The mortgage lending market today is replete with a variety of banking programs, which makes it difficult to choose the most optimal one. It is possible to find a profitable mortgage only with the given parameters of the initial payment, the amount and terms of the loan.
Mortgage interest rate
For most borrowers, a profitable mortgage means a low interest rate. It is always determined on an individual basis and depends on a number of factors. In particular, the size of the down payment, terms and amount of the loan. Banks also set the rate based on the documents provided confirming income and length of service, the availability of formalized life and health insurance. The interest rate also varies depending on the region and type of housing (new building or apartment in the secondary market). Many banks offer preferential terms for mortgages for certain categories of borrowers (military, scientists, teachers, state employees, etc.). It is profitable to take a mortgage from the bank where you receive your salary.
An increase in the amount of lending does not always lead to an increase in the interest rate on the loan. In VTB24 and Sberbank, the relationship is inverse - the larger the loan, the lower the interest for the borrower.
The interest rate often depends on the size of the down payment. The more funds you have, the more profitable the loan will be for you. For example, in Sberbank with an initial contribution of 50% or more, the rate will be 12.5%, from 30 to 50% - 12.75% and less than 30% - 13%.
By issuing loans for a long term, banks have additional economic risks that can devalue the returned funds. Therefore, they charge higher interest rates on long-term loans. On average, the difference in interest rates on mortgages for 10 and 30 years averages 0.5-2 percentage points.
To determine the most advantageous mortgage offer, you can use the capabilities of specialized banking portals that allow you to compare banking programs based on mortgage parameters. For example, such options are available on the Banki.ru and Sravn.ru portals.
Mortgage payment type
The amount of overpayment on a mortgage is influenced not only by the size of the interest rate, but also by the type of payments. Differentiated payments are more profitable, in which the main debt is extinguished along with interest. Whereas under the annuity scheme, at first, almost all payment goes to repay interest, and the size of the principal debt remains practically unchanged. At the same time, a differentiated loan repayment scheme is not available to every borrower, because the initial payments on such a mortgage will be an order of magnitude higher.
After obtaining a mortgage, it is necessary to continue to analyze the lending program. After all, there is always an opportunity to refinance a mortgage and make it more profitable.
Annuity payments are more profitable for banks, so the differentiated type is extremely rare. The choice of which scheme is more convenient for them to pay is provided by a limited list of banks. Among them are Gazprombank and Rosselkhozbank. So, if you take a mortgage at Rosselkhozbank for 5 million rubles. for a period of 10 years with an initial payment of 15%, the interest rate will be 13, 5%. If you repay by annuity payments, the overpayment will be 3.52 million rubles, and the monthly payment will be 64.72 thousand rubles. Whereas under a differentiated scheme, the overpayment will be 2.89 million rubles. (630 thousand rubles less), and the monthly payment is from 35, 8 thousand rubles. up to 84, 15 thousand rubles Such a payment can be afforded by a borrower with a sufficiently high income, which reduces the number of applicants for a mortgage with a differentiated payment scheme.
Minimum package of documents
Many borrowers are frightened by the fact that a mortgage requires the provision of an extensive package of documents. For some, it is quite problematic to provide them, for example, due to the lack of officially confirmed income. But today it is possible to obtain a mortgage on two documents with an initial payment of 35% or more. Such mortgage programs are being developed by Sberbank and VTB24.
The risks of banks in this case are minimal, because the mortgage apartment acts as collateral for the loan.
