A mortgage is a serious and responsible step for any family. Therefore, the decision on a mortgage loan must be made, carefully weighing all the pros and cons, taking into account all the positive and negative aspects.
More and more people are asking this question. And the circumstances that lead to this idea are quite different: a young family dreaming of their own living space, an increase in the family and other circumstances. The most important thing is to understand whether it is worth taking a mortgage at all.
When purchasing housing on credit, it is important to understand that you will have to overpay 1.5-2 times of the total amount. Also, you will not be able to dispose of them in full, that is, sell or exchange, and in the event of a divorce, additional difficulties will appear.
Circumstances requiring attention
If the circumstances are such that it is simply necessary to purchase housing and your family has a constant and high income, or the cost of renting a house is at the level of payments for a possible mortgage. Perhaps there is maternity capital available or there is an initial amount for the contribution. Also, an excellent incentive will be the opportunity to participate in a special state program to support the improvement of housing conditions. All these are excellent reasons for looking for a bank with attractive loan conditions.
When the family does not have a constant, stable income, or the income is too low, there is a bad credit history or an unstable situation at the place of purchase of a home, then it is worth considering the risk of such a step as a mortgage loan.
Offer selection
If everything goes in favor of buying a home, then you should look for banks with attractive lending terms and carefully study all the pitfalls. To do this, you will have to visit, perhaps, at least a dozen banks before signing the documents. When considering proposals from banks, you should pay attention to the interest rate on a mortgage loan, the possibility of early repayment, penalties in case of delay in the receipt of money for paying the loan, hidden fees, recalculation, surety, life and health insurance of the borrower, as well as collateral.
It should be understood that in the first months, and possibly years, the monthly payment will consist mainly of mortgage interest. The amount of the principal debt will decrease very slightly. Therefore, if you plan to quickly close a loan for housing, it may be more profitable to take a consumer loan for the entire amount of the mortgage or for a part of it.
In any case, buying a home with a mortgage is a very important step, at least 5-10 years long. In making such a decision, you must firmly understand what it is for and what you will benefit from it.
