“You must be sure that the decision to take a mortgage is really a priority. Should you be afraid of mortgages? No way to take a mortgage I'm afraid of unforeseen situations
Mortgages have a little history. The first mortgages were issued in 1997. 17 years have passed. During this time, the mortgage has already managed to grow fears and myths. According to the results of opinion polls, only every tenth is not afraid of mortgages. Mostly among them are those who are already provided with housing. Let's leave these lucky ones aside. Let's talk now about those who do not yet have their own housing. What are they, fears that prevent potential buyers of apartments from entering the bank and making their dreams come true? Specialists of the Premier Group will talk about how to part with unnecessary doubts.
Fear 1: “they will give or will not give”
Insidious fear: if they don’t give, then it’s bad and if they give, then it’s also bad: you will have to overpay the cost of the apartment at times. The latter include those who are afraid of loans in general. We can conclude that the fear of loans lies in the fact that you buy goods at one price, but really pay a double price. “It’s not even scary, but it’s wildly insulting to overpay at times. Moreover, these are absolutely tiny apartments, when you can almost buy a house in Greece for the same money, ”admits one of the doubting buyers. At the same time, many begin to compare mortgage rates in other countries, and completely put off the dream of their own square meters in the long box. People, as a rule, see a way out in accumulating and buying an apartment on their own. Note that this option works if the buyer will need to save for housing no longer than three years.
If you manage to accumulate yourself only in 10 years, it makes sense to remember that, taking into account inflation and rising prices for apartments, in 10 years, housing will cost about as much as an apartment costs today, taking into account mortgage interest.
The fear that people will not give a mortgage also torments. Especially if they have already applied to one bank and they were refused. It is worth trying a second bank, a third. The conditions and requirements of different banks are different.
Fear 2: “fear of the unexpected”
This is a fear of losing a job or getting sick, getting a disability.
It should be borne in mind that if the borrower understands that in less than half a year he will be able to cope with the problem of losing his job or health, then it makes sense to go to the bank, explain the situation and ask to freeze payments. The bank can do this for up to 6 months. However, you should be aware that the bank may freeze debt payments, but interest on the mortgage will still have to be paid. Overdue payments will then have to be repaid at the same time or according to the schedule established by the bank.
If the borrower dies or receives a disability of groups I and II, the insurance company reimburses the bank for the borrower's debt. In all other cases, you should sell a mortgage apartment. It’s not worth taking time so that additional fines do not increase.
Fear 3: “undermine the family budget or lose an apartment due to delays in payments”
Youth wants freedom: nobody wants to be indebted or obliged to anything. It is unlikely that someone will like the idea of \u200b\u200bdenying themselves now, in order to become the owner of the apartment in a few decades, and realize that it has long been small.
Consumers are particularly outraged by the fact that there is no incentive to pay back the loan earlier; more often than not, savings will not work.
This is a myth left over from the days when the mortgage was not allowed to be repaid early. Currently, early repayment of a mortgage without fines and moratoria is possible. To do this, you just need to warn the bank in advance. Then the bank, when the part of the debt is paid in advance, will recount the payment schedule and reduce the interest overpayment.
I would also like to turn to statistics, which says that from January 1 to July 1, 2014, mortgage debt decreased by 2.6%, and compared with July 1, 2013 it fell even more - by 3.6%.
To overcome the fear of “undermining the family budget - losing an apartment due to delays in payments”, it makes sense to consider the following option: save up to 50% of the price of the apartment and take a mortgage for 5 years so that the monthly payment does not exceed 30% of family income. In this case, the overpayment will be no more than 25% of the price of the apartment, the period will not be “life-long”, and mortgage payments will not be “bonded”.
Fear 4: “fear of deception”
This includes those who are afraid of divorce from their spouse, as well as those who are afraid that they will be deceived by the bank (hidden payments that may arise after taking a mortgage). Moreover, bank customers often point out not the additional costs of insurance, but "it is not clear where the heap of additional payments, fines and penalties comes out." We note an interesting fact: according to numerous studies conducted by banks, a mortgage can reduce the risk of divorce by a factor of ten: in 5 years of paying a mortgage debt, divorce occurs in less than 1% of borrowers. And this despite the fact that according to statistics, in the first years of marriage, about 60% of families break up.
A lawyer who can competently draw up a prenuptial agreement can help overcome the “fear of deceit”, and can also help with the conclusion of a mortgage agreement without “dark spots”: it will indicate all the conditions, violation of which could result in interest, commissions and changes in interest rates.
Fear 5: craving for a nomadic life
Recently, some Russians have begun to appear more and more “Western” fear - the need or desire to change their place of residence. Career development makes people move from one city to another. Or the housing, on which they took a mortgage, did not like it, and "the very dream apartment" appeared on sale. Or children were born, and you need to increase the area ... In the imagination of many Russians, a mortgage ties people to one place for many years. At the same time, the majority believes that the only way out of the situation is to rent an apartment “under a mortgage” and rent housing in the right area.
In reality, this is not so. An apartment burdened with a mortgage can be exchanged. This procedure is called a “collateral replacement”. However, it should be borne in mind that if the new apartment is located in a region where the bank does not have its own branch, then the bank does not agree to replace the collateral.
All the fears that potential buyers of apartments are rewarded with talk of a mortgage can hardly be listed. Of course, obtaining a loan requires serious thought and a sound assessment of their own strengths. But if the mortgage does not become a pleasant event in your life, then the long-awaited housewarming will definitely become one.
The material was compiled on the basis of a survey conducted by Premier Group of Companies in July 2014.
Date of publication: 11/15/2013A mortgage loan in Russia has a rather poor reputation. Many people are afraid to lose property, get into debt or get a bad loan. The reason for these fears is a lack of information.
Misconception number 1. "Gray" income
Gray income is earnings that are not documented. However, contrary to popular belief, a bank may issue a mortgage if there is an unhindered way to verify your income. Therefore, some banks ask for confirmation certificate certified by the employer.
Misconception No. 2. If the bank goes bankrupt, I will have to repay the loan ahead of schedule
Bank bankruptcy is usually a long process. The loan portfolio of a bankrupt bank goes to another credit institution (not to collectors!). At the same time, the terms of your contract do not change.
Those. you also continue to make monthly contributions, only to another bank. If another bank is trying to change the conditions (worsen them), then feel free to file a lawsuit. In addition, cases of early repayment are indicated in the loan agreement. So read the contract carefully.
Misconception No. 3. The apartment is owned by the bank until the loan is repaid.
The most common myth. When applying for a mortgage, the apartment / house immediately becomes your property. However, there will be a clause in the certificate of ownership indicating that the premises are encumbered with pledge. It only means that you do not have the right to dispose of the property without the permission of the bank.
The bank cannot just take away an apartment!
Misconception No. 4. A mortgage must be registered in a reliable bank.
That is why everyone goes to Sberbank. This is logical and correct. However, you can get much more favorable conditions if you go to a less popular bank.
In fact, no matter which bank issues the mortgage. Only the mortgage agreement is important. Therefore, carefully read the conditions.
Misconception number 5. Taking a mortgage is dangerous. The future is foggy ...
Russia is such a stable country that many fear the future. After all, it is not known what will happen in 15-20 years. Or you may lose your job, or work capacity.
Firstly, if in the future the mortgage becomes cheaper, then you can refinance the loan. Those. You can get more favorable conditions.
Secondly, possible health problems can be insured in advance. If God forbid that happens, then you can repay part of the loan with insurance payments.
Thirdly, do not be afraid of losing your job. It is beneficial for the bank to “hold” you. You can go to the bank and ask for a delay of two months. Or you can save money in advance for the amount of two-month payments, i.e. to insure against financial difficulties.
Misconception number 6. You must choose a mortgage with a minimum down payment.
On the one hand it is logical. It’s better to pay a small down payment so that there is money left for the repair and purchase of furniture, appliances, etc.
In fact, it's quite the opposite. The higher your down payment, the more favorable the conditions for a mortgage loan. Banks are more likely to trust borrowers who make a large down payment (about 50% of the total). After all, if the borrower has accumulated such an amount, then the bank rightly believes that the borrower is conscientious with good earnings.
If you make a minimum down payment, then take a mortgage for a much longer period. In the long run, you will overpay a lot. In addition, the bank may simply refuse to grant you a loan, believing that you are not earning enough.
Misconception No. 7. When pledging existing property, it is not necessary to confirm income.
Some believe that with a pledge it is not necessary to confirm your income. This is argued by the fact that the amount of mortgaged property is higher than the value of the mortgage. Usually, the borrower already has an apartment.
The bank must be sure that you can pay the mortgage. And the guarantee is insurance in case you cannot pay. The bank wants to earn on interest, and not to trade property of negligent borrowers.
Conclusion
As in any other activity, when registering a mortgage you need to think with your head. No need to be afraid, but you can’t be frivolous either. Cold calculation is your tool. Do not be afraid to hire a professional lawyer or realtor. It’s better to pay professionals to save your money and nerves later.
Thank you for the attention!
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Mortgage is bondage, the best diet is mortgage, mortgage is not a prison, there will be no amnesty ... Why not hear enough about this type of loan! Shatter the most common fears!
- Overpayment. If you can’t even hear the word “mortgage” because of fear of large payments, then open the Banki.ru mortgage calculator and use it to calculate the monthly payment that is comfortable for you, playing with the value of the property and down payment, different rates and terms.
- You need to have a large down payment, I don’t have that much money. You can buy an apartment in a mortgage with a small down payment or without it at all. You can familiarize yourself with attractive loan offers on the secondary real estate market by clicking on the link,
- Extremely high mortgage rates. Now historically the lowest rates!
- I can not confirm my income with a certificate in the form of 2-personal income tax. The link selected profitable loans without a job certificate.
- The rate on my loan may rise for reasons beyond my control: the bank will want to get more income or a crisis will break out in the country. Know, the bank does not have the right to personally raise the rate on your existing loan! The rate can only increase if you have a variable rate mortgage, but now such programs are rare, and it is better to avoid such offers.
- The bank will cash in on me, forcing me to pay horse fees. The mortgage commissions are prohibited: monthly, hidden, for considering a loan application, for opening a current account, etc.
- I do not have free money to pay monthly payments. Think about your daily expenses. How many optional items are there? Perhaps you will be able to pay a mortgage with ease if you refuse morning coffee at Starbucks in favor of an office Nescafe, a business lunch in favor of a “breakdown,” an expensive car in favor of a more economical one or a metro?
- Mortgage will force me to live in one place for many years, and I can’t change anything. An apartment bought with a mortgage can be sold, despite the deep conviction of many people about the opposite. Even taking a mortgage for 30 years, you can change housing before the expiration of this period! The sales procedure is slightly different from the standard.
- I will be forced to pay a loan for all 20-30 years for which I will draw up an agreement. The mortgage of any bank can be closed ahead of schedule and thereby significantly reduce the overpayment! To do this, you need to find out what your main debt balance is and deposit it and accrued interest for several days of the reporting period (month). In this case, no one will ask you to pay future interest for the remaining term of the mortgage agreement.
- For full early repayment I do not have a large amount, and is not expected. Any mortgage can be repaid partially ahead of schedule. What does it mean? Every month (or at least every day, if the bank does not mind) you can deposit more money into your account than the required monthly payment. Give the bank an instruction (you need to write a statement at the bank’s office or by phone, if the bank provides such an opportunity) to write off this money to pay off the main debt, otherwise your money will just hang out on the account and will not bring any benefit.
- The property tax deduction, which all residents of our country are entitled to when purchasing real estate, will help reduce the overpayment and financial burden on the budget. The deduction is calculated from the amount not exceeding 2 million rubles spent on the purchase or construction (this is 260 thousand rubles in real money); from the amount of not more than 3 million rubles spent on the repayment of bank interest (390 thousand rubles).
- If something happens to me, the bank will take the apartment or the debts will fall an unbearable burden on my close relatives. Insurance will protect loved ones from switching to loans in case of sudden termination of the borrower's life path or long-term disability.
- If in a few years interest rates on mortgages drop significantly, then I will have to pay my loan at a high rate; better wait. If this happens, then you can re-arrange your loan at a new favorable rate. This is called refinancing.
- If I urgently need money, then I can’t get a loan at the bank even for a small amount. If your income allows, then the mere presence of a mortgage is not a stop factor for obtaining other loans or even another mortgage.
- Mortgage is issued only for the purchase of an apartment. A mortgage loan can be issued not only for the purchase of an apartment, but also, for example, for the construction of a house.
So, we have listed the real reasons why mortgages should not be afraid. And for a more detailed acquaintance with this type of lending, we suggest that you familiarize yourself with the special section “Mortgage”, where you can not only find out the latest news on the topic, study unknown concepts, but also track the rate and select the mortgage according to your priority parameters.
Greetings! Today we’ll talk about whether to take a mortgage at all. In fact, our readers ask it regularly, so our experts will tell you in this article when to take a mortgage, and when not, how to evaluate the pros and cons of a mortgage bank and offers, whether it is worth taking a mortgage in 2020 or better to wait.
Before you register an apartment for a mortgage, you should not only evaluate your financial capabilities, but also examine the market indicators.
Market indicators
First of all, pay attention to the size of the interest rate. The lower it is, the lower the overpayment will be. In our country, if the mortgage rate is less than 11-12%, the transaction is considered profitable.
If you look at a large scale, then the increase in the level of interest on loans depends on the following factors:
- due to the introduction of international sanctions, the inflow of investments into the Russian economy decreased;
- at the same time, export oil prices are declining, and the ruble is depreciating;
- it becomes more difficult for banks to attract new capital; as a result, interest on loans is growing.
Also take into account the current dollar exchange rate and the trend of its growth or fall. If the dollar is growing against the ruble, then the Central Bank refinancing rate will increase. This, in turn, will entail an increase in interest rates on loans, incl. and mortgage.
For example, when in 2014 there was a jump in the exchange rate, mortgage rates rose to 17-18% per annum. It was simply scary to many borrowers to take a long-term loan at such interest rates, but there was no way out.
Therefore, if a mortgage is issued at a small percentage, while the foreign exchange market is stable - it's time to apply for a mortgage now.
Own opportunities
Thinking about how to decide on a mortgage, evaluate the following options:
- your income;
- desired loan size;
- estimated maturity.
Based on these data, knowing the interest rate, you can calculate the size of the monthly payment and draw conclusions about the possibility and advisability of obtaining a mortgage.
Also consider such factors:
- additional income (for example, investment or from deposits, or available part-time job);
- already having loans and other obligatory payments.
Evaluate whether you can, over time, monthly pay the bank the amount of the established payment or not. How stable is your income, will it be enough so that there is enough money not only to repay the loan, but also for everyday life.
You can find out from our last post.
Mortgage Pros
Of course, such a loan is not cheap, but the positive aspects of the mortgage justify the risks:
- You don’t need to save a large sum for years to buy a house. You can become the owner of an apartment or a house right now. To do this, you need to have on hand only the size of the down payment. And the period during which a loan is issued, as a rule, does not last more than 1-2 months.
- You can check into the apartment immediately after the transaction is completed.
- When applying for a mortgage, you can use one of the state social programs, if there is a reason. For example, you can get a subsidy or funds of maternity capital, through which part of the debt will be repaid.
- Taking an apartment in a mortgage you can get a tax deduction.
- Even after losing your job, you can contact the bank with a statement on the deferral of payments.
- The interest rate is lower than for a consumer loan.
If the loan rate is low, income allows and even more so there is an opportunity to receive a subsidy, do not be afraid to take housing in a mortgage. Yes, having a mortgage loan, you will have to make payments to the bank every month, but in return you will get your own housing.
When not to take a mortgage
Before deciding on such a crucial step, you should think carefully. Perhaps, right now is the period when it is better to postpone the registration of a mortgage loan.
Market indicators
You should not make a hasty decision and apply for a mortgage if the situation in the foreign exchange market is not stable. If the dollar / ruble rate is growing rapidly, then banks can increase interest rates on loans. In times of economic crisis, there were cases when borrowers filed an application at one percent, and at the time of its approval, the bank set a higher rate. There was no way out, there is no way to buy housing for several million rubles, so many decided to take a mortgage on less favorable terms.
Someone will say: “But I'm afraid!” And he will be right. Indeed, at a high rate, an overpayment even for 10 years will be more than the cost of the apartment itself.
It is also risky to draw up a mortgage agreement not in Russian rubles, but in US dollars or Euros. With the growth of the exchange rate, monthly payments in ruble equivalent will grow many times over.
Own risks
A responsible borrower, as a rule, is afraid to take housing on credit, if the company in which he works is unstable, there is a risk of dismissal or a change in the professional sphere. To be sure of your solvency, evaluate the reliability of your workplace at least for the duration of the mortgage agreement.
Do not take a mortgage if you plan to move in the near future.
Is it possible to get a mortgage loan with a low income level? It is possible, but it is worth considering the following:
- how much will remain after the repayment of all mandatory payments;
- whether she will be enough to stay;
- with a minimum payment amount, the loan term will be as possible (up to 30 years).
Cons of a mortgage
So that the borrower personally and his family are not afraid to take an apartment on credit, you need to evaluate in advance all the consequences of concluding an agreement:
- Housing will be pledged to the bank. Therefore, it cannot be sold until the loan is fully repaid.
- The borrower assumes long-term financial obligations for the payment of regular payments of a substantial amount.
- When concluding the contract, the bank's client also incurs additional costs for the payment of real estate valuation and insurance. Often, when applying for a mortgage, it is customary to insure not only property, but also the life and performance of the borrower.
Mortgage in 2020
Consider whether it is worth taking a mortgage this year. Rather, yes, because the market situation is now quite favorable for the conclusion of such transactions. In the framework of national projects, the country's authorities have chosen a mortgage as one of the tools on which they are counting on. According to the government’s plans, the mortgage rate should fall to 8% by 2024. In 2020, it has already fallen less than 9% and will continue to decline if nothing bad happens.
The state actively supports mortgage borrowers by stimulating them with special preferential mortgage programs. In 2020, there are several such programs:
- - Mortgage for families where the second child was born after January 1, 2018. Under this program, you can purchase housing in a new building from the developer at a rate even below 6% per annum.
- for the Far East - residents of the Far East have the right to purchase housing at a reduced rate of only 2 percent, but are required to register in it for a period of at least 5 years.
- - preferential program for residents of rural regions. With its help, you can purchase housing at a rate of 0.1 to 3% per annum.
There are also support measures for mortgage borrowers who have already taken a loan:
- Maternal capital. In 2020, it is indexed and amounts to 466,617 rubles. It can be used to pay off mortgages or
- If you had a third and subsequent child born after January 1, 2019, then you are entitled to 450,000 rubles to pay off your mortgage. In this case, there is no difference in the secondary it was housing or a new building.
Do not forget about the general situation in the country, namely
- Low inflation.
- The exchange rate is quite stable.
- Housing market prices are now practically minimal.
How to make money on a mortgage
With the help of a mortgage loan you can not only purchase housing, but also make money on it.
Method 1
If you have a main apartment for living, then having the amount of the down payment, you can take an apartment in a bank for a mortgage, and then rent it out.
The main thing is that the amount that tenants will pay is equal to or greater than the amount of the monthly loan payment. Thus, all expenses under the loan agreement will be covered thanks to the lease, and in the end you will become the owner of the home, for which others actually paid. If the rent also exceeds the loan payments, then in addition to the apartment itself, you will also receive additional income.
Method 2
With a solid monthly income, you can apply for a mortgage apartment in a new building under construction. In this case, its price will be an order of magnitude lower than the market, compared to when the house is completed.
In this case, the mortgage should be issued for a short period in order to pay off the loan as quickly as possible, and the overpayment was minimal. After a while, when the loan is repaid, and the house is handed over for housing, this apartment can be sold at a much higher price than it was purchased taking into account credit costs.
Method 3
Play on falling real estate prices. Now is one of the best times for buying real estate, as it is likely to buy a secondary option with a good discount. A large number of unsold apartments have accumulated in the market, if you manage to find a good deal and sell at a seller’s price, then after an inevitable increase in property prices you can sell the apartment with a plus, even taking into account interest.
How to choose a bank to conclude a mortgage transaction
Deciding to take a mortgage, it is important not only to assess the situation in the real estate market and financial risks, but also to choose the right bank.
Why is it not always advantageous to contact the financial institution with the lowest percentage? The fact is that in addition to the annual mortgage rate, there are also other conditions. To understand where it is better to draw up a contract, pay attention to the following parameters:
- The amount of fines and late fees.
- Is there a fee for issuing a loan and in what amount.
- Is there a possibility of early repayment and on what conditions.
- Explore options for paying monthly payments (do you need to contact the bank for this or is there a possibility of online transfer).
- Ask the bank manager to calculate the full cost of the loan for the entire repayment period. Compare this amount with offers in other banks.
- Find out if the bank has any additional mortgage registration programs. For example, for young families or for the military.
Deciding on a mortgage is not easy, but if you correctly assess all the risks and your opportunities, then this is a real way to become the owner of your own home, not in the distant future, but right now. Moreover, at the time of execution of the contract the price of the apartment is “fixed”, and many years later, by the time payments are completed, this amount will be much less than the real cost of housing at the time of closing the loan agreement.
We look forward to your questions in the comments. We will be grateful for the repost and evaluation of the article.
The swift transformations taking place in Sberbank, perhaps, were noticed by many of its clients. The vector set at all levels is to make it pleasant for a person to come to the bank, so that all banking operations are completed quickly, clearly and conveniently. Mortgage lending, this applies, of course, almost in the first place. Today, the housing issue is quite acute in many families.
According to statistics, only 5% of the population can buy an apartment for cash. And for the remaining 95% of people, a mortgage becomes an excellent opportunity to purchase their own housing.
Many Kursk developers implement projects using Sberbank loans. And to buy a home in such facilities, the bank's customers need a minimum set of documents, and the interest rate will be reduced as much as possible.
Separately, it is worth noting that this autumn a unique offer was launched for customers. The down payment for this program is 15% of the cost of housing purchased. One of the conditions of the offer is electronic registration of the transaction directly at the developer’s office, bypassing the MFC and Rosreestr. The service is convenient, because the client does not need to receive a coupon and register the transaction in other institutions.
WHAT YOU NEED TO DO TO FAVORABLE TO BUY HOUSING:
Step 1. Choose a reliable developer
Right now you can buy an apartment under the new mortgage conditions from the developer of the Civil Code S.K.B. in the area of \u200b\u200b"Silver Hills" and in houses at the intersection of st. Zapolnaya and st. 50 Years of October. In addition to the usual odnushki, dvushka and treshka, the company is building two-story townhouses and apartments with individual access to the terrace, where you can fry kebabs, lie in a sun lounger or lie in an inflatable pool.
Step 2. Choose a mortgage registration method
There are two ways. The first one is electronic, when you can issue a mortgage online using the DomKlik service.
The second way is to apply for a mortgage at any branch of Sberbank or a specialized Center for Mortgage Lending, located at 42 Dzerzhinsky (stop Central Market).
Step 3. Everything is in your hands.
One of the conditions for subsidizing is the execution of a mortgage for a period of up to 7 years. Therefore, forget about the loans that you pass on to the grandchildren by inheritance.
It's too early to bite your elbows and those who bought an apartment a few years ago and are now paying a loan to another bank. Sberbank refinances such loans.
1. Prepare in advance
2. Take a loan only in rubles
Of course, it is attractive that the loan rate in foreign currency may be lower. But everyone remembers how quickly the dollar rose? Therefore, take a mortgage only in the currency in which you receive the main income. Then you will exclude the increase in payment in currency rallies and you will not lose money during the conversion.
3. Consider the reputation of the bank
Almost all banks offer mortgages. But, as experience shows, more favorable conditions are in well-known banks with a good reputation.
4. Choose an apartment
In order not to change the amount of the mortgage loan at the last moment, decide in advance with the developer and his offers. If possible, follow the offers and promotions of companies for several months. Objectively evaluate the ratio of price and quality of housing.
5. Create a reserve
Anything can happen in life. Therefore, postpone the amount equal to the three-month payment on the mortgage in advance. Specialists call this the "financial airbag."