On how to make a mortgage, people startthink about when they face the need to buy their own housing and do not have enough personal savings to purchase it. Mortgage loans are characterized by a large amount in comparison with other types of loans, long repayment periods (up to 30 and even 50 years), real guarantees for repayment of loans from borrowers (usually as collateral for acquired property), lower in comparison with consumer credit interest rate.
How to apply for a mortgage
Mortgage loans are issued to citizens for the purchase of apartments (both in new buildings and in the secondary market), houses and cottages, land, garages, and for real estate construction.
In order to arrange a mortgage for an apartment,a potential borrower must have an initial payment (at least 10-15% of the value of the purchased housing) and a stable income for making monthly payments. Before contacting the bank for a loan, it will be useful to know the average market value of the apartment that you plan to purchase. Further from this sum it will be necessary to subtract the amount of the initial installment that the borrower can pay and determine the amount of the required loan.
The website of any major bank has a mortgagecalculator. By entering into it the data on the amount of their monthly income, the potential borrower finds out whether he can in principle claim to receive the amount necessary for him, and also calculate the amount of the monthly payment for the loan. To apply for a loan, as a rule, it is necessary that the monthly payment is 2.5 times less than the monthly income of borrowers.
In which bank to apply for a mortgage
If the financial condition allows you to qualifyto obtain a mortgage loan, you can start looking for the most suitable credit institution. Most of today's banks have their own mortgage programs. The most popular among Russians use mortgage loans from Sberbank, VTB 24, Gazprombank, Rosselkhozbank, bank Deltacredit (listed in descending order).
What documents are required for mortgage registration
To obtain a mortgage, you must provide the following to the bank:
- application form with personal data, family composition, place of work, income level, etc .;
- the second document proving the identity (military ticket, driver's license, SNILS, passport);
- a copy of the employment record;
- certificate of income (2-NDFL or in the form of a bank, for salary clients of the bank often enough plastic card, which transfers wages);
- documents for the purchased apartment (certificate of registration of ownership, title deed, cadastral passport, report on the market value of the apartment);
- a document confirming the availability of the initial payment (statement of the balance of funds on the deposit).
How to apply for a mortgage to a young family
For young families (when one of the spouses is younger than 30 years), many banks provide preferential terms. It can be:
- a lower interest rate (for example, in Sberbank 11% per annum against 12.5% for other borrowers);
- reduced downpayment (up to 10%);
- parents of spouses are accepted as co-borrowers;
- in the case of the birth of a child, a deferral of principal payments of up to 3 years may be granted;
- as a down payment, maternity capital is accepted.
Features of mortgage registration by servicemen
Servicemen - participantsthe state annually transfers to the bank account a certain amount (in 2013 - 220 thousand rubles), which the military can use as a down payment for the purchase of housing after 3 years from the registration in the program.
Where to apply for a mortgage for the military? It is necessary to choose a bank in which there is such a special program. Sberbank, for example, issues loans for participants of the accumulative-mortgage system at 9.5% per annum (after the fifth year of using the loan, the rate increases to 10.9%). Monthly payments under the Military Mortgage program are also paid by the state from the federal budget (in 2013, the payment was 18,500 rubles). A special feature of the program is that the soldier must pay the loan before he is 45 years old.
Some other nuances on this issue you can read in the article How to take a mortgage.