Usually, the overpayment on a mortgage loan is significant. But borrowers always have the opportunity to cut their own costs and reduce the amount of overpayment.
It is necessary
- - description of credit mortgage programs;
- - application for a mortgage;
- - a package of documents for obtaining a mortgage.
Instructions
Step 1
Initially, compare several loan programs and select the most optimal offers in terms of interest rates. It is worth considering that many banks offer preferential rates for certain categories of borrowers and their payroll clients.
Step 2
It is necessary to pay attention not only to the interest rate on the loan, but also to the type of payments. More profitable are differentiated payments, which involve the repayment of the principal debt on the loan at the same time as interest. But the initial payments for such a loan will be higher than for an annuity payment scheme, which involves repaying the loan in equal installments. So, on a mortgage in the amount of 2.5 million rubles. for a period of 15 years with an interest rate of 12.5%, according to the annuity scheme, the monthly payment will be 30,813 rubles, and the overpayment - 3,048,337 rubles. For differentiated - the monthly payment will be from 14036 to 40283 rubles, overpayment - 2357087 rubles. The benefit will be about 700 thousand rubles.
Step 3
Another way to reduce costs is to take care of the insurance and appraisal of the property yourself. This will reduce the amount of overpayments for additional costs associated with the registration of a mortgage. Bank-recommended insurance and appraisal companies often offer higher rates that are disadvantageous to the borrower.
Step 4
Remember that you need to take out a mortgage in the currency in which you receive your main income. Despite the fact that foreign exchange mortgages have lower interest rates, they may become less profitable for borrowers due to fluctuations in the exchange rate.
