Mortgages are one of the most popular bank loans. With the help of a mortgage, you can buy your own home (pledged by the lender), while not having enough money. However, potential borrowers are often guided by unverified information and rumors.
The first and most common myth "mortgage is bondage"
Most people think so. This is due to the opinion that the mortgage loan payment will constitute a significant amount of the family's income. Yes, the amount is not small, it really is. Mortgages in Russia are expensive (10-12% per annum - at best) compared to the rest of the world (from 4% per annum). On the other hand, a mortgage for many residents is the only possible option for acquiring their own home, the cost of which is growing every year, while mortgage loan payments, on the contrary, are decreasing.
When making a family decision to take out a mortgage loan, it is necessary to clearly know their financial capabilities. It is also worth thinking about possible repairs in the future apartment, which also needs to be paid. In any case, the bank, when calculating the monthly payment, cannot exceed 45-50% of your salary.
The second myth is related to the fear of loss.
Borrowers are very frightened by the possible loss of both the money already paid and the apartment itself, if the terms of the contract are not met. Delayed payment - the bank took away the apartment. This is not entirely true. Selling an apartment is the last thing the bank will do. Since the monthly payment on a mortgage loan for a long time is the bank's income. Therefore, it is not profitable for a bank to immediately sell an apartment that was acquired with a mortgage.
To begin with, the bank will offer the borrower other options for solving this problem. For example, refinancing or restructuring mortgage debt. And if after the measures taken, the debt is not repaid, then only then can the bank collect the debt by selling the property. Moreover, if after the sale and repayment of the debt, a certain amount remains before the bank, then these funds will be returned to the borrower.
High interest rate due to collusion of creditors
The interest rate on mortgage products of various banks is really high. But the bank cannot operate at a loss. If he accepts deposits at a rate of 8 to 12% per annum, then, accordingly, the rate below 12% on a mortgage loan cannot be set. Also, the high interest rate is directly related to inflation in Russia.
If you look at the pivot table for interest rates on mortgage products, you can even see a slight decrease. This is due to the growth in the volume of mortgage loans. When there is demand for a product, there is supply. Accordingly, there can be no talk of any collusion.
