century. Unsound lending practices resulted in the National Mortgage Crisis of the 1930s , the savings and loan crisis of the 1980s and 1990s and the subprime mortgage crisis of 2007 which led to

3248-558: The First World War that partitioned the area between Poland and what was then Czechoslovakia , leaving many Poles on what is now the Czech side of the border. The Polish population was 38,218 at the 2021 census. By 1904, there was a Polish community consisting of several thousand workers scattered throughout Denmark. Polak w Danii ("Pole in Denmark"), the oldest Polish newspaper in Denmark,

3360-582: The French army . Another wave of Polish migration took place between the two World Wars when many were hired as contract workers to work temporarily in France. Polish refugees also fled the Nazi and Soviet occupations in the 1940s. From 100,000 to 200,000 Poles have been estimated to live in Paris . Many EU immigrants are in southern France, including the cities of Arles , Marseille and Perpignan . The second-largest Polonia in

3472-635: The Kingdom of Hungary , and following the Partitions of Poland , the Hungarian part of the Austro-Hungarian Empire (1867–1918), contained Spisz and Orava with sizeable indigenous Polish populations. Hungary–Poland relations are strong and positive and best described in a poem, " Pole, Hungarian, two good friends ," about the fraternal sense of commonality in both Polish and Hungarian cultures. Budapest

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3584-655: The Nord-Pas de Calais region, the metropolitan areas of Lille and Paris and the coal-mining basin ( Bassin Minier ) around Lens and Valenciennes . Prominent members have included Frédéric Chopin , Adam Mickiewicz , René Goscinny , Marie Curie , Michel Poniatowski , Raymond Kopa , Ludovic Obraniak and Edward Gierek . For centuries, there was an alliance between the France and the Polish–Lithuanian Commonwealth :

3696-573: The Partitions of Poland , Russia annexed the largest portion of the Polish–Lithuanian Commonwealth , and afterwards many Poles were either deported eastwards as political prisoners or were conscripted to the Russian Army, and some migrated voluntarily. During the Second World War, the Soviet Union annexed large parts of Poland's former eastern territories of Kresy . Many Poles were expelled, but

3808-554: The UEFA EURO in 2012 . Polish diaspora The Polish diaspora comprises Poles and people of Polish heritage or origin who live outside Poland . The Polish diaspora is also known in modern Polish as Polonia , the name for Poland in Latin and many Romance languages . There are roughly 20,000,000 people of Polish ancestry living outside Poland, making the Polish diaspora one of

3920-516: The USSR as well as a campaign of ethnic cleansing, which was carried out in the early 1940s by Ukrainian nationalists in the western part of the country (see Massacres of Poles in Volhynia ). There was a Polish Autonomous District near Zhytomyr that was created in 1926, but it was disbanded in 1935 and its Polish inhabitants were either murdered or deported to Kazakhstan . The majority of those who survived

4032-554: The United States , and in Tel Aviv (now Israel ). By 1939 Pekao had branches in the capitals of most countries where Polish emigres had settled. After the end of World War II and the beginning of the Soviet domination in Poland , the bank took care of international financial operations conducted by the authorities of the newly established Polish People's Republic . With the bank's help,

4144-414: The cost of a mortgage loan (fixed at a set interest rate for the term, or variable relative to market interest rates), there are variations in how that cost is paid, and how the loan itself is repaid. Repayment depends on locality, tax laws and prevailing culture. There are also various mortgage repayment structures to suit different types of borrower. The most common way to repay a secured mortgage loan

4256-429: The following formula : A = P ⋅ r ( 1 + r ) n ( 1 + r ) n − 1 {\displaystyle A=P\cdot {\frac {r(1+r)^{n}}{(1+r)^{n}-1}}} where: The main alternative to a principal and interest mortgage is an interest-only mortgage , where the principal is not repaid throughout the term. This type of mortgage

4368-644: The 1990s. Madrid , Barcelona , Seville , San Sebastian and Valencia have significant Polish populations. The Polish minority in Spain is relatively young, 74% are between 20 and 49 years old. During World War II , the Polish resistance , in cooperation with Polish outposts in Sweden, organized escapes of Poles from German-occupied Poland to Sweden by sea. Like only the United Kingdom and Ireland, Sweden let Poles work in

4480-592: The 2001 Ukrainian census, 144,130 Poles were residing in the country. Poles began settling in the territory of present Ukraine in the 14th century, after Red Ruthenia had become part of the Kingdom of Poland . The number of Poles in Ukraine gradually increased over the centuries, but after World War II , it drastically decreased, as a result of the Soviet mass deportation of the Poles in Ukraine to Siberia and other eastern regions of

4592-582: The 2004 census, comprising both Moldova and Transnistria, there were 4,174 Poles in the country. According to the Norwegian Statistics Bureau ( Statistisk sentralbyrå ), there are 137,425 Poles in Norway (2024 Official Norway estimate) and makeup 2.48% of the Norwegian population. It is the largest ethnic minority in the country. Norway has recently experienced an influx of Polish migrant workers. This

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4704-467: The 2011 Slovak census results, there are 3,084 (0.1%) Poles living in Slovakia. Compared to the Hungarian census of 1910, there has been a significant decrease, as then there were 10,569 Polish-language speakers in the territory of present Slovakia. The Polish minority in Spain numbers between 45,000 and 60,000. The Polish population is mainly guest workers who took advantage of Spain's economic boom during

4816-643: The 2011 census, there are 122,585 Poles living in Ireland, the largest ethnic minority in the country. The Polish minority of confirmed status in Italy is 74,981, whereas the estimated total is 100,000, as of 2023. Most Poles are late-20th-century immigrants drawn by the Italian economy's desire for imported labour. Large Polish immigrant communities are found in Rome , Milan and Venice . Polish immigration to Italy might continue while

4928-672: The 2021 census, 2,137 Poles live in Romania, mainly in the villages of the Suceava County ( Polish : Suczawa ). There are even three exclusively Polish villages: Nowy Sołoniec ( Soloneţu Nou ), Plesza ( Pleşa ), and Pojana Mikuli ( Poiana Micului ). Poles in Romania form an officially recognised national minority and have one seat in the Chamber of Deputies (currently held by Ghervazen Longher ) and access to Polish elementary schools and cultural centres (known as "Polish Houses"). Following

5040-500: The Americas, and Australia, but a few Poles have settled in smaller numbers in Asia, Africa, and Oceania, as economic migrants or as part of Catholic missions. All countries and areas of residence thereafter are listed in alphabetical order. According to the census, there are 396,000 Poles living in Belarus (official 1999 census; the estimates are higher according to various NGOs). They form

5152-806: The EU contract labour program between the two countries remains in place. History of Polish migration to Italy dates back over 500 years. In the 1920s, some 1,000 Poles lived in Italy, mostly clergy, artists, scholars and students, with Polish associations active in Rome and Trieste . Poles form about 2.3% of Latvia's total population and number 51,548 people. They are mainly concentrated in Latvia's largest cities: Riga and Daugavpils . Since most of them don't use Latvian as their primary language their citizenship status can vary. According to 2021 census, Poles are 6.52% of Lithuania's population, totaling 183,421 people and over 16% of Vilnius population. Polish presence in

5264-681: The Greek Orthodox Church administers Greek names for marriage and christening. Statistics show that over 300,000 Poles visit Greece each year for tourism, especially during the summer months. Famous people with mixed Polish and Greek ethnicity include Polish singer Eleni Tzoka . The Polish minority in Hungary is 7,001, according to the 2011 census, and has a long history of over 1000 years. The Kingdom of Poland and Polish–Lithuanian Commonwealth contained five exclaves in Spisz surrounded by territory of

5376-472: The HECM (Home Equity Conversion Mortgage). Unlike standard mortgages (where the entire loan amount is typically disbursed at the time of loan closing) the HECM program allows the homeowner to receive funds in a variety of ways: as a one time lump sum payment; as a monthly tenure payment which continues until the borrower dies or moves out of the house permanently; as a monthly payment over a defined period of time; or as

5488-640: The Netherlands in the early modern period , with notable emmigrants including painters Krzysztof Lubieniecki and Teodor Lubieniecki , and Admiral Krzysztof Arciszewski who served in the Dutch West India Company . Some 200 Poles, mostly intelligentsia and military officers, fled to Belgium after the unsuccessful Polish November Uprising in the 1830s, with some 60 officers employed the Belgian army, including Polish General Jan Zygmunt Skrzynecki , who

5600-851: The Poles who live abroad could support their families behind the Iron Curtain . In 1968, the Minister of Finance authorized the establishment of foreign currency accounts for persons working abroad in Bank Pekao. Monopoly on their conduct Pekao lost only in 1989 with the onset of economic reforms that swept in Poland and the communist bloc . In the 1970s, currency accounts in Pekao were divided into three categories: Account A for people paying currencies with documented origin, B accounts for payments with undocumented origin, and C accounts for foreigners. The funds from B accounts could not be legally exported abroad, but in 1976

5712-748: The Polish Embassy in Sofia , some 5,500 Poles and people of Polish descent live in Bulgaria . Polish presence in Bulgaria dates back to the 19th century, with Poles contributing to the development of the country, after it regained independence. The Polish community in the Czech Republic is concentrated in Cieszyn Silesia (or Trans-Olza ), in the northeast of the country. It traces its origins to border changes after

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5824-757: The Russian-controlled part of the country settled there. In 1917, there were around 4,000 Poles in Finland, mostly soldiers of the Russian Imperial Army . In 1917, the Polish Legion in Finland was formed to fight for Finnish independence and then stationed in Viipuri , and after the Finnish victory some 2,500 Polish soldiers were evacuated to Poland. Some 200 Poles lived in Finland in the 1920s. Finland has never been

5936-454: The Swedish government. Most Polish residents live in Stockholm , and the rest live south of the city, toward the Baltic Sea . Historically, Poland and Sweden had some cultural exchange. Like the Polish community of Finland, some Polish diasporans from Germany were come from the Rhine-Ruhr basin, as immigrant workers to Switzerland. The biggest Polish diaspora community lives in Northern Switzerland. In 1842, Prince Adam Czartoryski founded

6048-405: The UK and U.S., 25 to 30 years is the usual maximum term (although shorter periods, such as 15-year mortgage loans, are common). Mortgage payments, which are typically made monthly, contain a repayment of the principal and an interest element. The amount going toward the principal in each payment varies throughout the term of the mortgage. In the early years the repayments are mostly interest. Towards

6160-400: The UN Economic Commission for Europe compared German, US, and Danish mortgage systems. The German Bausparkassen (savings and loans associations) reported nominal interest rates of approximately 6 per cent per annum in the last 40 years (as of 2004). Bausparkassen are not identical with banks that give mortgages. In addition, they charge administration and service fees (about 1.5 per cent of

6272-576: The US, foreign nationals due to their unique situation face Foreign National mortgage conditions. Flexible mortgages allow for more freedom by the borrower to skip payments or prepay. Offset mortgages allow deposits to be counted against the mortgage loan. In the UK there is also the endowment mortgage where the borrowers pay interest while the principal is paid with a life insurance policy. Commercial mortgages typically have different interest rates, risks, and contracts than personal loans. Participation mortgages allow multiple investors to share in

6384-406: The United Kingdom as political émigrés and to join the Polish Armed Forces in the West being recreated there. When the Second World War ended, a Communist government was installed in Poland and was hostile to servicemen returning from the West. Many soldiers refused to return to Poland, and around 150,000, after occupying resettlement camps, later settled in the UK. The Polish Government in London

6496-440: The applicant has provided as to income, employment, credit history and the value of the home being purchased via an appraisal. An appraisal may be ordered. The underwriting process may take a few days to a few weeks. Sometimes the underwriting process takes so long that the provided financial statements need to be resubmitted so they are current. It is advisable to maintain the same employment and not to use or open new credit during

6608-431: The bank for the amount of PLN 10.6 billion (EUR 2.6 billion). In September 2018 Bank Pekao has opened a representative office in London , with the aim to facilitate cooperation between Poland and the UK and to stay close to their clients and investors. Bank Pekao also plans on opening several other offices across Europe . At the end of 2020, Bank Pekao announced its acquisition of Idea Bank , which

6720-422: The basis of a 360-day year, for example; interest may be compounded daily, yearly, or semi-annually; prepayment penalties may apply; and other factors. There may be legal restrictions on certain matters, and consumer protection laws may specify or prohibit certain practices. Depending on the size of the loan and the prevailing practice in the country the term may be short (10 years) or long (50 years plus). In

6832-405: The borrower depends upon the credit risk in addition to the interest rate risk. The mortgage origination and underwriting process involves checking credit scores, debt-to-income, downpayments (deposits), assets, and assessing property value. Jumbo mortgages and subprime lending are not supported by government guarantees and face higher interest rates. Other innovations described below can affect

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6944-417: The construction of several BWRX-300 small modular reactors (SMs) in the country. According to Bank Pekao's President, Leszek Skiba, the investment was made because nuclear energy production aligns with Bank Pekao's aspirations to be a leader in Poland's energy transformation. List of Bank Pekao CEOs : Apart from Pekao Bank, Pekao Group's subsidiaries are: Bank Pekao was the official bank and sponsor of

7056-497: The country (2021, first generation. Most of them are guest workers from the European Union contract labour program, as more Poles obtain light industrial jobs. The number of Polish nationals could double in the next decade, depending on economic conditions in Poland. Most Poles in the Netherlands are in The Hague (30,000), but Polish émigrés have been long settled in Amsterdam and industrial towns or cities like Utrecht and Groningen . Polish immigrants arrived to find employment in

7168-495: The country during the Partitions of Poland for economic and political reasons as well as the ethnic persecution practised by Russia , Prussia and Austria . Many of the Poles who emigrated were Jews , who make up part of the Jewish diaspora . The Second Polish Republic was home to the world's largest Jewish population. It was followed by invasions of Poland by Germany and the Soviet Union . Around 6 million Polish citizens perished during World War II : about one fifth of

7280-399: The country in the 19th and 20th centuries. Some 3,200 Poles lived in the Netherlands in the 1920s. Belgium has 70,000 Poles, but the number of Belgians of Polish descent could be as high as 200,000). Present Queen of the Belgians , Mathilde , is daughter to a Pole, Countess Anna Maria d'Udekem d'Acoz, née Komorowska . Luxembourg has 4,844 (as of 2020). According to 2023 estimates of

7392-471: The country once Poland joined the European Union in 2004. The number of Poles in Sweden has been estimated to be around 115,985 people, 98,387 of who were born in Poland and 17,598 with both of their parents being born in Poland. Poles are thus Sweden's fifth-largest immigrant group, after Finns , Iraqis , former Yugoslavs ( Bosnians , Croats , Serbs ) and Syrians . Most of them are guest workers who have been invited to Sweden since 1990 by contracts with

7504-429: The creditworthiness, such as income tax returns, pay stubs, etc. the specifics will vary from location to location. Income tax incentives usually can be applied in forms of tax refunds or tax deduction schemes. The first implies that income tax paid by individual taxpayers will be refunded to the extent of interest on mortgage loans taken to acquire residential property. Income tax deduction implies lowering tax liability to

7616-414: The criteria on new lending on an interest-only basis. The problem for many people has been the fact that no repayment vehicle had been implemented, or the vehicle itself (e.g. endowment/ISA policy) performed poorly and therefore insufficient funds were available to repay balance at the end of the term. Moving forward, the FSA under the Mortgage Market Review (MMR) have stated there must be strict criteria on

7728-400: The debt each year. These arrangements are variously called reverse mortgages , lifetime mortgages or equity release mortgages (referring to home equity ), depending on the country. The loans are typically not repaid until the borrowers are deceased, hence the age restriction. Through the Federal Housing Administration , the U.S. government insures reverse mortgages via a program called

7840-422: The demand for home ownership is highest, strong domestic markets for mortgages have developed. Mortgages can either be funded through the banking sector (that is, through short-term deposits) or through the capital markets through a process called "securitization", which converts pools of mortgages into fungible bonds that can be sold to investors in small denominations. According to Anglo-American property law ,

7952-431: The end of the mortgage, payments are mostly for principal. In this way, the payment amount determined at outset is calculated to ensure the loan is repaid at a specified date in the future. This gives borrowers assurance that by maintaining repayment the loan will be cleared at a specified date if the interest rate does not change. Some lenders and 3rd parties offer a bi-weekly mortgage payment program designed to accelerate

8064-568: The extent of interest rate paid for the mortgage loan. Some lenders may also require a potential borrower have one or more months of "reserve assets" available. In other words, the borrower may be required to show the availability of enough assets to pay for the housing costs (including mortgage, taxes, etc.) for a period of time in the event of the job loss or other loss of income. Many countries have lower requirements for certain borrowers, or "no-doc" / "low-doc" lending standards that may be acceptable under certain circumstances. Many countries have

8176-406: The funds will be repaid (usually considered a function of the creditworthiness of the borrower); that if they are not repaid, the lender will be able to foreclose on the real estate assets; and the financial, interest rate risk and time delays that may be involved in certain circumstances. During the mortgage loan approval process, a mortgage loan underwriter verifies the financial information that

8288-454: The higher the LTV, the higher the risk that the value of the property (in case of foreclosure) will be insufficient to cover the remaining principal of the loan. Since the value of the property is an important factor in understanding the risk of the loan, determining the value is a key factor in mortgage lending. The value may be determined in various ways, but the most common are: In most countries,

8400-573: The largest in the world and one of the most widely dispersed. Reasons for displacement include border shifts, forced expulsions, resettlement by voluntary and forced exile, and political or economic emigration . Substantial populations of Polish ancestry can be found in their native region of Central and Eastern Europe and many other European countries as well as in the Americas and Australia . The Polonia in English-speaking countries often uses

8512-413: The lenders borrow money, therefore, affects the cost of borrowing. Lenders may also, in many countries, sell the mortgage loan to other parties who are interested in receiving the stream of cash payments from the borrower, often in the form of a security (by means of a securitization ). Mortgage lending will also take into account the (perceived) riskiness of the mortgage loan, that is, the likelihood that

8624-409: The loan against the value of the property. Therefore, a mortgage loan in which the purchaser has made a down payment of 20% has a loan to value ratio of 80%. For loans made against properties that the borrower already owns, the loan to value ratio will be imputed against the estimated value of the property. The loan to value ratio is considered an important indicator of the riskiness of a mortgage loan:

8736-534: The loan amount). However, in the United States, the average interest rates for fixed-rate mortgages in the housing market started in the tens and twenties in the 1980s and have (as of 2004) reached about 6 per cent per annum. However, gross borrowing costs are substantially higher than the nominal interest rate and amounted for the last 30 years to 10.46 per cent. In Denmark, similar to the United States mortgage market, interest rates have fallen to 6 per cent per annum. A risk and administration fee amounts to 0.5 per cent of

8848-504: The longest-reigning queen consort of France has been a Pole, Marie Leszczyńska . Many Poles settled in France after the rule of Napoleon and the collapse of the Duchy of Warsaw , when 100,000 Poles, largely political refugees, fled the Russians and Prussians, who took over Poland. The Great Emigration , from the first half of the 19th century onwards, caused many Poles to be enlisted to fight in

8960-417: The mortgage payment; package loans add the costs of furnishings and other personal property to the mortgage. Buydown mortgages allow the seller or lender to pay something similar to points to reduce interest rate and encourage buyers. Homeowners can also take out equity loans in which they receive cash for a mortgage debt on their house. Shared appreciation mortgages are a form of equity release . In

9072-489: The mortgaged property apply, and may be tightly regulated by the relevant government. There are strict or judicial foreclosures and non-judicial foreclosures, also known as power of sale foreclosures. In some jurisdictions, foreclosure and sale can occur quite rapidly, while in others, foreclosure may take many months or even years. In many countries, the ability of lenders to foreclose is extremely limited, and mortgage market development has been notably slower. A study issued by

9184-454: The most notable Luso - Poles there are José de Chelmicki , general of the Portuguese army , revolutionary João Guilherme Ratcliff  [ pt ] , architect Étienne de Gröer  [ pt ] , writer Esther Mucznik  [ pt ] , intellectual Mário Dorminsky  [ pt ] , historian Samuel Schwartz and footballer Tomás Podstawski . According to

9296-424: The options of paying the interest on a monthly basis. By paying off the interest means the balance will remain level for the rest of their life. This market is set to increase as more retirees require finance in retirement. For older borrowers (typically in retirement), it may be possible to arrange a mortgage where neither the principal nor interest is repaid. The interest is rolled up with the principal, increasing

9408-522: The outstanding debt. In addition, an acquisition fee is charged which amounts to one per cent of the principal. The mortgage industry of the United States is a major financial sector. The federal government created several programs, or government sponsored entities , to foster mortgage lending, construction and encourage home ownership . These programs include the Government National Mortgage Association (known as Ginnie Mae),

9520-435: The participants or the financial markets, such as the banking industry), and often through state intervention (direct lending by the government, direct lending by state-owned banks, or sponsorship of various entities). Other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system. Mortgage loans are generally structured as long-term loans,

9632-401: The payoff of the loan. Similarly, a mortgage can be ended before its scheduled end by paying some or all of the remainder prematurely, called curtailment. An amortization schedule is typically worked out taking the principal left at the end of each month, multiplying by the monthly rate and then subtracting the monthly payment. This is typically generated by an amortization calculator using

9744-651: The periodic payments for which are similar to an annuity and calculated according to the time value of money formulae. The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years, depending on local conditions. Over this period the principal component of the loan (the original loan) would be slowly paid down through amortization. In practice, many variants are possible and common worldwide and within each country. Lenders provide funds against property to earn interest income , and generally borrow these funds themselves (for example, by taking deposits or issuing bonds ). The price at which

9856-494: The pre-war population. Around 3 million of which were Polish Jews murdered in the Holocaust by Nazi Germany during World War II . Most survivors subsequently migrated to Mandate Palestine since Poland was the only Eastern Bloc country to allow free Jewish aliyah without visas or exit permits at the end of the war. Many remaining Jews, including Stalinist hardliners and members of security apparatus , left Poland during

9968-515: The property may then be sold. Any amounts received from the sale (net of costs) are applied to the original debt. In some jurisdictions, mortgage loans are non-recourse loans: if the funds recouped from sale of the mortgaged property are insufficient to cover the outstanding debt, the lender may not have recourse to the borrower after foreclosure. In other jurisdictions, the borrower remains responsible for any remaining debt. In virtually all jurisdictions, specific procedures for foreclosure and sale of

10080-454: The rates as well. Upon making a mortgage loan for the purchase of a property, lenders usually require that the borrower make a down payment (called a deposit in English law); that is, contribute a portion of the cost of the property. This down payment may be expressed as a portion of the value of the property (see below for a definition of this term). The loan to value ratio (or LTV) is the size of

10192-431: The repayment vehicle being used. As such the likes of Nationwide and other lenders have pulled out of the interest-only market. A resurgence in the equity release market has been the introduction of interest-only lifetime mortgages. Where an interest-only mortgage has a fixed term, an interest-only lifetime mortgage will continue for the rest of the mortgagors life. These schemes have proved of interest to people who do like

10304-491: The rights of A and B accounts were leveled. In 1974, the bank had around 91,000 registered accounts. At the end of the 1980s, the total value of foreign currency accounts was US$ 3.3 billion. Much earlier, in 1960, the bank began issuing its own vouchers, " Bon Towarowy PeKaO ", denominated in US dollars . Initially, for these vouchers (as well as directly for convertible currencies deposited in domestic and foreign bank representations) it

10416-456: The roll-up effect (compounding) of interest on traditional equity release schemes. They have also proved beneficial to people who had an interest-only mortgage with no repayment vehicle and now need to settle the loan. These people can now effectively remortgage onto an interest-only lifetime mortgage to maintain continuity. Interest-only lifetime mortgage schemes are currently offered by two lenders – Stonehaven and more2life. They work by having

10528-1247: The second-largest ethnic minority in the country, after Russians . Most Poles live in western Belarus (including 294,000 in the Grodno Region , Polish : Grodzieńszczyzna ). During the Second World War, the Soviet Union forcibly resettled large numbers of Belarusian Poles to Russia, Kazakhstan, and Uzbekistan. Few Belarusian Poles now live in Siberia and the Russian Far East , and some of those who managed to survive resettlement returned to Poland after 1956. The census of 1959 had 538,881 ethnic Poles in Belarus (332,300 in Grodno Region , 83,800 in Vitebsk Region , 70,000 in Minsk Region including Minsk , 42,100 in Brest Region , 7,200 in Gomel Region and 3,500 in Mogilev Region ). There were some migrations from Poland to

10640-495: The secured property take priority over the borrower's other creditors , which means that if the borrower becomes bankrupt or insolvent , the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first. In many jurisdictions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where

10752-641: The territories of present-day Moldova dates back several centuries, as the northern part of modern Transnistria formed part of the Kingdom of Poland before the Partitions of Poland , and the Principality of Moldavia was a vassal state of the Kingdom of Poland and the Polish–Lithuanian Commonwealth at various times. The most numerous Polish communities in Moldova live in the cities of Bălți , Chișinău , Rîbnița (former Polish: Rybnica ) and Tiraspol . According to

10864-400: The total population. Poles are, by far, the largest ethnic minority in the country. After Poland joined the European Union in 2004, Ireland immediately opened its borders and welcomed Polish workers as relatively cheap qualified labour (only the United Kingdom and Sweden did the same). Ireland quickly became a key destination for young Poles seeking work outside the country. According to

10976-470: The underwriting process. Any changes made in the applicant's credit, employment, or financial information could result in the loan being denied. There are many types of mortgages used worldwide, but several factors broadly define the characteristics of the mortgage. All of these may be subject to local regulation and legal requirements. The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable-rate mortgage (ARM) (also known as

11088-584: The village of Adampol for Polish immigrants who came to Turkey after the failed November Uprising . The village still exists and is now called Polonezköy ( Turkish for Polish Village ). It is the main centre of the small but historic Polish community in Turkey. The Polish minority in Turkey has been estimated to be around 4,000 people. However, it is higher than the Turkish census indicates because of Turkified Poles who marry Turks. For example, Leyla Gencer 's mother

11200-685: The war in Ukraine were forcibly deported to the former eastern territories of Germany after Poland was shifted to the west by the Allied Potsdam Agreement after World War II . It was only after the First World War that Poles settled in large numbers in London – many from the Prisoner of War camps in Alexandra Palace and Feltham . During the Second World War many Poles came to

11312-425: The word mortgage has become the generic term for a loan secured by such real property . As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time, typically 30 years in the United States. All types of real property can be, and usually are, secured with a mortgage and bear an interest rate that is supposed to reflect the lender's risk. Mortgage lending

11424-604: The world and the largest in Europe is the Polish minority in Germany . Estimates of the number of Poles living in Germany vary from 2 million to about 3 million. The main Polonia organization is Kongres Polonii Niemieckiej / Polnischer Kongress in Deutschland. The Polish minority in Greece numbers more than 50,000, most of whom are first-generation immigrants. There might be many more since

11536-528: Was Atiye Çeyrekgil, who was born Alexandra Angela Minakovska and converted to Islam after the death of her husband. Also, Nazım Hikmet Ran 's mother, Ayşe Celile Hanım, was a descendant of Mustafa Celaleddin Pasha , who was born as Konstantin Borzecki in 1826. He immigrated to Ottoman Empire after Greater Poland Uprising and embraced Islam in 1848. He later became an Ottoman General and died in 1876. According to

11648-607: Was a demand for a bank that could provide financial services to the eight million Poles living outside the country . Starting from these assumptions, on 17 March 1929, the Ministry of Finance established Bank Polska Kasa Opieki Spółka Akcyjna. On 29 October of the same year, the Warsaw District Court entered Bank Polska Kasa Opieki SA in the commercial register. The company's shareholders were Pocztowa Kasa Oszczędności, Bank Gospodarstwa Krajowego and Państwowy Bank Rolny. The first branches were opened in France , Argentina , and

11760-506: Was created with the establishment of the Pewex "internal export" company, in 1972 out of the bank's structures. On 3 August 1999, Pekao became a member of the UniCredit company . In December 2016, Polish state-owned PZU together with Polish Development Fund acquired Bank Pekao – Poland's second largest bank previously owned by Italian bank UniCredit by buying a 32.8% stake in

11872-520: Was first published in July 1918, several months before Poland regained independence. It is estimated that around 40,000 Poles live in Denmark. Most live in the capital, Copenhagen . Poles make up 0.2% of the population of the Faroe Islands, followed by Norwegians . Most live in the capital, Tórshavn . The history of the Polish community in Finland dates from the early 19th century when many Poles from

11984-542: Was in charge of organizing the newly formed Belgian army, and others serving as instructors. The Great Emigration marked the first notable wave of Polish migration to Belgium. Some 200 Poles fled to Belgium, mostly to Brussels, Ghent and Liège, after the fall of the Polish January Uprising . Polish immigration to the Netherlands has steadily increased since Poland joined the EU , and now 173,231 Polish people live in

12096-463: Was not dissolved until 1991 when a freely elected president took office in Warsaw . Mortgage loan A mortgage loan or simply mortgage ( / ˈ m ɔːr ɡ ɪ dʒ / ), in civil law jurisdictions known also as a hypothec loan , is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting

12208-417: Was not uncommon for interest only mortgages to be arranged without a repayment vehicle, with the borrower gambling that the property market will rise sufficiently for the loan to be repaid by trading down at retirement (or when rent on the property and inflation combine to surpass the interest rate). Recent Financial Services Authority guidelines to UK lenders regarding interest-only mortgages have tightened

12320-519: Was possible to buy both foreign and deficit domestic goods in the foreign sales network operated directly by Bank Pekao. The offer of the bank for individual clients included a variety of goods covering, among others, groceries (including "Krakus" ham and western chewing gum), alcohol, cosmetics, textiles, household appliances, bicycles, motorcycles, cars, trucks, tractors, agricultural machinery, fuel, building materials, installation and sanitary equipment, and also apartments and furniture. This retail network

12432-659: Was subjected to compulsory restructuring to prevent bankruptcy . The acquisition was facilitated by Poland's Bank Guarantee Fund (BGF), an institution aiming to maintain stability in the financial system and resolving issues with financially distressed institutions. Since 2022, the Headquarters of the Bank are located in the Forest Tower in Warsaw, Poland. In 2022 Bank Pekao's profits declined by 48.8% due to two main factors. The first reason

12544-415: Was the introduction of payment holidays by the Polish government, which allowed mortgage holders to postpone payment instalments, which in turn led to a cost of 2.4 billion zlotys ($ 498.4 million) for the bank. The second reason were the increased provisions for legal risks as Bank Pekao expected a higher number of court cases related to the long-running Swiss franc mortgage affair. After initially predicting

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