It doesn’t matter at all what reason prompts you to consider whether to take out a mortgage. Perhaps you are planning to get married, but do not yet have your own home. Or a new addition is expected to the family, and the future offspring needs a separate room. The decision to take out a loan needs to be made carefully. It is important to calculate your ability to repay the debt as accurately as bank experts do.
What costs will be associated with the mortgage?
Formulate the question exactly this way, because the cost of the loan includes not only the interest rate, but also a number of mandatory payments:
- fee for real estate assessment (if it needs to be carried out),
- insurance premiums,
- state fee at the registration chamber.
Before getting a mortgage, it is best to make a forecast of what costs you will have to incur and from what sources you will pay off your obligations. This will help you decide whether to take out a mortgage now.
How much money do you need to pay the down payment?
Banks, as a rule, do not provide housing loans on the condition that the full price of the property is paid only with credit funds. Part of the cost of the house or apartment will need to be paid out of your own pocket.
The minimum down payment varies depending on which bank you are applying for a mortgage with and under which lending program. For example, at Sberbank, when receiving a loan, you will need to pay at least 20% of the cost of the house or apartment yourself. The required initial contribution to PJSC VTB Bank when paying for finished housing is 15%, and when applying for a mortgage with state support for the purchase of space under construction - 20%. While waiting for a loan from Otkritie Bank, prepare at least 30% of the price of the house or apartment. At Alfa Bank, the down payment for the purchase of finished real estate is 15%, and for the purchase of square meters under construction - from 30%. At Rosselkhozbank you will need to pay at least 15% of the price for finished housing and at least 20% for housing under construction.
Think about whether you have that amount now. Perhaps it is worth postponing the deal for a few months to raise money? If you plan to borrow funds needed for a down payment from individuals, consider how feasible it will be to pay off two debts at the same time.
When you have money in reserve
If there is an amount in the family wallet that significantly exceeds the minimum down payment required by banks, do not rush to give it away immediately to pay for future housing. First, check with your credit manager how the interest rate and the amount of monthly obligations will depend on the share of the price of the property that you pay yourself. The larger the down payment, the lower the cost of the loan expressed as a percentage per annum. But this proportion stops working when your own share exceeds 50% of the price of the house or apartment. If the down payment is 80 or even 90%, the rate is set exactly the same as in the case of paying 50% of the property price.
Also think about the fact that if you immediately direct all your available funds to purchase a home, then a little later you may not have any free money left for repairs. Therefore, sometimes it is more profitable to make a minimum contribution and “put a larger number of rubles in the piggy bank,” thus dividing the costs of purchasing housing into small monthly shares.
When the purchased property can be paid for entirely with bank funds
A mortgage without a contribution can be issued in the following cases:
- You receive a loan to purchase housing secured by existing real estate. Such a program, in particular, is offered by Rosselkhozbank JSC. The loan is issued in an amount of no more than 70% of the market value of the property pledged as collateral. The financing period is up to 30 years. Interest rates range from 14 to 16% per annum depending on the term. A discount of 0.5 percentage points is provided to salary clients. A 3.5% premium is set for borrowers who refuse life and health insurance. There is no fee for issuing a loan.
- You own liquid property, such as a car, whose value more than covers the loan amount. In this case, the value is pledged.
- You have become a happy parent of two or more children and have a certificate for maternity capital. In this case, the down payment will be paid not with money, but with a government subsidy.
- You are not getting a classic mortgage, but a loan to refinance a previously taken out home loan.
Monthly payment
This expense item will become mandatory for the family for the entire loan term, which is usually from 15 to 30 years. Most of the monthly payment, which is a shame, goes not to reduce the amount of the principal debt, but to cover interest obligations.
When consulting with a credit manager, be no longer interested in the rate, but in the amount of the monthly payment. Each bank has a mortgage calculator on its website. It will help determine the approximate amount that you will deposit monthly with the lender. The program will also show the approximate amount of overpayment on the loan.
However, don't expect the calculator to be accurate. Firstly, it will not show the amount of all commission payments. Secondly, it will not reflect the costs of real estate valuation, fees at the registration chamber, and insurance payments. Thirdly, you yourself, without consulting a credit manager, will not know in advance the exact interest rate.
However, a mortgage calculator will help you figure out how much personal funds you will have to part with every 30 days. This information will help you decide whether to take out a mortgage now.
Insurance costs
When studying bank lending offers, check whether mortgage insurance is required and, if so, what kind of policies you will need to take out.
Insurance of the collateral is required by law. If you do not agree to take out a policy, you will be denied a loan. If you do not renew your insurance in a timely manner while the loan agreement is in effect, the creditor bank may demand payment of a fine. Much less frequently, there have been cases where financial organizations have sought in court early repayment of a loan due to the borrower’s failure to fulfill the terms of the agreement.
The situation is somewhat different with life and health insurance. Banks do not require mandatory compliance with this condition. However, interest rates without a policy are higher, as the bank's risks increase.
JSC Rosselkhozbank sets a premium of 3.5 percentage points for non-life and health insurance. Sberbank of the Russian Federation and PJSC VTB-24 spare clients: the increase in price for the absence of a policy is only 1 percentage point.
Otkritie Bank offers borrowers to insure not only life (health), but also title, that is, the risk of loss of ownership of the purchased property. For the absence of each policy, the premium is 2 percentage points.
When a little bit is missing
A typical situation in our country is that the whole world saves money for an apartment for a young couple with a child. The parents of the husband and wife, grandmothers, grandfathers, aunts, and uncles participate in the pool. Through common efforts, an amount sufficient to fully pay for the cost of a house or apartment is often collected. However, you may still decide to take out a home loan because you will need money for renovations in the near future, and personal loans come with higher rates.
Many people believe that in this case, a one-year mortgage will be the cheapest. But this is not entirely true. It is more profitable to take the same amount needed to renovate an apartment for a longer period - 5 or 10 years. The interest rate will not change, and the monthly payment will decrease due to a more gentle distribution of payments. In Sberbank of the Russian Federation, for example, base interest rates are the same for any loan period within 10 years. However, when applying for a mortgage, be sure to make sure that you are allowed early repayment.
How to calculate the allowable loan amount for yourself
Determine what percentage of the monthly payment amount is in your family's total income. It should not exceed 30-35% of the amount of “net” salaries of all its members. If your mortgage payment is 40 percent or more of your family's income, then you risk ruining your and your guarantor's credit history.
You can’t take out a mortgage back to back so that all available funds are spent on it. Unforeseen expenses may always arise, such as the need to pay for treatment or repairs. Consider whether you will be able to pay off the mortgage if one of your family members loses a regular source of income.
If you are afraid of being fired from your job, then when applying for a loan, try to set aside an amount equal to three to four monthly payments for a rainy day. Thanks to this precaution, in a critical situation you will have enough time to find a new job and at the same time maintain an impeccable credit history. To avoid the temptation to squander your financial cushion in other directions, put your money on deposit.
Also think about whether you have any property that can be quickly sold if necessary, so that the proceeds can be used to pay off the loan debt. This could be, for example, a personal car.
What documents to prepare to obtain a housing loan
It happens that due to obstacles with the execution of any act or certificate, the bank does not provide a housing loan. Therefore, sometimes a powerful argument when deciding whether to take out a mortgage is the ability to collect the necessary package of documents. Check whether you have all the necessary papers in stock and how easy it is to obtain those that are missing.
The list of documents for a mortgage includes:
- Passport.
- Certificates about where you work and what income you receive monthly.
- Documents about family composition, presence of children.
- Passports, certificates confirming ownership of the pledged item.
- Papers on real estate that you are going to purchase with loan funds. The seller of the house or apartment will need to provide you with this package of documents. It usually includes a certificate of ownership, supporting documents, an extract from the register of rights to real estate, a cadastral passport or registration certificate for the premises, and an extract from the house register.
When not to take out a mortgage
It is better to postpone obtaining a housing loan in the following cases:
Conclusion: if you take out a mortgage, where?
When deciding whether to take out a mortgage, consider the offers of several banks. As a rule, housing loans from credit institutions with state participation are the most convenient and economical. Private banks are more often willing to accommodate clients halfway. Interest rates and commissions on loan agreements are not much higher there, and sometimes lower.
However, when approaching a small mortgage center, be careful. In mini banks, many additional fees are added to interest rates, which are not disclosed to customers in advance. These may include fees for issuing mandatory certificates and renting safe deposit boxes.
But small private banks that hold on to clients usually provide many services for a moderate fee that greatly facilitate the transaction (consulting, drawing up purchase and sale documents or legal examination of ready-made ones, checking the counterparty for reliability, assistance in interacting with the registration service).
If you decide to take out a mortgage, first of all contact the bank where you receive your salary. Most likely, this is where you will receive the most benefits and privileges.
While exploring all the options for purchasing your own home, many people think about it. When making a decision in favor of a particular bank, you need to evaluate your own capabilities and compare them with the conditions that banks offer.
The main criterion of client reliability for any credit manager is the level of income and solvency of the borrower. The decision of the credit committee will be in favor of the client if:
- he is of working age;
- the borrower has liquid real estate that can be pledged as collateral;
- The client’s income is three times the average monthly loan payments.
Where is it profitable to get a mortgage?
The size of the client’s income also affects the terms of the loan. If the decision in favor of a mortgage loan is made, the second question is where is the best place to get a mortgage. The main criteria in this choice are the loan rate and the features of the down payment.
For example, we can compare commercial Raiffeisenbank as the most popular among borrowers. At Sberbank, for a mortgage loan in rubles for a period of up to 30 years with a down payment of at least 15%, the rate will be from 12.25% to 15.25%.
A loan in dollars, in the same Sberbank, has a rate of 10.1% - 14%. At Raiffeisenbank, ruble mortgages have a rate from 12.75% to 14.25%, and foreign currency mortgages from 9.25% to 10.25%.
A similar ratio can be observed in the loan products of other large banks. From which we can conclude that a state-owned bank seems more protected from unforeseen circumstances, and the client may not fear force majeure. Therefore, when figuring out where it is more profitable to take out a mortgage, you should study the bank’s offers individually.
You can find more tempting offers in the mortgage market, but you need to treat them with great caution. Usually, loan programs on super favorable terms are offered by new banks with dubious reputations, trying to attract customers. This is not a simple consumer loan, but a serious amount, so the risk in such a matter should be minimal.
There is also the practice of holding joint promotions from developers and banks for the purchase of apartments in buildings under construction. In this case, you can catch really interesting conditions. Choose among all, and then check with the sales department about current mortgage promotions.
Tempting interest rates typically do not include commissions, insurance, or other paid services. Therefore, when discussing the terms of a loan, you need to be interested in its full cost, and not the interest rate, which can always be calculated on.
At the beginning of mortgage lending, many banks offered mortgage loans without a down payment; now there are few such offers and the interest rate is high. The usual down payment amount is from 15% to 30%.
In addition to the size of this contribution and the payment period, other factors influence the size of the mortgage loan rate.
For example, insurance under a credit program not only for housing, but also for health, which can serve as an additional guarantee for the bank, allowing it to reduce payments. The fact that the bank is a partner of the company where the borrower works can also play a positive role. When looking for a bank where it is better to take out a mortgage for an apartment, the bank’s infrastructure plays a certain role. How convenient will it be to repay the debt - is it possible to repay the debt using mobile or online banking, how convenient are ATMs and terminals located? It is also worth paying attention to loans from the bank that issued the card for salary payments - such banks can give discounts to their clients (fewer supporting documents when applying, low interest due to reduced risk for the bank).
The borrower should study the agreement carefully to avoid unpleasant surprises in the future. If it’s difficult to figure out hidden interest and commissions on your own, you can use the help of a specialist. The bank's requirements for borrowers must be studied in detail - age, monthly official income, work experience, positive credit history, number of co-borrowers, availability and size of the down payment, registration requirements related to the place where the loan was issued. You also need to find out what package of documents will be required from the bank, and how many days will it take for a decision to be made and the loan amount to be paid.
Mortgage in St. Petersburg
Banks in St. Petersburg offer many programs for purchasing housing - for apartments in a new building, purchasing real estate on the secondary market, building an individual house. Which bank has better conditions depends on the specific situation: if you have a high salary, which can be confirmed by a 2-NDFL certificate and the ability to pay 30% of the cost of the apartment at once, you can focus on banks with minimum rates. For clients with transparent incomes and a reliable guarantee of ability to work, loan conditions are the most favorable.
Banks: rating
Before taking out a mortgage loan for an apartment, you should understand what a mortgage is, what its features and design parameters are. A mortgage is a unique form of collateral in which the mortgaged property is the personal property of the borrower. If the debtor fails to comply with his obligations, the creditor has the right to compensate for his damages by selling the property. That is why, in order to avoid any misunderstandings, it is first recommended to carefully read the terms of mortgage lending, the procedure for obtaining a loan, and also study the nuances of subsequent debt repayment. Today we will talk about how to profitably take out a mortgage for an apartment.
Bank mortgage options
There are several options for mortgage borrowing, namely:
- Applying for a targeted loan for the purchase of housing is the most popular type of mortgage lending. In this case, the banking structure issues a certain amount of money for the purchase of housing, provided that the acquired real estate remains the property collateral.
- Registration of non-targeted loan. Funds are issued against property that the borrower already owns. The debtor has the right to dispose of the money received at his own discretion.
- Registration of a mortgage for the purchase of country real estate.
- Social credit program. It should be noted that this includes a whole list of projects, among which the most popular is mortgages for young people. You can decide which specific program is most suitable and profitable by conducting a comparative analysis of their main parameters. In turn, the main criteria for analyzing a loan are: the maximum amount of the loan amount, the minimum amount of the down payment, the interest rate, the loan period, and commissions.
Today, most banking structures are engaged in providing mortgages, the conditions and features of lending are fundamentally different from each other. You can study this information directly at a bank branch or on its official website.
Features of obtaining a mortgage loan
As a rule, applying for a bank mortgage involves the borrower going through the following procedure:
- Collection of necessary documentation for subsequent assessment and decision-making regarding the issuance of a mortgage. This stage is based on an assessment of the client’s solvency. The accuracy of the information provided is also checked and the maximum loan size is calculated.
- Competent selection of lending object. The borrower has every right to choose an apartment even before the bank makes an appropriate decision, or even after that. In the first case, a preliminary agreement is drawn up with the seller of the property regarding the priority right to purchase the property. The lender, represented by a banking institution, considers the size of the loan, carries out a detailed analysis of the value of real estate, the level of solvency of the borrower and determines the amount of the down payment. In the second case, the bank reports the loan amount that it is able to provide to the borrower. The latter selects a suitable real estate option.
- The value of real estate is assessed. As a rule, such a procedure is provided by an appropriate specialist - an appraiser.
- A purchase and sale agreement is drawn up between the seller and the borrower. In parallel with this procedure, a bank loan agreement is concluded. In accordance with the signed contract, the property becomes collateral for the mortgage loan.
- The borrower makes all payments to the buyer directly in the presence of a bank representative.
- The final stage is insurance of real estate and the life of the borrower.
After completing all the procedures step by step, the housing becomes the property of the debtor, but his rights are still limited. For example, if you need to sell property, you will first need to obtain the consent of the bank. To register the registration of any person, official permission from the financial institution is also required.
In the process of searching for the optimal housing option, you should initially decide on the real estate market in the region of interest. Taking out a mortgage for a new building is not the cheapest pleasure. Moreover, it has some restrictions, for example, a financial institution can provide loans for apartments exclusively in the houses of specific developers. When purchasing real estate on the secondary market, it is important to make sure that the seller of the property is ready to conclude a deal by drawing up a mortgage sale and purchase agreement.
To find suitable housing, you can use the services of a realtor or mortgage broker. In this case, the price for his services will vary from approximately 0.5 to 1.5% of the total value of the property. In some cases, resorting to the services of a realtor is very advisable, since the client can be confident in the legal purity of the transaction. In addition, the procedure for searching for real estate will be significantly simplified.
After housing has been selected, it is necessary to obtain a report on its cost from an independent expert. This document is submitted to the banking institution, and the latter makes a decision regarding the issuance of a mortgage loan.
- at the time of execution of the contract, it is preferable to choose a differentiated debt repayment system (of course, if this is possible). Only in this way will tax revenues be significantly reduced. In addition, the main advantage of the differentiated system is the regular reduction in the amount of payments, as well as the possibility of full early repayment of the loan debt;
- the insurance service should be carried out independently, since the banking institution will require you to pay 2% per year of the total amount of the collateral for insurance;
- It is recommended to take out a mortgage for a longer period - the monthly required contribution will be significantly less, and if necessary, there is always the opportunity to pay off the debt early;
- subject to a reduction in current bank tariffs after the immediate conclusion of the contract, the borrower has the right to declare the need to reduce the current rate.
Thus, following the above recommendations, you can obtain a mortgage loan for the purchase of real estate with maximum benefit. The most important thing is to comply with the basic requirements and rules, as well as clearly adhere to the approved position, justifying it with legal norms.
Good afternoon, dear readers of the financial magazine “site”! Today we’ll talk about a profitable mortgage loan (cheap mortgage).
From this article you will learn:
- What mortgage loan terms can be considered favorable;
- Who has the opportunity to get a preferential mortgage;
- What parameters should you pay attention to when choosing a profitable mortgage loan?
- Where (in which bank) is it more profitable to take out a mortgage?
- Who can help you get the best mortgage?
At the end of the publication are answers to frequently asked questions about mortgages.
The information presented will be useful to those who are planning to buy a home with a mortgage loan and are looking for the best conditions. If you belong to this category, don’t waste time, read our article right now!
This publication is about profitable/cheap mortgages: how to choose one, where it is more profitable to get one, which bank can you apply for at a low interest rate
1. What conditions can be considered beneficial when applying for mortgage loans 📊
In our country mortgage has become the only option that allows you to move into your own home today without wasting time and effort on saving money equal to the cost of the apartment. On our website there is a separate article about how to become the owner of your own home on your own.
Mortgages secured by real estate have been popular throughout the world as a method of purchasing a home for many years. In our country, this option of buying an apartment began to develop only 15 years ago.
However, quite a large number of Russian citizens have already managed to take advantage of mortgages. Moreover, many have even been able to successfully repay such loans.
1.1. Main features of loans secured by real estate
The main characteristics of a mortgage are:
- Target character. That is, funds received for a mortgage can only be spent on real estate purchase. They are issued much less frequently construction.
- The property remains pledged to the bank, despite the fact that upon purchase it becomes the property of the borrower. That is, until the mortgage loan is fully repaid, it will be impossible to sell or donate the property without notifying the bank. Often, even to register relatives here, a separate permit is required.
- Long term. Most often, the mortgage is issued at a minimum for 5 years. The maximum period may exceed 30 . It all largely depends on the age of the borrower.
There are a number of advantages of a mortgage:
- high speed of receiving money and buying an apartment, especially when it comes to registration through professionals, the so-called brokers;
- a large number of programs on the market, the choice of which depends on the specific situation;
- a profitable investment option.
Choosing between rent And mortgage, it should be understood that apartments almost never fall in price over time. Moreover, rent payments often increase, while mortgage payments often remain unchanged.
It turns out that in the long run, renting is usually more expensive than paying off a loan for your own home.
Naturally, in addition to benefits mortgage loans have flaws. The main ones are the consequences that occur in the event of an inability to pay a mortgage loan. In other words, in such situations The credit institution has the right to take back the collateral .
Do not forget that getting a loan is not so easy. To do this, you must meet certain requirements of credit institutions that apply to mortgage borrowers.
The basic requirements for the borrower in most credit institutions are the same:
- minimum age 21 year, maximum - approximately 40 -45 ;
- high-quality credit reputation;
- stable place of work;
- sufficient monthly income.
Only if all the necessary conditions are met simultaneously can the applicant count on a positive decision on the mortgage.
In a separate article, we also wrote how to do it without refusal and which banks are ready to give a loan in this case.
1.2. What kind of mortgage can be considered profitable?
Everyone knows that with a mortgage you have to live in debt for a long period. The result is significant overpayment. That is why those who want to buy an apartment on credit react very sharply to the phrase favorable mortgage .
The mortgage loan amount is usually quite large. Combined with a solid loan term, as well as various commissions and insurance payments, this gives huge overpayment , which is usually the minimum 2 times exceeds the original loan amount.
The main goal when choosing a lending program in such conditions is to find the most profitable mortgage program possible.
It's important to understand , that the most profitable mortgage is not always the one with the minimum rate. Very rarely does a bank agree to reduce profits. Therefore, most often the losses associated with a reduction in the rate are compensated by the credit institution by charging various commissions.
Many people consider this option beneficial for themselves. On the one hand, there is no need to wait and save. But don't forget that this amount of money will have to be paid in any case.
Moreover, since it will be included in the loan issued, interest will also be charged on it. Ultimately, the overpayment will be much greater than when making a down payment.
Professional financiers agree that favorable mortgage– a relative concept. Its parameters are determined by the personal opinion of the borrower, as well as the financial circumstances prevailing at the moment.
In fact, if you carefully study the characteristics of mortgage programs, most of the advantages cease to be so. At the same time, those conditions that seem inconvenient, as well as the least profitable, actually turn out to be the most suitable and best in specific conditions.
More often than not, those who benefit the most from a mortgage are those who make sacrifices to gain seemingly minor benefits.
2. Who has the right to get a mortgage on preferential terms? 📑
If we still consider a mortgage from the point of view of benefits, it can be obtained by those who have the right to obtain a loan for preferential terms.
Traditionally, the following categories of benefits are distinguished:
- reduced mortgage rate;
- no need to make a down payment;
- credit holidays - upon the occurrence of certain events (for example, the birth of a child), the borrower is allowed not to repay the loan for 1 -3 years.
The purpose of obtaining mortgage loans on preferential terms is the opportunity to purchase housing low-income citizens.
Who can get a mortgage on preferential terms - the main categories of citizens
Preferential loans are provided to the following categories of borrowers:
- Young families - both spouses are underage 35 years;
- Young professionals;
- Persons performing military service;
- Young teachers;
- Families with more than one child have the right to maternity capital.
By the way, military personnel a mortgage of 2,4 million rubles which they don't pay for. All payments for them are made by the Ministry of Defense.
Thus, preferential mortgage lending programs have a number of benefits . However, there are also flaws, among which are primarily called lack of opportunity to purchase any housing .
Typically, beneficiaries have to choose from apartments from a specific developer, which are being built in promising but unpopular areas. However, it is often possible to buy only real estate with equity participation. Read more about military personnel and other public sector workers in one of our previous articles.
What you need to consider when looking for a profitable mortgage loan - the most important factors influencing the “profitability” of a mortgage
3. How to choose a profitable mortgage loan - 6 main conditions that you need to pay special attention to 📊
To understand which mortgage is the most profitable, it is important to analyze and compare existing offers on the market.
It should be remembered that mortgage loan agreement requires the borrower maximum attention. You should carefully study all the text, especially the so-called small print.
- loan currency;
- the amount of the down payment;
- interest rate;
- availability of insurance and the amount of payments for it;
- the amount of commissions;
- features of early cancellation.
Condition 1. Loan currency
Banks often try to lure clients into taking out a mortgage in foreign currency, reducing interest rates on such loans. Specialists Not recommend give in to such temptation.
The term of mortgage loans is very long, during which time the national currency may depreciate so much that the amount of winnings on bets will be insignificant . Moreover, in our country the exchange rate of foreign currencies often changes unpredictably. The result is Difficulty paying off your mortgage.
However, in some situations it is still more profitable to take out a mortgage in foreign currency. This is typical for those cases when the main income is calculated in this monetary unit.
Condition 2. Down payment amount
Most often, a mortgage is issued with down payment. This indicator reflects information about how much the borrower must pay as soon as the contract is signed.
Traditionally, the down payment amount is calculated in the range from 10 to 30% from the total cost of the apartment.
In monetary terms, the amount is quite large. For some, accumulating it can be difficult. However, in essence, it demonstrates to the credit institution that the borrower’s intentions are the most serious. Anyone who managed to raise money for a down payment will certainly be able to pay off the amount of mortgage debt in the future.
Some borrowers waste time searching for loan programs with minimal or no down payment. At the same time, they forget that such loans are often issued with less favorable other conditions.
Moreover, this amount will have to be paid in any case. Only taking into account the accrued interest it will be much higher.
Condition 3. Interest rate
Despite the fact that experts do not recommend putting the interest rate at the forefront, most borrowers pay attention to it first. However, this parameter is not always the most significant.
Most credit institutions are excellent at playing on the psychology of the borrower. To attract his attention, banks set minimum bid . At the same time, it is quite natural that not a single credit institution will worry about the savings of clients more than its own benefit.
Therefore, you should not be bribed by the promise of a low interest rate. It is quite possible that with further study of all the parameters of the mortgage program it will become clear that this is just a trick to attract more clients.
Moreover, it would be useful to know that at the moment in Russia the average mortgage rate is 12-15 percent per annum. If you promise a lower percentage, you should study other conditions even more carefully.
Condition 4. Availability of insurance and the amount of payments for it
Some borrowers forget about availability insurance when taking out mortgage loans. Meanwhile, this parameter has a significant impact on the size of future overpayment.
It is legally established that insurance is mandatory loan payments . The borrower has the right to refuse all other types of insurance programs.
Note! Often, it is the client’s consent to voluntary insurance that affects the size of the mortgage rate.
It is important for credit institutions that the risk of issuing a loan is as low as possible. To protect themselves, they try in every possible way to convince clients to insure not only payments, but also health, performance, as well as himself real estate object.
In these circumstances, the borrower should carefully consider the benefit of agreeing to certain insurances.
Condition 5. Amount of other commissions
Often, borrowers do not pay due attention to the presence of fees when applying for a mortgage. Meanwhile, there are various types additional payments, which affect the interest rate, as well as overpayments on the mortgage.
Often the first fee a borrower faces is payment for registration and issuance of a mortgage . Some banks have several lending programs that differ in the size of this payment (usually from 1 to 4% from the loan amount). Wherein the higher the commission, the lower the interest rate .
Not everyone can immediately understand which option is more profitable. To determine this, you will have to compare commission size With overpayment for the entire loan term. Only after this can you make the right choice.
The commission for issuing a mortgage is far from the only one. For each loan program, you should find out whether additional payments and carefully analyze their impact on payments.
Thus, borrowers often forget about the existence account maintenance fees . Meanwhile, they are charged monthly. As a result, the benefit from lower interest rates is often insignificant or non-existent.
To avoid that there are unexpected overpayments on your mortgage, you should carefully study all the terms of the agreement. BEFORE its signing.
Often, information about additional payments is indicated in the middle of an impressive volume of agreements. As a result, it can be difficult to notice.
It is also important to carefully consider how often you will have to pay a particular payment - once a year or monthly.
Condition 6. Features of early repayment
An equally important mortgage parameter is possibility to repay it early . Many borrowers make every effort to relieve themselves of the burden of payments as quickly as possible. However, for banks it is Not is beneficial, because they are deprived of making a profit from the issued loan in the future.
This state of affairs leads to the fact that some credit institutions are trying to limit the ability to repay a mortgage early. They appoint commissions for such actions, and also do not allow them for a certain period of time.
However, most banks offer clients the opportunity to pay off their mortgage early. There are 2 options:
- Pay off the remaining amount of the debt;
- Contribute only part.
Both of these methods allow you to gradually reduce the amount of overpayment on your mortgage. That is why the possibility of early repayment can be regarded as a sign of a profitable mortgage loan.
Thus, there are a number of parameters that have a significant impact on the profitability of mortgage programs. They should be analyzed comprehensively . This is the only way to determine which option is preferable.
4. Nuances of a profitable mortgage + professional opinion on whether it is profitable to take out a mortgage now 🔔
If we talk about whether it is profitable to take out a mortgage now, when the economic situation in Russia and in the world is extremely unstable, then under these conditions financiers do not at all discourage people from drawing up mortgage agreements. But they emphasize to citizens that the lending program should be chosen as carefully as possible. . In principle, this rule is relevant in any time period.
A huge number of Russians have fallen into a trap. They were seduced by tempting rates and took out a loan to purchase a home in foreign currency.
At the same time, the difference in the annual rate is not so big - about 2 -3 % . It would seem that, in terms of a large loan in rubles, the overpayment would be significant. But no one is immune from exchange rate fluctuations with foreign currency mortgages.
So, in 2016 year in Russia the value of foreign currencies increased by approximately 2 times. As a result, those who took out a mortgage in rubles continue to make a fixed monthly payment. At the same time, for those who took out a loan in foreign currency, it increased in proportion to the exchange rate, that is, by 2 times.
Similar situations were repeated more than once. The result is an extremely difficult situation for the borrower, when it becomes impossible to pay the mortgage.
Experts also name others that banks use to lure clients. They look very attractive, but in practice they do not bring real benefits to borrowers. Below we describe the most common of them.
1) Floating interest rate
Bank employees often try to convince their clients that floating interest rate on a mortgage loan is an incredibly advantageous option for the borrower, since it guarantees a change in the size of payments depending on the market situation. In practice, all risks from changes in the economic situation fall on the shoulders of borrowers.
Note! Some experts compare the degree of risk of a mortgage with a floating rate with one that is issued in foreign currency.
In addition, analysts argue that no improvement in the economic indicators to which the rate is tied is expected in the near future.
In addition, experts predict a further increase in the inflation rate. For borrowers this will turn out to be height floating rate. It should be borne in mind that such an increase is not limited by absolutely anything, so as a result, for the debtor this may result in a situation where it will be impossible to pay the loan.
There is an opinion that a floating interest rate is beneficial when taking out a mortgage for a short period. That is, if you pay the loan within 5 years, this does not threaten trouble. Moreover, you will be able to save on the amount of overpayment.
But history says otherwise. Many borrowers who 2006 year, we took out a mortgage with a variable rate and intended to pay it off as quickly as possible. However, in 2008 the year has come economic crisis which led to significant rising rates for such loans. As a result, hopes were not justified, and the payment increased significantly.
2) Reduced mortgage interest rates in the future
Recently, programs have appeared on the mortgage lending market that promise borrowers for a certain commission interest rate reduction in the future.
In practice, you have to pay huge sums for this opportunity. Typically the commission is 2 -7 % of the total amount received for the mortgage.
Banks provide calculations that convince clients that the savings from such rate cuts will be significant.
In practice, most borrowers strive to pay off their mortgage as quickly as possible. In this case, saving makes no sense. Therefore, professionals do not recommend overpaying extra money for such conditions.
3) Mortgage refinancing
Currently, more and more credit institutions are offering mortgages with combined rate. In this case, the loan is initially issued at a reduced rate, and after a certain period it will be carried out.
On the one hand, for the borrower there is a certain benefit of refinancing, which consists in getting more profitable conditions. As a result, when applying for a mortgage, the client hopes that at the first stage he will benefit from a low rate, and subsequently refinance the loan at average market interest rates.
In practice, banks, if their benefits decrease, are reluctant to provide refinancing. As a result, in most cases, borrowers are not given the opportunity to exercise this right.
More often than not, borrowers are not given better mortgage terms, they simply receive floating rate loan.
It should be taken into account that at first only interest is always paid on a mortgage, while the amount of the principal remains practically untouched. As a result, the level of overpayment is practically no different from a traditional loan, and the promise of savings remains nothing more than a publicity stunt.
Thus, when applying for a mortgage, the borrower must thoroughly select its conditions. Today, the market offers a huge number of different programs, most of which lure customers with a non-existent opportunity to save money.
You should not take such promises at their word. It is better to study the opinions of professionals regarding certain proposals.
5. Which bank has the most profitable mortgage - review of the TOP 5 banks where it is more profitable to get a mortgage 💸
Today, a mortgage can be obtained from almost any bank. At the same time, you can find many interesting and quite profitable programs on the lending market.
It can be difficult to choose the best one on your own. Therefore, it is best to use ratings compiled by experts.
The table shows banks with the most favorable lending conditions:
| № | Credit organisation | Name of the loan program | Maximum loan amount | Maximum term | Bid |
| 1. | Credit Bank of Moscow | Mortgage with state support | 8 million rubles | 20 years | 7-12% |
| 2. | Primsotsbank | Set your bet | 20 million rubles | 27 years | 10% |
| 3. | Sberbank | Purchasing ready-made housing for young families | 8 million rubles | 30 years | 11% |
| 4. | VTB 24 | More meters – lower rate (purchase of large apartments) | 60 million rubles | 30 years | 11,5% |
| 5. | Rosselkhozbank | For reliable clients | 20 million rubles | 30 years | 12,5% |
It should be kept in mind that you can count on the minimum rate when applying for a mortgage with government support.
6. Who to turn to for help in obtaining profitable mortgage loans - mortgage brokers will help 📃
Not everyone can understand all the features of mortgage programs. Many people spend a huge amount of time on such an analysis.
However, there is no guarantee that after spending days and weeks searching for the most favorable conditions, you will be able to obtain the most suitable option with a minimum overpayment.
To prevent paying off your mortgage from becoming torture, you should seek help professionals.
They analyze existing offers on the market, as well as select the ideal program for specific conditions. mortgage brokers .
Popular Moscow mortgage brokers are: “Credit Laboratory”, “ABC of Housing”, “Credit Decision Service”, “Flash Credit”
In megacities, similar functions are performed by entire specialized organizations. But even in small towns you can find a mortgage broker. Most often they work in popular real estate agencies.
7. Frequently asked questions (FAQ) 📢
The topic of mortgage lending is vast and multifaceted, so often those who are looking for the best program have a huge number of questions.
It is not always possible to spend time searching for answers on the Internet. To make life easier for our readers, we provide answers to the most common questions.
Question 1. How profitable is it to take out a mortgage for a home?
To obtain a mortgage loan as profitably as possible, you will first need to conduct a thorough analysis of the programs offered in the city of residence of the future borrower. We have already talked in more detail about whether to buy an apartment, a house or a plot of land in the previous article.
In this case, you should pay attention to a number of indicators, the main ones being:
- loan amount;
- the period for which it is planned to issue a mortgage;
- interest rate.
Don't forget about the various commissions, and insurance.
When looking for a profitable mortgage, you should first pay attention to programs in banks where the future borrower is already client . This may be a credit institution on whose card the applicant receives wages, or where another loan was issued and successfully repaid.
Credit institutions usually treat these categories of clients more loyally. Besides, it is in these cases that you can count on more favorable conditions, for example, interest rate reduction.
Those who have a significant amount for down payment. If the borrower has 50 % the cost of the apartment, the bank will offer him minimum bet.
Conversely, if there is no or insignificant down payment, the loan rate will be maximum . This rule allows credit institutions to insure the risks of non-repayment of funds, as well as the onset of a collapse in the economy.
Another indicator that has a significant impact on the profitability of a mortgage is loan term . On the one hand, obtaining a mortgage loan for maximum the term leads to the fact that the monthly payment will be small. As a result, it will be much easier for the borrower to fulfill obligations.
As of March 1, 2018, Russian banks provided more than 180 thousand mortgage loans worth more than 347 billion rubles. And in January, all mortgage loans issued in Russia exceeded the 2 trillion ruble mark.
These data indicate the popularity of the topic, so today we will look at what housing lending is and where and how you can get a mortgage. + We will give several recommendations that will increase your chances of getting a loan.
What is a mortgage?
A mortgage is a special type of loan for the purchase of a home. If a borrower uses a mortgage, he buys an apartment or house and immediately pledges it to the bank. At the same time, he remains the owner of the property, but cannot sell it.
The bank will resort to sanctions if the borrower commits the following violations:
- sell an apartment or house
- will allow damage to real estate
- willfully change the technical characteristics of an apartment or house (for example, make a redevelopment and do not approve it)
- will violate the terms of the insurance (if the insurance contract was drawn up together with the mortgage).
What are the conditions?
We will talk about the specific parameters of a profitable mortgage loan further.
In the meantime, let's look at the general requirements that the bank imposes on borrowers.
#1. Age
The minimum age to obtain a mortgage loan at most banks is 21 years old.
The upper limit is set individually and is usually 65-75 years. The highest age limit in the mortgage lending market is offered by Sovcombank and Sberbank.
#2. Solvency
First of all, banks look at whether the borrower can repay the loan and avoid delays.
Financial institution specialists evaluate:
- official income
- work experience at current place
- position, profession
- income of co-borrowers and guarantors (if any).
Banks also evaluate the borrower's expenses. If a client who wants to take out a loan has many dependents (children, retired parents, other people), then the likelihood of loan approval decreases.
Banks focus on solvency when determining the maximum loan amount for a borrower and the loan term. A financial institution will not issue a loan if the monthly payment amount is more than 50% of the income of the borrower and his family. However, in practice, banks believe that clients cannot spend more than 40% of their income per month on a mortgage.
This means that in order to apply for a mortgage and pay 40 thousand rubles per month, the borrower (or the entire client’s family) must have a monthly income of 100 thousand rubles.
#3. Belonging to a preferential category
The state will help pay mortgages to the following categories of citizens:
- families with 2 or more children (maternity capital is provided, which can be used to purchase housing)
- young families
- military personnel.
If the family has a certificate for maternity capital or its members are under 35 years old, then the state will contribute part of the loan or help with the down payment. Military personnel can expect to pay the mortgage in full if the value of the purchased property is 2.4 million rubles or less.
#4. Employment type
It is important for the bank that the borrower’s income is not only sufficient, but also constant. Therefore, financial institutions prefer clients who work for government organizations. Borrowers employed in large private companies also have a high probability of getting a loan.
Credit institutions treat businessmen more strictly. A bank may refuse to issue a loan to a client who has his own business, even if he has an income of 100 thousand rubles per month. Credit managers believe that business profits are unstable, and the borrower may lose his source of livelihood at any time.
How much will you have to overpay?
Let's look at the situation using an example: The cost of the apartment is 4 million rubles, the loan term is 20 years, the interest rate is 11% per annum. The family does not benefit from maternal capital or government support. To repay such a loan, you will have to pay 41,288 rubles every month. In total, the family will spend 9 million 900 thousand rubles on the purchase of an apartment (4,000,000 is the cost of real estate, 5,900,000 is the overpayment on the loan).
In other words, in this example, the borrower is paying almost 2.5 times the value of the property if he decides to take out a home loan.
How to get a mortgage loan on your own?
Let's move on to the algorithm that will help you take out a loan for housing. Let's look at how a mortgage is obtained in two ways: independently and with the help of credit brokers.
Let's start with a situation where the borrower wants to save money on assistants and get a loan on his own. To do this, he will have to go through 6 stages.
#1. Choosing housing
Banks issue mortgage loans for the following types of real estate:
- apartments in new buildings
- apartments on the secondary market
- dachas, cottages
- private houses.
You can also get a loan for housing that is purchased under an equity participation agreement. But not all banks provide such loans.
The borrower must focus not only on desires, but also on possibilities. The bank will not give a loan if you have to pay more than 50% of your official monthly income for housing. But in order to create a safety margin, we advise you to focus on housing for which you will have to pay no more than 40% of your monthly income.
#2. Bank selection
There is no shortage of offers in the mortgage lending market. When choosing a financial institution and a specific loan, pay attention to:
- down payment amount
- credit limit
- insurance
- credit institution reputation
- reviews
- early repayment conditions
- maximum permissible delays
- number of documents to be processed.
If not all of your income is official, contact banks that offer mortgages based on two documents. In such companies, interest rates are 2-3% higher than the market average. But they give money without proof of income.
#3. Collecting papers, submitting an application
Let's look at what documents are needed for a mortgage.
Banks will ask you to present the following documents:
- loan application
- Borrower’s passport (if there are guarantors and co-borrowers - copies of their passports)
- certificate of income for the last 6 months (form 2-NDFL or bank)
- a copy of the work book certified by the employer
- business registration documents (if the borrower owns a business)
- documents for an apartment or house that you plan to purchase with a mortgage.
If you plan to get a mortgage and use maternity capital (or get an apartment using military loans), you will need papers confirming the benefits.
For holders of maternity capital:
- certificate (or certificates, if there are several)
- consent from the Pension Fund to use funds
- consent from the seller of an apartment or house to sell real estate using maternity capital.
For the military:
- permission from Rosvoenipoteka.
#4. Registration of the contract
Mortgage agreements are drawn up by banks, and clients only sign them. But this does not prevent you from studying the text of the contract from the first to the last page.
In the agreement, carefully study the following loan parameters:
- maturity
- monthly payment
- effective interest rate
- early repayment conditions
- commissions (for opening an account, conducting transactions, etc.)
- fines for late payments.
If you are not satisfied with at least one condition, you can tell the credit manager about it. If the bank does not want to change the agreement, it is better to find another credit institution.
It is not necessary to sign the loan agreement on the same day you receive it for study. You can take a copy home and re-read it in a calm environment with a qualified lawyer.
If the conditions suit you, start looking for an apartment.
#5. Buying an apartment, signing a loan agreement
Find an apartment or house that suits both you and the bank. Typically, lending institutions take 1-2 months to select a property. If during this period the borrower does not decide on an apartment or house, the bank may cancel the decision to approve the loan.
As soon as the object is selected, you can sign an agreement on the purchase/sale of an apartment (house) and a mortgage agreement with the bank. The real estate is immediately pledged to a credit institution, for which a special document is drawn up - a mortgage.
#6. Transaction insurance
Russian legislation obliges borrowers who take out a mortgage to insure the transaction.
The requirements of the law “On Mortgage (Pledge of Real Estate)” apply only to apartment insurance. But banks offer clients to take out insurance policies for life, solvency, health, and the risk of loan non-repayment. The cost of such insurance can reach up to 10−15% of the loan amount. Banks, if the client did not want to pay for the policy.
#7 Paperwork
The last thing left to do is to register the transaction with Rosreestr. To do this, bring and submit all documents to the Rosreestr office or online - mortgage agreement, purchase/sale agreement of an apartment or house, mortgage, insurance policy. In 2-3 days, information about the transaction will appear in Rosreestr, and you will become the owner of a new apartment.
Why do you need a credit broker?
The algorithm described above allows you to get a mortgage yourself. It is not that complicated, but if you do everything alone, it will take 2-3 months. In addition, if there is, then the financial institution may refuse the loan.
By contacting a credit broker, these problems can be avoided. He will submit applications to several banks at once. Several credit institutions will simultaneously consider the borrower's candidacy. This will allow you to avoid wasting time collecting documents for each bank.
Brokers also have connections with credit managers at banks and can influence their decisions. It happens that a client who could not get a loan on his own applied for a loan without problems after contacting a broker. In addition, intermediaries know how to make loan terms more favorable and reduce the interest rate for the client by 1.5-2%. Over a period of 15-20 years, this allows you to save 1-2 million rubles.
Where to get a mortgage?
We studied which banks provide mortgages and compiled our TOP loan offers. The rating includes reliable organizations from among the 20 largest banks in the country.
If you think , Which bank is better to take out a mortgage loan from, take advantage of any offer from our article.
#1. Tinkoff Mortgage
Tinkoff Bank itself does not provide mortgage loans. But the company reached an agreement with other lending institutions, and now Tinkoff loans are offered profitable housing loans.
- interest rate - from 6 to 14.5% per annum
- loan term - from 10 to 25 years
- minimum contribution - from 10 to 40%
- the maximum amount is up to 99 million rubles.
When applying for a mortgage at Tinkoff, you simultaneously apply to several partner banks. They study the application and formulate an individual offer. If the loan has been approved by several credit institutions, the borrower himself decides which bank to take out a mortgage loan from.
#2. Opening
Otkritie Bank offers favorable mortgage loans to all categories of clients.
- interest rate - from 9.35% per annum
- loan term - from 5 to 30 years
- minimum contribution - from 10%
- amount - 0.5−30 million rubles.
You can apply for a mortgage at Otkritie Bank on the official website. To receive pre-approval via SMS, just fill out a form. If the decision is positive, you need to provide documents for the borrower and the property to the Otkritie Bank branch. The loan specialist will examine the papers and make a decision.
There are several ways to repay a housing loan from Otkritie Bank:
- in company branches
- at Otkritie ATMs accepting cash
- in Qiwi and Eleksnet terminals
- through the Zolotaya Korona system
- via Yandex. Money
- interbank transfer
- in Svyaznoy, Eldorado, Telepay.
Follow the payment repayment schedule to avoid paying fines. Transfer money 2-3 days before the day indicated in the schedule. If you are repaying the loan through Otkritie’s partners (Qiwi, Eleksnet, Zolotaya Korona and other systems), we recommend increasing the period to 4-5 days.
#3. VTB
Borrowers can get a mortgage from the country's second largest bank, VTB.
- interest rate - from 8.8% per annum
- loan term - up to 20 years
- minimum contribution - from 10%
- amount - up to 60 million rubles.
To get a mortgage from VTB, contact a bank branch with documents or fill out an application on the website. The credit manager will review the papers to make a decision. If it is positive, you can choose an apartment and enter into an agreement. The procedure for applying for a loan at VTB takes 1-2 weeks.
You can repay the loan at ATMs and VTB branches. The bank's devices and offices are presented on an interactive map on the bank's official website and app.
#4. Sberbank
Sberbank issues mortgage loans to military personnel, families with children, young families and other borrowers.
- interest rate - from 6% per annum
- loan term - up to 30 years
- minimum contribution - from 10%
- amount - 0.3−8 million rubles.
Sberbank accepts applications for mortgage loans on its website and in branches. Prepare documents in advance so the loan officer can review them more quickly. The decision will be made 1-2 weeks after the transfer of papers. You are given a month to search for housing, during which time you need to have time to select a property, conclude a mortgage agreement and insure your apartment or house.
You can repay loans at ATMs and Sberbank offices. Sberbank partner points also accept.
The advantage of the offer from Sberbank is low mortgage rates. The company provides loans at 6% per annum to participants of the state program “Mortgage with state support for families with children.”
#5. Raiffeisen Bank
The branch of the Austrian banking group in Russia, Raiffeisen Bank, offers to take advantage of the mortgage lending program.
- interest rate - from 9.5% per annum
- loan term - 1−30 years
- minimum contribution - from 10%
- amount - up to 26 million rubles.
You can get a loan from Raiffeisen Bank by submitting an application on the official website. After the preliminary decision, you can prepare documents and visit the Raiffeisenbank office. If the loan is approved, the borrower will be able to take out a mortgage with an interest rate of 9.5% per annum in 2018.
To repay a loan from Raiffeisenbank, you can use ATMs and company branches.
Which bank has the lowest mortgage?? Now the minimum interest rate on housing loans is offered by Sberbank. Here you can get a mortgage loan at 6% per annum if you participate in government programs or buy apartments from partner developers.
We believe you should pay attention to them before taking out a mortgage.
#1. Do not take foreign currency loans
Several tens of thousands of people have already suffered from foreign currency mortgages. They took out loans in dollars or euros at a favorable rate (1−2%), but were unable to repay the loan when the ruble exchange rate decreased by 1.5−2 times in 2014-2015.
If you receive a salary in rubles, then take out loans in rubles. If your employer pays you in Euros or US dollars, you may want to consider these currencies for your home loan.
#2. Read the contract carefully
We have already said that you need to study the loan agreement carefully.
- If you know a lawyer or bank employee, invite him with you to apply for a loan. Representatives of such professions know what to look for and will immediately find mistakes in the papers.
- If there is at least one condition in the contract that does not suit you, do not sign it. Mortgages can be obtained from dozens of banks, and among them there are lending institutions that do not deceive clients.
#3. Calculate your forces
There are still banks in Russia that provide mortgage loans and expect that borrowers will spend 60-70% of their monthly income on them.
It’s difficult to live in this mode for 10-15 years. It is better to limit expenses to 30-40% of monthly income. In this case, you will have to reduce the mortgage amount. This can be done in two ways: take a loan for a long term, and also choose cheaper housing.
In the first case
- the likelihood of loan approval decreases as the term increases
- The monthly payment decreases slightly as the loan term increases.
Let's consider an example: There are two loans with the same amounts and interest (3 million rubles, 12% per annum), but for different periods (one for 20 years, the other for 30 years). Using an online calculator to calculate mortgage terms, we get:
- monthly payment for a loan for 20 years - 33,033 rubles (overpayment - 4,927,820 rubles)
- monthly payment for a loan for 30 years - 30,858 rubles (overpayment - 8,109,016 rubles)
The contribution that will have to be paid every month has decreased by only 2 thousand (this is less than 10%), and the overpayment will increase by more than 3 million.
That is why the borrower, before receiving a mortgage, needs to correlate his desires and capabilities. Otherwise, a housing loan can become bondage for life.
To avoid this situation, use online calculators to calculate your mortgage. They work the same way and produce identical results. You can find loan calculators on bank websites (links will follow).
In the second case
If you take out a mortgage for an apartment that costs less than you originally planned, you can repay the loan faster. This will make it possible to obtain a new loan for real estate with an increased area and improved layout.
#4. Create a safety net
If you do not repay the loan on time, the bank will impose sanctions - fines or seizure of real estate.
To avoid this situation, set aside money to pay off your mortgage in a deposit. Try to save up enough money to pay your monthly installments for 6-8 months.
You can also pay off the loan early. This is beneficial: the faster you repay the loan, the less you overpay to the bank. However, not all credit institutions welcome early repayment of loans - some companies fine clients who repay loans ahead of schedule. If you took out a loan from such a bank, we recommend saving money rather than paying off the mortgage with it at the first opportunity.
#5. Take out a loan at the right time
Housing has a minimum price when demand for it is reduced. Try to guess the time when the price of an apartment or house will fall, and buy real estate during this period.
This way you will not only save on the cost of housing, but also take out a mortgage at a favorable interest rate. Banks lower interest rates when apartment sales fall and accommodate clients halfway in other matters. All you have to do is monitor when housing prices and sales are falling, and plan to purchase an apartment or house at exactly this time.
Conclusion
A mortgage is a good (and sometimes the only) way to improve your living conditions. Mortgage lending allows you to buy an apartment right now, rather than putting off the issue of real estate for 10-15 years.
Mortgage loan amounts, as a rule, start from 1-2 million rubles. Few banks give loans for such amounts without proof of income. Almost all credit organizations require borrowers to confirm their financial condition, availability of employment and attract guarantors. We recommend that you think about this in advance so as not to waste time when applying for a loan.