Solving the housing issue is a serious and responsible business that requires a fairly large sum of money. Not every Russian can afford to buy an apartment only at his own expense. In this case, the only way out is to apply for a mortgage loan. Today, almost every Russian bank offers a mortgage, but how not to get confused in such a huge number of loan offers and choose the right mortgage loan?
Step one - choosing a home
Before contacting the bank for a mortgage loan, you need to know the amount you want to borrow, and for this you need to decide in advance on the options for future housing. First, you need to find out whether it will be an apartment or a private house, in which area the housing will be located and what cost will be acceptable for you. Having decided on these parameters, it will be possible to draw a conclusion about how much you can contribute as an initial payment, and how much you will have to borrow from the bank.
Step two - choosing a bank
After you have decided on the amount that you do not have enough to buy residential real estate, you need to choose a bank where you will borrow this money. To do this, you need to study all the credit offers of banks that are present in your city and choose the most optimal option. It should be noted that choosing the most profitable credit program is a painstaking and lengthy work. You can do this both independently, studying all possible options, or entrust this business to professionals. Today, there are many organizations working in the credit market that are ready to help borrowers with the choice of the most profitable loan. True, such assistance will not be free, the cost of a loan broker when choosing a mortgage loan is, as a rule, 3-5% of the loan amount.
Step three - approval
Having decided on the choice of a lender, you need to start collecting numerous documents. In addition to the personal documents of the borrower, the credit institution will require documents for the purchased house or apartment. If you pass a bank check for the compliance of the income level with the monthly mortgage payment, the quality of the credit history, and if the purchased property meets the bank's requirements for collateral, then you can start signing a loan agreement.
Choosing the right mortgage loan - the nuances
The algorithm described above is generally quite simple, but there are some nuances that can provoke negative consequences. So, when choosing a mortgage loan program, you need to pay attention not only to the interest rate advertised by the bank. An equally important parameter is the loan term. If the term of the mortgage is too short, then the amount of the monthly payment will be high enough, which can negatively affect the family budget. If the loan term is too long, then the final overpayment will be enormous.
When choosing a loan to buy a home, you also need to pay attention to the currency of the loan. If you receive a salary in dollars, then it is best to get a mortgage in this currency. In other cases, it is better to take a mortgage loan in Russian rubles. An equally important condition when choosing a mortgage program is the possibility of early repayment - both full and partial. The ability to deposit more than the monthly payment will shorten the loan maturity or reduce the mortgage payment amount.
