Mortgage today - financial slavery or the winning ticket?
One of the most important financial topics today remains a mortgage.
This is a great decision to change their living conditions in a very short period of time.
It is important to understand that the financial dependence of the bank may not be oppressive on the psyche of bondage, but a real opportunity to get what you've always dreamed of.
To little to dispel the clouds in search of the truth and understand what can be civilized "smart" mortgages, today Let us examine the main points that you should consider the simple inhabitant.
The most basic condition - it is, of course, your "liquidity". This refers to the amount of payment on the mortgage, which you can pay your monthly credit. The vast majority of banks will be able to give you a "good" if their mortgages will not exceed 50% of the net total income declared by you and the confirmed bank. (Submit your revenue to the bank in various ways, not necessarily documented, but it is - a topic for another conversation).
Net income in this case - the amount earned during the month of money for less mandatory (where they get away from) payments - apartment rent, taxes, payments on other loans. Moreover, payments on other loans banks can be considered "as is" and can - with a coefficient.
The important point! Psychologically 50% per month will still create some discomfort. Therefore, the system will calculate the loan repayment, starting from 40%. The difference in the 10% - of our comfort zone, when to pay more than 40% - infringe upon yourself in something, and less - just do not make sense.
For how long to take a mortgage?
Banks offer stretch "fun" for 25 years, some even do not stint on the 30.
The most popular among Muscovites is a 15-year loan term, but most borrowers pay the entire amount in advance.
Following the rules of a "smart" mortgage today repayment period over 10 years - this is a frightening reality.
Firstly, in 30 years you overpay 270% and 10 years will cost you in the "funny" 72%. Do not believe? Then we use the loan calculator. Substitute: loan size, for example, 5 million, the interest rate, for example, 12% per annum and will change the credit terms and see what happens.
Yes, for 30 years, you will give the bank is almost three times more money than have!
But if you take a loan for 10 years, a payment on the loan will be too large, or loan size is too small.
Therefore, the main rule of "smart mortgage" can be formulated as follows: loan need to take a long time: the very 25 - 30 years, and the need to repay the loan as soon as possible, preferably within 10 years, repaying the loan early.
Second, today the mortgage for you is necessary and urgent, and at the end of the contract period everything can change - requests, preferences, life situation, etc.
Therefore, it is better to improve the living conditions gradually taking every time "all possible burden": less flat, but the payment for which you will not only do what "work for the bank."
Why should you pay on the loan ahead of schedule?
Let's start small - 7 years. With an average annual rate of 12% interest on the loan overpayment will be 48% for the 10-year loan - 72% of the principal amount. It is advisable to arrange a mortgage today at a more modest property to pay off the loan ahead of schedule, and a maximum of 7 years to find a more suitable option.
Again, not the fact that half the term of the mortgage payments on the contract for 30 years, in your life, nothing will change.
Guided by the rule "from smaller to larger" we just outright kill two birds - does not impinge on the psychological health and average the costs.
The optimal rate for the loan, what is it?
It is understood that the smaller the better. But the stakes "in Europe" can wait for years, but because it makes sense to talk about what can now. Today, the mortgage provided by various credit programs with different rates (from 11.5 to "barrage" of 25% per annum) ... For some programs the rate of 13% seems too high, and for some of that, which we can only dream of.
If we're talking about getting a loan secured by the purchased apartments in the secondary market, the rates start from 12.5 - 13% per annum in rubles.
When lending to new buildings, taking into account the state. Support rates could be between 11.5 - 12%, and in some cases, taking into account the subsidy rate developers - 7 - 8% and even 1% per annum. (However, such low rates are usually within 1 - 2 of the first years of credit use, and then become higher).
When applying for a loan to buy a house to the ground - the best rates start at 14.25% per annum.
Where have the finances, there are always risks, so it happened. In case of force majeure should have surplus funds.
Let's say that you have excellent business and things are going great. But it is today. Mortgage (for some time) - a constant, and business affairs may stop going great, so you need to protect yourself.
This will require an amount of 3-6 monthly income to "wait", "to endure" to find new work and so forth.
This does not mean that the money must be based on "dead weight." The easiest way to place a deposit (not in the bank where to pay the mortgage) with interest that maintain the balance with respect to inflation and good humor you and your family.