How to buy in a mortgage?

To buy a home you need a lot of money. To accumulate them for a long time, besides, a high level of inflation quickly reduces the purchasing power of money. Therefore, many who wish to acquire their own habitation are inclined to mortgage lending.

In this article, we turn to a very relevant in our time topic - the purchase of housing in a mortgage. We will analyze the concept of a mortgage and its conditions in Russia. Let's consider existing variants and programs of crediting.

Mortgage is a loan for the purchase of housing, where it is the sameand acts as a pledge. Acquired real estate becomes the property of the borrower, and in case of its insolvency, the creditor compensates expenses at the expense of real estate sale.

What are the terms of the mortgage?

Under the terms of mortgage lending is available inmind loan period and interest rate, as for any other loan. It is important that here the loan amount is not the entire cost of housing, but only a part of it - the remaining part will be the initial payment. In turn, the down payment is part of the cost of housing, which the borrower must have before obtaining a mortgage.

Mortgage loans can be taken in any currency, in which - everyone decides for himself.

At registration the bank can ask the borrower to confirm the incomes. To do this, you need to make a reference in the standard form or in some cases in the form of a bank.

Sometimes, registration requires the presence ofcertain length of service, special requirements for housing or the provision of guarantors. This list can be supplemented by the presence of registration at the place of obtaining a loan. Russian citizenship is in most cases mandatory.

It should be noted that compliance with suchrequirements makes it possible to issue a mortgage at a more favorable interest. In addition, the interest rate may be affected by the size of the down payment. The more you can make initially, the cheaper you will be to borrow.

So, how to buy a mortgage? If you made this responsible decision, then first of all you need to get acquainted with the conditions of the banks in your city and choose the most suitable ones.

Preferential lending

At the moment in Russia there are several programs of preferential mortgage lending. Consider them all.

• Benefits for salary customers. If you receive a salary on a card of a bank, then you should ask about its mortgage terms. Most banks make similar discounts to customers and do not require confirmation of income, which saves time for preparing documents.
• The "Young Family" program allows you to getState subsidy to 40% of the cost of housing. For participation, it is necessary that the spouse or parent from an incomplete family is not more than 35 years old, the fact that the family needs better housing conditions and income sufficient to pay off the balance after partial payment of housing subsidy. It is important that this program is valid until 2015. Often, banks offer special conditions for young families with reduced rates. You can also use the parent capital.
• The military can receive subsidies under theaccumulative-mortgage system. To do this, you need to be its participant, have the appropriate certificate and be under 45 years old. The minimum period for granting a loan must be at least 3 years, and the loan amount - at least 300 thousand rubles. The interest rate directly depends on the age of the serviceman and varies within the limits of 9.75-11.25%.
• In the program "Young Scientists" can takeparticipation of researchers, teachers of universities up to 35 and doctors of science up to 40 years. The loan to these borrowers is granted at a rate of 10-10.5%. The initial contribution is only 10%.
• Teachers can receive discounts on loans from 2012year, although in a number of regions of the Russian Federation this privilege did not spread due to the inertia of local authorities. This group includes teachers up to 35 years old. The rate of 8.5%, the initial contribution is subsidized from the budget.
• Programs of developers also allow you to take a mortgage at a special rate. The main condition - the purchase of housing in the primary market from the partner company of the bank.
• Depositors and customers with a good credit historycan also expect a lower percentage. The bank is interested in keeping a bona fide client and gives him a discount. However, you need to be careful - depending on the initial rate of the proposal may not necessarily be the most profitable.

Stages of registration

When you have decided on the mortgage option, you can begin the procedure for its execution. It can be divided into several stages.

1. Collection of necessary documents and filing an application. It is advisable to do this before you find the right accommodation. The bank will review the application and give the limit that it can provide.
2. The choice of real estate. It is possible as an independent search, and with the help of a realtor.
3. Property valuation. Implemented by a specialist.
4. Obtaining an insurance tariff, that is, confirming that the property is insured.
5. Getting the final answer on the mortgage.
6. Make a deal.

For more details, see How to take a mortgage.

We wish you success!

For further study of the topic, you can refer to the following article: What you need to know when buying an apartment.

Are you planning to buy a house? Read our article: How to buy a house.