Home mortgage lending can be associated with hidden costs, including those not related to banking services. In addition to the initial payment, you may need to pay for the services of an appraiser, notary, take out insurance, etc. Therefore, it is worthwhile to find out in advance what you can save on.
Instructions
Step 1
Find out if you can participate in any government program that allows you to get a loan to buy a home on favorable terms. Usually such programs involve a lot of bureaucratic procedures, but the benefits will be tangible.
Step 2
Compare the offers of banks in the field of home loans and the requirements they impose on the borrower. Collect as much information as possible about the terms of the mortgage, paying attention not only to the size of the rate, but also to the "transparency" of the proposed agreement, additional commissions, and penalties.
Step 3
Loan terms may vary depending on whether you are purchasing a primary or secondary home. Banks are suspicious of those cases when the object is still under construction or the documents for an apartment in a new building have not been completed. The result may be higher requirements for the borrower or higher rates. If you are planning to buy a secondary home that meets the requirements of the bank. Then such problems will not arise.
Step 4
Mortgages can take decades to pay off, so carefully consider your sources of income and their stability. Be realistic and don't expect a possible increase in your salary. It is better that the amount of payments on the loan does not exceed a third of the already existing income. It is also advisable to have a certain reserve of funds, so that even in case of financial difficulties, do not delay payments to the bank, protecting yourself from penalties and maintaining a positive credit history.
Step 5
Apply for a loan to buy a home in the same currency in which you receive your income, without hoping to save on a drop in the exchange rate. According to banking specialists, the risk of an increase in the exchange rate is always higher than the risk of its fall.
Step 6
When concluding a loan agreement, carefully study the document. Please note that the bank does not reserve the right to increase the mortgage rate and change the rates for servicing the loan account. Make sure that the agreement indicated the possibility of early repayment of the loan - you may be able to find the required amount earlier or decide to use the on-lending procedure to reduce the interest rate of payments.
Step 7
Some of your mortgage costs may be covered by the government. To facilitate settlements for a home loan, in accordance with Part 2 of Art. 220 of the Tax Code of the Russian Federation, you can draw up a tax deduction. It is quite easy to calculate the amount of the deduction: the principal amount of the loan in an amount not exceeding 2 million rubles is added up with the amount of interest and multiplied by a coefficient of 0. 13. After submitting the necessary documents to the tax office and approving your application for deduction, taxes paid by you will be partially return.
