In case of mortgage lending, the initial payment allows the borrower to choose a lending program that allows him to get money at a lower interest rate. As a rule, the larger the initially invested amount, the lower the percentage at which you will receive money, and the longer the period for which you can borrow it from the bank. Due to the crisis, banks have curtailed programs according to which money for the purchase of housing was provided without a down payment. Therefore, now it is almost always a prerequisite.
Instructions
Step 1
There are few answers to the question of how to make the initial payment: you can place the required amount in a bank account, open a deposit (deposit) with the bank, or pay them directly to the seller of the property you are going to purchase. True, in the latter case, the bank will require you to present documents confirming this payment.
Step 2
It will be more difficult to answer the question of where to get the amount that will be required as a down payment. In the event that you do not have any real estate, but you have a stable and high income, take the necessary funds in the form of a consumer loan. The amount of such loans can be quite high, you can borrow up to 1 million rubles if you prove your creditworthiness. True, such loans are classified by banks as risky transactions, so the interest on the loan in this case will be much higher.
Step 3
Try to accumulate some initial capital. Open a deposit account with a bank and deposit on it monthly the amount that is comparable to the calculated interest and the repaid amount of the loan. After two or three years, you will have enough money in your account for the down payment for housing.
Step 4
It will be easier for owners of their own real estate to receive the required initial payment. You can mortgage the housing that you already have. In this case, you can even pledge your share in an apartment or a private house that is in shared ownership.
Step 5
If you find a mortgage lending program with a low down payment percentage, about 10%, be prepared for the fact that the bank may put forward additional conditions and demand a collateral from you. The encumbrances will be removed from it when the amount of the loan is reduced to 80% of the amount paid for new housing.
Step 6
The law does not stipulate in any way the possibility of using maternity capital as an initial payment for obtaining a loan to buy a home. Therefore, in this case, everything depends on the credit policy of a particular bank. If he provides such programs to his borrowers, use this money to make a down payment.
