If you are sure that a mortgage is the best option for purchasing a home, carefully study the features of this loan product. It is also important which bank you borrow money from, and the term of the loan, and the way it is repaid.
Instructions
Step 1
Determine the approximate amount you want to borrow from the bank and check how it compares to your income. For example, if the size of the mortgage is one and a half million rubles, your approximate monthly earnings should be at least 35 thousand rubles, depending on the conditions in a particular bank. Income must be official and confirmed by a certificate from the organization in which you work. If you are a business owner and not an employee, your organisation's balance sheet must be positive for at least two years.
Step 2
Consider whether it is more profitable for you to take not a mortgage, but another loan. It depends on the amount you need. Up to a certain level, it makes sense to opt for the second option, since, although mortgage lending compares favorably with the amount of interest, it entails additional costs. One of them is the obligatory life insurance of the borrower. If you two are taking out a mortgage, multiply the annual installment by two.
Step 3
Assess your capabilities realistically. If you are not sure about the consistency of your income, it may be worth postponing taking out a mortgage. If there are personal circumstances in which your seemingly decent earnings are spent almost entirely on meeting the needs of your family, think again. The bank may approve your candidacy without knowing all the details of your life. But after that, for many years, you have to pay a monthly contract fee. Count only on yourself, not on pay increases.
Step 4
Take out a mortgage before your baby is born. If you are a member of a young family in which the possibility of replenishment is being considered in the near future, hurry up with the purchase of an apartment. After the baby is born, the bank will look at your income from a different angle, because children under 18 are considered dependents. The chance of your application being approved by some financial institutions is reduced.
Step 5
Select the currency in which the mortgage will be issued is correct. It must match the currency in which you receive income. Otherwise, you are not insured against the risks associated with a change in course.
Step 6
Determine the optimal type of loan payment. They are divided into differentiated and annuity. In the first option, you pay a portion of the principal and interest on the remainder of the principal on a monthly basis. That is, the loan amount decreases evenly, and the payment amount decreases every month. In the second case, the recurring payments are the same. They also consist of a portion of debt and interest, but the amount owed decreases more slowly. In the early years, you pay almost one percent.
