The process of purchasing housing with the help of a mortgage begins with the choice of a suitable banking institution. Currently, the “spread” of interest rates and other conditions of housing loans is quite high, and there is something to choose from even in small towns. Moreover, there are various federal programs that allow you to apply for a mortgage on special preferential terms, for example: mortgage with state support makes it possible to purchase an apartment in a new building with partial repayment of interest by the state (ie, a loan is much cheaper).
Young families allow you to take out a loan on concessional terms
Experts advise to apply for a mortgage at once in several banks. Unlike attempts to take several consumer loans, mortgage applications do not spoil the credit history: banks understand that a person is hardly going to apply for several housing loans, and makes a mass mailing of applications for choosing between several offers. It is not recommended to duplicate the application – usually banks refer to such phenomena with prejudice. If there is no answer on the questionnaire, it is better to call and clarify, and not send it again.
What parameters of the loan to analyze
- interest rate – the lower the better, as a rule, it will be in the range from 10 to 15%;
- loan duration – you should not draw up a mortgage for more than 20 years, since a long term has little effect on the size of the monthly payment, but the amount of the overpayment is growing;
- total approved amount of mortgage – it is calculated for each client individually;
- overpayment amount;
- loan currency (it is better to issue a loan in the currency in which you receive wages, you should not rely on low interest rates on foreign currency mortgages, 2014 showed this well);
- whether collateral and bail are required;
- conditions for the transfer of housing as collateral;
- the amount of insurance for housing (this is necessary, but life and health can not insure);
- credit issuance options – on hand, by transfer to an account or to a card;
- early repayment conditions.
Do not blindly trust the parameters of the loan, which are registered in bank advertising or on official websites: for each applicant banks usually establish individual conditions determined in the process of scoring and checking documents.
Also, when choosing a bank, be sure to pay attention to how you will repay the loan. If the bank is located at the other end of the city, and in order to pay off the mortgage you definitely need to come to the office, then this option is not attractive. The best and most convenient way to repay debt – online. So you can see other parameters of the loan without leaving home. Ideal if you can even pay off prematurely via the Internet bank. For example, Sberbank recently implemented this feature.
What to check when choosing a home
Once you have decided on the choice of a bank and a suitable mortgage program, you can start searching for housing. Usually the approval is valid for 2-3 months, it is better to clarify this point so as not to miss the last day of the application activity.
When choosing a suitable home, pay attention to the following points:
- whether the apartment or house is suitable for the requirements of the bank – for example, under the state support program you can only buy new buildings
- who is the owner and how long ago he owns housing – for example, if he entered inheritance quite recently, then his ownership can be challenged within six months, so it is better to hedge;
- if there are children among the owners, then ask them to show permission for the transaction from the guardianship authorities;
- if there are rent debts behind the apartment – ask for a certificate from the management company;
- to make sure that the apartment is not burdened and not mortgaged, request the appropriate certificate in Rosreestr;
- check on the website of the local court through the “Search”, whether the apartment is the subject of a legal dispute;
- Be sure to check the current layout with that specified in the data sheet – otherwise you will have to legitimize all modifications or return to the original form at your own expense;
- check who exactly is the owner, and if they all agree to sell the apartment, otherwise you may get into an unpleasant situation when one of the owners does not give consent to the transaction;
- if the intermediary sells the apartment, check his power of attorney – if the term has expired, what authority he has, etc. – and still contact the owner and make sure he agrees to sell.
Naturally, you need to pay attention to such parameters of the apartment as its area, number of floors, layout, surrounding infrastructure, etc. – but here we are talking about the legal purity of the transaction.