How to choose a mortgage?
Mortgage | Advice
To buy an apartment in the mortgage, it is necessary to have an initial contribution, stable confirmed income and unspoiled credit history, but to buy an apartment in the mortgage and still profitable, you need to carefully analyze the proposals of different banks. The fact is that when you make a mortgage loan no trifles: the difference in interest rates of 0.5 - 1% per annum is easily converted into hundreds of thousands of rubles overpayment, and all sorts of restrictions greatly complicate life. Given that mortgages are rarely taken not by one or two years, it is better not to hurry up and spend some time to compare mortgage products of banks in several indicators.
- The annual interest rate
The annual interest rate determines how much you eventually pay the bank for credit. The lower the percentage, the less the overpayment, and do not be cheating the insignificance of the difference between the mortgage products of various banks. There's even 1% - a lot. For example, with an initial contribution of $ 1 000 000 and acquiring an apartment worth 4.5 million rubles, while the design of the mortgage for 15 years at 13% per annum, the overpayment amount to 4.471 million rubles, while the cost of credit 12% per year - 4,061,000 rubles. 410 000 rubles - a car repairs in the apartment, or the price of higher education, resulting in a good Russian university.
- Additional charges when you make a loan
The main additional cost when you make a mortgage - a bank commission for granting the loan, fee appraisers of property, insurance of collateral and the borrower's life and, in fact, registration of the transaction.
In recent years, most banks refused to loan fees, but left unchanged or increased fees for opening and maintenance of current accounts. Before you arrange the loan is to ask how many will make these payments, and at what point they will be written off.
Expert assessment is always required when an apartment or a country house made out in the mortgage, so the majority of banks with appraisal companies signed special cooperation agreements. It is better if the appraisers-partners will be more. This will take advantage of the market, and not overpriced.
Any bank interested to property, which he takes as a pledge, was immune from all sides, so it is beneficial to both have been decorated and title insurance, and insurance of the object and life insurance of the borrower. But it is not profitable for the borrower: the insurance object only from the devastation it will leave an annual amount of 0.2 - 0.4% of the outstanding portion of the loan, when you make a full package of insurance - 1%. However, keep in mind that insurance coverage is encouraged in a number of banks reduced interest rate.
- The number of accredited developers
On the number of accredited developers should pay attention to those who are planning to buy a new building in Moscow or in the suburbs. Accredited facilities - it is more reliable (banks check the financial viability of the developers), and lower interest rates.
- Time for consideration of the loan application
Item of the date of the application on the last place was not a coincidence. As mentioned above, the rush when choosing a mortgage is not acceptable. But if it so happened that there was a flat, you are afraid to miss, look for banks that do not tighten with the decision.