For many Russians, a mortgage is actually the only way to purchase their own home. At the same time, not everyone knows how to get a mortgage loan and what is the sequence of actions.
In its most general form, all mortgage programs can be divided into loans for the purchase of housing in a new building and for an apartment in the secondary fund. Most potential borrowers are worried about where to start - with the choice of a property or a mortgage. After all, choosing an apartment to your liking, you may face the bank's refusal to apply for a mortgage. On the other hand, if you first take out a mortgage, the amount may not be enough to buy a home. Therefore, the algorithm for buying real estate with a mortgage will depend on its type.
How to take a mortgage on a new building
In this case, you must first select a suitable housing, and then go to the bank to approve the loan. Usually, each new building has a list of accredited banks responsible for providing mortgage loans. It will be possible to take a mortgage only in them.
It is worth comparing the mortgage programs of accredited banks among themselves, choosing the most optimal option and starting to collect the necessary package of documents.
If you initially approve a mortgage and then start looking for an apartment, success is not guaranteed. Despite the fact that the borrower is given three months for this, the bank, as a rule, limits the list of objects. They can be located in an inconvenient area for the borrower.
Banks usually issue mortgages for 5 to 25 years, sometimes up to 30 years. The down payment varies from 10 to 40%.
After the apartment has been found, it remains to get the approval of the bank. The list of requested documents in most cases includes:
- certificate of salary in the form of 2-NDFL (for the last 6 months);
- pensioner's ID;
- TIN;
- application;
- passport, passport of the spouse;
- extract from the borrower's account, confirming the presence of the initial payment;
- contract of equity participation in construction;
- documents from the BTI;
- the opinion of the appraiser on the cost of the apartment.
Consideration of an application can sometimes take several hours. If the mortgage has been approved by the bank, all that remains is to conclude a contract for the sale and purchase of an apartment.
How to take out a mortgage for secondary housing
The mortgage for secondary housing is issued in the reverse order. First you need to get your mortgage approved and then start looking for housing. Unlike the previous option, any bank is suitable for a mortgage. It is enough for the borrower to choose the most optimal option for himself in terms of general credit conditions.
After the loan is approved, the borrower must choose an apartment within three months. For housing, it is necessary to collect the documents necessary for the appraisal of the apartment and the conclusion of the purchase and sale agreement. Among them, as a rule:
- documents of title to housing;
- housing passport with its plan;
- certificate of registration and characteristics of the dwelling;
- certificate of absence of arrears in payment for housing and communal services;
- an extract from the Unified State Register of Rights.
Assessment of housing is an obligatory step in the registration of a mortgage. The bank provides no more than 80-100% of the appraised value of housing (not the market value and the one requested by the seller). It is also worth considering that registration of a mortgage always entails additional payments and commissions.
In addition to interest for using the mortgage, the borrower will need to make additional payments - a commission for considering an application, opening a loan account, converting money (when opening a foreign currency mortgage).
After the bank checks the apartment chosen by the borrower and evaluates it, a mortgage lending agreement is concluded.
The final stage of registration of a mortgage is the registration of the property in the Federal Register.
