Recently, there have appeared reasonable reasons to expect another financial crisis in the coming year. In this regard, those who plan to take out a mortgage loan think about its expediency.
Currently, according to statistics from the Agency for Housing Mortgage Lending, the average mortgage rate has outlined a steady upward trend. Financial institutions in Russia, fearing the crisis, are gradually raising rates.
Two directly opposite conclusions follow from this. On the one hand, now is the time to take out a mortgage at an interest rate that has not yet grown, since mortgage rates will only grow in the near future. And when a crisis hits, many banks will either stop issuing mortgages or raise interest rates to 18-20. If the housing issue is very acute, there is no need to postpone it for many years. Going forward, getting a mortgage can be more difficult.
Take it carefully
If there is an opportunity to wait with a mortgage, but there is no confidence in the future, it is better to protect yourself from force majeure circumstances and wait 2-3 years. Many experts believe that a crisis is inevitable. The only question is how hard it will hit Russia. To have at least some confidence in the repayment of the loan, the amount of its monthly payment should not exceed 1/3 of the family budget. It is desirable to have several sources of income, from each of which you can make payments. On the eve of the crisis, you need to take a mortgage only in rubles and not invest all your savings as a down payment. Create your own emergency reserve, from which you could pay your mortgage for at least 6 months. The purchased apartment should not require renovation.
Reduce risk
Also, in order to reduce the risk, it is worth taking a mortgage provided that at least 30% of its value is paid as a down payment. During financial instability, real estate prices may fall, and in case of extreme circumstances, the sale of an apartment should cover all debts to the bank and leave at least some amount. It is not worth choosing the maximum possible loan term. Most often, mortgages are taken for 15 years, although some banks offer a 30-year loan period. A careful study of the parameters of a loan often turns out that the difference in the size of payments between a 15-year and 20-year loan is insignificant, and the prospect of paying the bank an extra 5 years against this background looks unattractive.
State-owned banks are the leaders in the mortgage lending market: Sberbank, VTB 24 and Gazprombank. Together, they account for 68% of the total volume of mortgage lending.
When choosing a bank, focus not only on the interest rate, but also on the nuances. Find out the possibility of refinancing and the conditions for granting a deferred payment in the event of a financial force majeure. Pay attention to the method of making payments, the presence of hidden fees and other additional terms of the loan agreement. Learn more about insurance, the amount of insurance premium and the possibility of concluding an insurance contract with third-party insurers. The contract itself should be studied in advance, first on your own, and then with an experienced lawyer. As an advisor when choosing a home, involve not only relatives and friends, but also a realtor. Choose liquid housing that, in case of extreme circumstances, can be quickly and profitably sold.
The average cost of apartments in Moscow continues to grow. For the first half of 2014, the increase in prices amounted to 16, 5%. Until the end of the year, prices will rise by another 15-20%.
On the eve of the crisis, it is not recommended to take a mortgage for the purpose of a profitable investment. But if the issue of their own housing has long haunted, extremely cautious borrowers should think about getting their own apartment.
