According to the terms of mortgage lending, the borrower receives a loan for the purchase of a house or apartment and registers the real estate as a pledge to the bank. A certain amount is issued for the acquisition of property, on which interest is charged. It is necessary to pay contributions regularly, in case of delay in payment, the borrower is subject to the sanctions provided for by law.
Instructions
Step 1
Find out the basic conditions that mortgage banks impose on their borrowers and their financial situation - both the rate and the size of the loan depend on this. Pay in the currency in which you receive your monthly income.
Step 2
Ask a consultant about the requirements for the financial position of the borrower. Most banks are ready to issue mortgage loans in such an amount, the payment of which is no more than a third (at least half) of the monthly income of the borrower's family.
Step 3
Study the requirements of the bank for work experience. It is enough for Raiffeisenbank if you have been in your last job for three months. In Russian Mortgage Bank and Unicreditbank, you will be required to confirm six months of continuous work in the last place and at least 24 months of total work experience.
Step 4
Check if the method of generating income meets the terms of mortgage lending. In Sberbank and VTB 24, the size of mortgage rates does not depend on the form of income confirmation. Banks adhere to the rule that monthly mortgage payments should not exceed 30-40% of total income.
Step 5
Invite a co-borrower if the amount approved by the bank is not enough for the purchase, and you are not considering a cheaper option for purchasing a home. In addition to the principal and interest, you need to pay the bank a commission for reviewing an application, for issuing a loan and for servicing a loan account. This is spelled out in the mortgage agreement.
Step 6
Use a mortgage calculator, you can find it on every official website of any bank. In the special field, enter the period for which you are going to get a loan, the amount of monthly income, the amount of loan funds. The system will give you information where you can see how much you can count on when contacting the bank. In addition, the payment schedule is attached below, which is very convenient.
Step 7
You must be 21 years old at the time of receiving the loan. In some structures, the upper age limit for obtaining a loan is also limited - it is difficult for people over 50 to get a loan for a period of 15 years or more. Sberbank encourages privileges for obtaining mortgages for "cardholders". Uralsib has a program on special conditions for obtaining loans for young families.
Step 8
Calculate how many years you will be able to pay the contributions. Banks offer different lending programs: for example, for those who take out mortgages for 20 years, the conditions are stricter than for 5-year borrowers. Choose the mortgage program that is most beneficial. Examine the mortgage agreement.
Step 9
Contact your loan brokers, they are not interested in "imposing" mortgage programs. Tell us about the amount of your monthly income, for how long you plan to borrow money from the bank. A specialist will not only save time looking for a profitable mortgage, but will also assist in refinancing a loan.
Step 10
Collect the necessary documents and take them to the bank, write an application for a mortgage loan, fill out the form. Assessing the creditworthiness of a borrower takes some time. The final decision on granting a loan will depend on the result of the check.
Step 11
Select several options for the apartments you like. Check if the bank has a lending program for the primary real estate market. You must find a property within 2-3 months from the date of approval of the loan application.
Step 12
Conduct a housing appraisal. The procedure is provided for by law, it is necessary for the bank, which needs to make sure that the pledged item has the correct value. After evaluating and providing information, you will be able to receive the required amount of money.
