A mortgage loan in foreign currency attracts borrowers with an interest rate that is significantly lower than what banks offer for lending in rubles. Therefore, when choosing a credit currency, many people preferred the ruble, for example, the dollar. It would seem that the benefits are obvious, but life makes its own adjustments.
The dollar loan for many people who took out mortgages in this currency turned out to be a time bomb. It turned out that it is beneficial only when one of two conditions is met: the ruble exchange rate is strictly stable, or the borrower receives a salary in dollars.
Tens of thousands of people who took out mortgage loans in dollars at a rate of 30 - 35 rubles found themselves in a situation where the value of the dollar almost doubled. In this situation, all the delights of foreign exchange mortgages did not just melt away, but turned into a yoke around the neck of borrowers, whose ruble salaries remained the same.
Naturally, many of them have lost the ability to make monthly payments. Therefore, the state had to intervene in the current situation. The federal budget provided funds with the help of which borrowers who found themselves in a difficult situation were able to restructure their debts.
Restructuring assumes: a decrease in the size of payments, with an increase in the lending period, as well as changes in the frequency of these payments, possible options are monthly, quarterly, annual payments.
To complete the restructuring, you need to come to your bank, consult with a loan officer and write a statement in which you indicate the reasons for financial problems and the conditions under which the borrower can fulfill his obligations to the bank.
You need to know that during restructuring, you can get a deferred payment, as well as a change in the currency in force under the contract.
Bank managers can offer another solution to the problem - refinancing an existing loan. It represents a complete re-issuance of a loan on terms acceptable to the borrower, while the foreign currency is changed to Russian and the new agreement is drawn up in rubles.
If we call a spade a spade, then refinancing is nothing more than refinancing, that is, obtaining a new loan in order to repay the old one. Most often, refinancing is carried out with a change of the lender bank, which offers more favorable lending conditions. Although you can negotiate with your bank.
What do you need to calculate if you want to refinance your debt? First, it is always necessary to remember that on-lending only makes sense if it improves the conditions of the loan. Today the market situation is developing in such a way that there is a tendency for the conditions offered by banks to improve compared to a few years earlier.
This alone can push the borrower to refinance, but in any case he will have to use a calculator to calculate the pros and cons of this action.
First of all, it is necessary to determine the benefit from the difference in the interest rate between the existing and the planned new contract. Not the fact that it will be beneficial to the borrower.
Another point to determine the meaning of refinancing is the amount of interest already paid by the borrower under the old agreement. According to current practice, the loan payment schedule first provides for the payment of interest, and only then the amount of the principal debt.
In this case, it is necessary to calculate whether it makes sense to carry out refinancing in conditions when the loan has been repaid for many years. Will the interest on the new loan become an additional financial burden and losses for the family budget? In this case, you will not be able to save on interest that has actually been paid.
Another item of expenses in the case of refinancing is the cost of processing the necessary documents. They include the commission of a bank or a broker who is applying for a mortgage loan, insurance payments, among them - insurance of real estate transferred to a mortgage, as well as health and life insurance of the borrower.
Only by counting all the numbers of already held and upcoming financial transactions can it be determined whether or not to take such a step as refinancing a mortgage.
If the decision is made, then the first condition, in the event of a change of the creditor bank, is to obtain the consent of the financial institution that issued the original loan, and which owns the right to the mortgaged property.
For this, the bank, which, of course, does not want to let go of the client, can be offered to make on-lending under a suspensive condition. It assumes that the borrower repays the first loan within the specified timeframe and is released from collateral, after which a collateral is issued with the selected bank under a new loan agreement.
It greatly simplifies the procedure if the borrower has another collateral object, then if the agreement with the first bank does not contain restrictions on the early repayment of the loan, he will not be able to fix obstacles.
