Different banks offer different mortgage programs - they are dazzling. How to choose a suitable loan offer so as not to overpay? Over the years, mortgage payments will run up a hefty amount, so you need to carefully analyze several proposals for various parameters.
Instructions
Step 1
Interest rate
You should pay special attention to this. The lower the interest rate, the less you end up overpaying. In principle, the annual interest rate in all banks is approximately the same and is much higher than inflation. However, you can find a profitable option. For example, take advantage of the preferential offers of the bank in which you receive a salary or has a deposit.
Step 2
Special offers
You can use special programs: for example, "Young Family" or "Young Teacher". Such lending programs are always cheaper, you can get good profit. Find out what preferential programs exist in banks and if you are eligible for them.
Step 3
Additional expenses
Please note that during the loan processing you will have to pay additional commissions and expenses. Among them: transaction fees, insurance, account maintenance, appraisers' work. In most cases, these costs can be minimized (with the exception, perhaps, of commissions). For example, refuse the services of an appraiser and not insure life.
Step 4
Delays and refinancing
The life situation can change dramatically. You should find out in advance whether the bank provides a deferral and on what conditions, whether it will be possible to transfer the loan to another bank or reissue it on other, more favorable terms.
Step 5
Use of the womb
An important issue is the use of maternity capital as an initial payment or subsequent repayment. Some banks allow you to safely use the mother capital, some charge high interest, some do not allow you to dispose of the mother capital until the child is three years old.
Step 6
Co-borrowers and collateral
Find out how many co-borrowers are required to obtain a mortgage. Some allow to involve in this capacity not only a spouse, but also parents, grandmothers, grandfathers and other relatives. Find out what will go as collateral and what will happen with the collateral if you cannot pay the loan.
