This article is for the same as I was. For those who are already tired of moving from place to place, each time transporting more and more things. For those who are tired of getting used to it every time, and then getting used to the area and the apartment. For those who already simply feel inferior due to regular conflicts with the landlords. For those who dream of having their own cozy nest, perhaps small and not in the best area, but their own.
Initially, you need to contact the bank to calculate the maximum amount that you can be given. It all comes down to your official or semi-official salary. Semi-official - when the accounting department of your company agrees to fill out a certificate of your income in the form of a bank or in its own form with the seal and signatures of the responsible persons, and the bank agrees to accept it. Some banks can calculate the total income of all family members, which also significantly increases the loan amount. It should be taken into account - the monthly payment should be no more than 45-50% of income.
The monthly payment is interest plus principal. To calculate how much of the principal you need to pay off per month, the loan amount is divided by the number of months that make up the loan term. Example:
The loan amount is 900,000 rubles.
The loan term is 20 years.
Thus, we multiply 20 years by 12, we get 240 months; Divide 900,000 by 240 months - 3,750 rubles. A very pleasant, inspiring, downright, amount - especially based on the current rates for rented apartments.
- The principal amount is multiplied by the interest rate and by the number of days in the month for which the calculation is made, and divided by the number of days in the year.
Example:
The principal amount of the debt (loan) is 900,000 rubles.
The interest rate on the loan is 12.5% \u200b\u200bper annum.
We calculate the interest for the month of May, in which there are 31 days:
900,000 × 12.5% \u200b\u200bx 31/365 \u003d 9,554 rubles 79 kopecks.
It turns out that our monthly payment is 3750 + 9554.79 \u003d 13304.79.
Not so much fun anymore. Considering that this should be no more than 45-50% of income. Let's calculate, if the payment of 13304.79 is 45% of our income, then the income must be at least 29566.20 (13304.79 * 100/45). From unpleasant moments - for 900,000 rubles it is unlikely to find anything normal. That is, you need to have initial capital, or take ordinary consumer credit in another bank and pass them off as their own.
The option with an additional loan “on the side” is quite common (I did just that myself) - it can help out if we are talking about small amounts, but it is really very difficult to pay several loans. Here you need to reasonably calculate your capabilities, of course, in comparison with the lack of housing and stability, this seems like childish babble.
But driving yourself into a debt trap is quite simple, a lot of unforeseen things can happen in life. And in a difficult situation, there is a risk not only of losing the newly acquired housing, but also "tarnishing" your reputation: non-return, delay and, accordingly, bad credit history can put an end to your mortgage plans in the future.
After calculating the maximum amount and approving you by the bank as a future borrower, you can start looking for an object, draw up a preliminary sale and purchase agreement, and on its basis, a loan agreement.
Pay attention - not every apartment will be given a mortgage. Most banks set limits in terms of the "age" of the building, number of storeys, etc. The usual requirements: the house must be no older than 30 years old, no lower than three floors and that your apartment is not on the first or last floor of the building, etc. ...
For rooms in communal apartments, and often for "dormitories" (or so-called "small families"), they usually do not give a mortgage - this housing is not suitable for securing a loan. Sometimes you can get around any of these restrictions: take out a loan for less than 50% of the cost of housing, that is, you should already have most of the money.
But not all banks will meet such a borrower halfway - they will offer to take a regular consumer loan, and this is a shorter period, longer interest rate and, based on these two indicators, unbearable monthly payments.
In some credit institutions, it is possible to agree, in addition to pledging an apartment, to issue a surety, then the bank can “close its eyes” to some “non-format” of the chosen housing - if, of course, in general, you made a favorable impression. That is exactly how - under an additional guarantee - I was registered.
In the process of registration, the home seller will have to closely communicate with the bank: he will also need to visit the bank, most likely more than once - most mortgage transactions take place through a safe box. In the presence of the seller, the buyer and the bank's representative, the money is put into the cell and in the same composition is withdrawn after state registration ownership of the buyer, that is, you. This, of course, can irritate the seller, so it is best to discuss everything in advance.
When applying for a mortgage, you need to immediately calculate additional costs: commission for reviewing a loan application, for registering a cell, costs for registering property rights, and especially insurance. Within a month after the purchase, you need to take out 3 types of insurance: title of property (insured once), life and, in fact, property - these are regular payments once a year, not that large, but nonetheless.
There is also a nice money moment here: in accordance with the Tax Code, you are entitled to a property deduction - this is 13% of the cost of an apartment and 13% of the amount of interest paid. This is all in the event that your salary is official, that is, you pay income tax, within the limits of its amount, and the money will be returned. For the first few years, this will be an important boost to the budget. Tested on our own experience.
And in general - the main thing is to survive the first year, well, maybe two, grit your teeth and survive. Payments are gradually decreasing, and income is growing and the cost of paying the loan is no longer so noticeable, you can even begin to quietly repay ahead of schedule. And most importantly - it's worth it! Paying for your own home is much more enjoyable than giving it away to a stranger for rent.
So do not let the difficulties in design stop and frighten you, but this article will become a useful hint in some details.
A mortgage loan is a targeted long-term loan for the purchase of a home, which becomes collateral until the loan is paid off. Also, real estate owned by the borrower can act as collateral. For the first time the term "mortgage" appeared in Greece at the beginning of the 6th century. This was the name of the debtor's liability to the creditor when the land served as collateral.
A mortgage loan is provided for a long term - 30 years or more, and the interest rate on a mortgage loan is lower than for other types of lending. It is these factors that make mortgages a popular way to solve the housing problem for those who cannot pay the full cost of real estate right away, but need to quickly improve their living conditions. However, the requirements for future borrowers are higher than with other types of lending: both in terms of income confirmation and work experience. Often, the bank puts forward the requirement of mortgage insurance as one of the conditions for granting a loan. Usually, another requirement is presented - the borrower makes a down payment, the amount of which ranges from 10% to 30% of the purchase price, although there are programs on the market both without a down payment and with a down payment in the form of maternity capital.
If a loan for the purchase of an apartment is issued without a pledge of real estate as security, and, for example, under the surety of an individual or on the security of other property, he cannot be called a mortgage.
Opportunities and responsibilities for mortgage lending
Those who first come across mortgage lending have the impression that mortgages are difficult, time-consuming and expensive. However, if you carefully consider the choice of a credit program, find out about possible benefits, choose a convenient way to repay a loan and correctly assess future expenses, a mortgage can become the simplest and fast way improving your living conditions.
How can you use a mortgage loan
A mortgage loan can be obtained for a specific purpose:
... for the purchase of finished housing;
for the purchase of a land plot on which a residential building is located or its construction is planned;
to pay for a contract for the construction of housing (or participation in the construction of a residential building or apartment). In this case, the mortgage on the loan will be the acquired real estate or the rights under the contract for the construction of housing.
Mortgage loans can also be inappropriate and are provided:
Secured by the property owned by the borrower and can be used for any needs.
to repay a previously received mortgage loan (sometimes banks call this loan refinancing).
The loan payment cannot exceed a certain share of your income, as a rule, it is 40-50% (payment / income ratio). At the same time, taxes and expenses on existing financial obligations (payments on previously received loans, loans, loans, alimony, etc.) are pre-deducted from your income.
For example, you want to get a loan of 2 million rubles for a period of 15 years. Moreover, your monthly income is 40 thousand rubles. The preliminary calculated amount of the monthly loan payment is 23 thousand rubles. However, the payment on a mortgage loan cannot exceed 50% of the borrower's income, therefore, under such conditions, you will not be able to receive the required amount - the payment / income ratio exceeds the acceptable indicator.
To get a loan for the declared amount, you will have to increase the loan repayment period or find a co-borrower (a co-borrower is a person who has equal rights and obligations with the borrower, including who is jointly and severally liable to the bank to repay the loan), whose income will make up for the lack of your funds.
The size of a mortgage loan is always tied to the value of the acquired property - this is the so-called loan / collateral ratio. The loan amount cannot exceed the difference between the cost of housing (the amount at which the property that you plan to purchase was valued) and the amount that you are required to contribute as a down payment for housing from your own funds.
For example, you buy an apartment, which is estimated at 5 million rubles. The initial payment is 30% - 1.5 million rubles. The maximum loan amount that you can get is 3.5 million rubles.
The loan amount increases or decreases depending on how long you take out the loan.
The longer the loan repayment period, the more amount you can get, due to the fact that the loan payment is reduced.
For example, you are ready to pay on a mortgage loan no more than 20 thousand rubles a month. Moreover, you need a loan for 2 million rubles. If you take a loan for 15 years, then the payment will be 23 thousand rubles. To reduce the payment to 20 thousand rubles, the loan repayment period must be increased to 20 years.
Any mortgage program has limitations on the term of the loan due to the age of the borrower. As a rule, the maximum loan term is equal to the period from the moment the loan is received until the borrower reaches retirement age.
For example, the maximum loan term under the terms of the mortgage program is 30 years. However, if a thirty-year-old woman takes a loan, she can take it for no more than 25 years. If a man of forty takes a loan, then the loan term is no more than 20 years.
If you want to increase the loan amount, you can attract additional borrowers (co-borrowers).
If a loan is provided to several borrowers at once, then the total income of all borrowers is taken into account to calculate the payment / income ratio. The greater the total income, the greater the maximum amount of credit available to them.
For example, you want to take out a loan for 2 million rubles. Your income is 35 thousand rubles a month. The maximum loan term is 20 years. The monthly payment on the loan must be at least 20 thousand rubles, but under the terms of lending, you cannot pay on the loan more than 50% of your income, which is 17.5 thousand rubles.
A co-borrower, for example, can be your sister, whose monthly income is 30 thousand rubles. In this case, your total income will reach 65 thousand rubles. The loan payment will be 20 thousand rubles, which is much less than 50% of the total income, and you can get the required loan amount.
What is a mortgage
Confirmation of the borrower's obligation to fully repay the mortgage loan is a mortgage - a special document that is drawn up when receiving a mortgage loan. The owner of the mortgage deed receives the right to claim the loan repayment on the terms established by the loan agreement.
The owner of the mortgage is the lender - the organization that gave you the mortgage. The lender can act through his representative - a service agent who, on behalf of the owner of the mortgage, controls the receipt of payments on the loan and resolves issues related to servicing the loan: provides borrowers with various certificates and permits, for example, to change the insurance company, for redevelopment. If necessary, a service agent deals with problems related to loan repayment, as well as refinancing, restructuring, sale of collateral, etc.
If you purchased a home with a mortgage loan, it becomes your property. However, the right to dispose of such housing is limited due to the fact that it is pledged by the lender (bank).
In mortgaged housing, you can register your family members without restrictions. It can be bequeathed, however, along with the real estate, the borrower's obligations to repay the loan will also be transferred to the heir.
If the borrower intends to make redevelopment in the mortgaged apartment; register in it for a person who is not a family member, rent out a home, sell or complete any other transaction - in this case, the borrower must obtain permission from the lender / owner of the mortgage.
If you took out a mortgage, you have obligations to the lender / owner of the mortgage to provide certain information about yourself and your income. Also, the lender must be promptly notified of a change in your actual place of residence, registration address, address for sending correspondence, contact phone number, family composition, marriage or marriage (conclusion, change or termination of a marriage contract), place of work.
The owner of the mortgage has the right to periodically check the condition of the mortgaged property, whether you are taking proper care of its safety.
In the event that the borrower violates his obligations to repay the loan, the owner of the mortgage has the right to demand to sell the house, and at the expense of the proceeds to pay off the borrower's debt.
The owner of the mortgage can delegate the escort or acceptance of payments to another service agent, as well as sell or transfer to another organization the mortgage on the loan - in this case, the right to demand that you repay the loan will pass to the new owner of the mortgage.
Five rules for those who take out a mortgage
1. Find out with extreme precision how much the one-time costs arising from the registration of a mortgage transaction will be, so that you can clearly understand whether you have this amount.
2. Be objective when calculating how much of your income you can set aside for your monthly mortgage payment so that your standard of living does not drop to a critical level.
3. In the life of every person, financial difficulties may arise due to problems at work or in the family. Therefore, your income minus the loan payment should allow you to set aside some part of the funds to create a "safety cushion".
4. The balance of income and expenses must be calculated so that it is observed not only in the current moment, but also in the long term. Soberly weigh the prospects for the growth of your income, consider what opportunities there are for additional earnings and how much they can bring you. If you are planning to have children or major expenses - for repairs, purchasing a car, studying, etc. - keep this in mind: in such situations, a mortgage loan is a heavy burden.
5. It is necessary to realize with full responsibility that if you cannot on time and in in full make payments on your mortgage, you can lose your mortgaged home.
Basic expenses for a mortgage loan
1. Repayment of the principal amount of the debt and payment of interest on the loan.
2. Payment of insurance premiums under insurance contracts concluded in accordance with the terms of the loan agreement.
3. Commission for support of a loan (maintenance of a bank account, a package of banking services) - charged under the terms of contracts / agreements with the lender.
4. Payments related to violation of the terms of the loan agreement - forfeit (fines and penalties), increased interest or other sanctions established by the terms of the loan agreement.
How to choose a mortgage loan
When applying for a loan, already at the first visit, the borrower must be provided with all the information about his full cost, including interest, commissions, real estate appraisal expenses, insurance premiums etc. Naturally, in the presence of certain types of commissions from this lender.
Now possessing complete information about the cost and terms of the loan, you can objectively compare the parameters of mortgage products of different banks and choose the most profitable for you.
A mortgage program is a set of parameters for a mortgage loan. They differ from each other: the type and size of the interest rate; the currency in which the loan is issued; the amount of the initial payment; method of loan repayment; loan term; credit limit; object of lending.
To do right choice, it is necessary to compare the advantages and disadvantages of the mortgage programs that interest you.
To choose the most profitable mortgage program, you need to determine:
How much down payment do you have (loan / collateral ratio),
how much loan do you need,
how much are you willing to pay monthly on the loan (do not forget about the payment / income ratio).
for what is the maximum term you are ready to take out a loan,
which way of repayment of the loan is preferable for you - annuity or differentiated.
the amount of the monthly payment can be reduced by extending the loan repayment period as long as possible.
However, this increases costs in general, since more funds will have to be spent on interest on a loan and insurance of risks on a mortgage transaction.
Which mortgage program is most beneficial
The most beneficial will be the mortgage program that best suits your needs and capabilities. An advantageous loan option for you may lose its attractiveness as a result of additional requirements of the mortgage program.
For example, you are attracted by loans with a minimum down payment. One mortgage program provides an initial fee in the amount of 15% of the cost of housing, and the other - 10%. It would seem that the second program is more profitable, but it contains required condition: provide the bank with an additional collateral for your property. If you do not own real estate to use as collateral, you will not be able to take advantage of this program, despite its apparent appeal.
A certain role in choosing a mortgage program can be played by the level of service in the lending organization. You have to communicate with the lender throughout long term and it is desirable that this communication takes away from you as little time, effort and nerves as possible. Pay attention to the qualifications of the staff, how friendly and competent the staff is. Of no small importance is the availability of offices, their mode of operation, the ability to use different ways making payments, in particular, via the Internet.
Preferential conditions for obtaining a mortgage loan
Banks offer preferential terms for obtaining mortgage loans to their clients and participants in "salary" projects (employees of organizations and enterprises who receive their salaries through the bank's payment card). For them, lower commissions, interest rates on a loan, the size of the initial payment are set, they can reduce the value of payment / income or soften the requirements for confirming the amount of income.
Mortgage loans for preferential terms are provided under various state and regional programs to improve housing affordability for the population (social and housing programs). For example, it can be special programs for young families, managers of maternal (family) capital, employees of budgetary organizations, military personnel, waiting lists for housing, veterans, young scientists, etc. In a number of programs, preferential categories of citizens are entitled to a reduction in the interest rate on loan.
Before choosing a mortgage program, find out if you can apply for a loan on favorable terms.
Types of interest rates
The interest rate is the fee that the lender charges for the use of the loan funds provided to you. It can be fixed, floating or combined.
Fixed interest rate is set immediately for the entire loan repayment period. Thanks to this, you can set an exact payment schedule, and you will always know how much your loan payment is.
Floating interest rate consists of two parts. The first, main part is a variable, it is equated to the market index and changes with it. The second - the smaller part of the interest rate is a constant value, this is the bank's margin. The variable part can be fixed for three, six or twelve months - with such frequency, the value of the floating rate on the loan will change.
Combined interest rate Is a combination of fixed and floating rates. It is fixed for a certain period of time, usually from one to five years, and then becomes floating. The combined rate is usually more profitable than the fixed rate, but it carries the same interest rate risk as the floating rate.
Mortgage loan repayment methods
Currently in Russia there are two ways to pay off a mortgage loan:
Annuity repayment scheme - This is the repayment of the loan by regular, equal in size (annuity) payments. The amount of the payment is determined when the loan is issued according to the official annuity formula and includes the estimated amount to pay off the principal debt and interest accrued on the amount of the outstanding debt. The borrower pays the same amount every month.
Differentiated repayment scheme - This is the repayment of the loan in regular, but different in size payments. The amount of each payment is determined by the bank when issuing a loan, taking into account the amount that the bank requires to pay off the principal debt (as a rule, this is the same amount in each payment) and the interest accrued on the amount of the outstanding debt. Every month the borrower must specify how much he should pay.
If we compare these two schemes, then, under equal conditions, the size of the differentiated payment over several years will be noticeably higher than the annuity payment. Then it will decrease, but it should be understood that the size of the differentiated payment at first may be so large that you will not be able to get the loan amount you need due to the insufficient amount of your income!
At the same time, with differentiated payments, you will pay a lower amount in the form of interest on the loan, since the decrease in the principal amount (the amount of money you received from the bank on a mortgage loan) is faster than under an annuity scheme.
How to get a loan
After assessing your financial capabilities and needs, you have chosen a suitable mortgage program and decided to take out a loan.
The process of obtaining a mortgage loan consists of several stages:
Preparation of documents required for applying for a loan;
applying for a loan;
obtaining a preliminary decision of the lending institution to grant a loan;
provision of documents for the acquired property and an assessment of its market value, prepared by an independent appraiser;
obtaining the final decision of the lending institution to grant a loan and determining the date of the mortgage transaction, which includes the conclusion of a purchase and sale agreement for a real estate object and a loan agreement;
conclusion of a mortgage transaction (conclusion of a purchase and sale agreement for a real estate object, payment of a commission for issuing a loan, conclusion of a loan agreement, settlement with a seller - transfer of an initial payment and credit funds, registration of state registration of ownership of the acquired property);
registration of the act of acceptance and transfer of the property from the seller to the buyer;
conclusion of an insurance agreement in accordance with the terms of the loan agreement and transfer of one copy of the agreement to the lending organization together with the original document confirming the payment of the insurance premium;
providing the lending organization with documents confirming the conclusion of a mortgage transaction.
these actions can be performed in a different order, depending on the terms of a particular mortgage transaction.
Loan agreement - this is the main document that defines your relationship with the lender. By signing the loan agreement, you agree to comply with all its terms. The loan agreement describes on what conditions the loan funds are provided, how the loan should be repaid, lists the rights and obligations of the lender and borrower, sanctions for violation of the terms of the agreement.
Since a mortgage loan is issued for a long term, you will be required to follow the rules established by the loan agreement for a long time. Study the content of the treaty carefully, despite the complex wording. A neglected condition that is not in your best interests due to carelessness can turn into a serious problem. For example, pay attention to whether there is a clause in the agreement according to which the lender can unilaterally change the interest rate (at a fixed rate), etc. If you do not understand any points of the loan agreement or are in doubt, get the most accurate explanation from the representative of the lending organization.
For violation of the essential terms of the loan agreement, the lender may demand its termination and early repayment of the loan.
Payment Schedule
The borrower's monthly payment on a mortgage loan includes the payment of part of the principal debt and the payment of interest on the use of funds. The calculation of payments can be carried out according to the annuity or differentiated scheme according to the conditions specified in the loan agreement.
In case of early repayment of the loan, the borrower must write an application in which to indicate the amount and term of the early payment, and also request the bank to recalculate the monthly payments taking into account the amount deposited.
Information about the full cost of the loan, as well as the schedule of payments are fixed in the loan agreement.
Loan repayment
Repayment of the loan and payment of interest for the use of credit funds are carried out by regular transfer of payments to the account of the owner of the mortgage or service agent.
The mortgage loan payment includes part of the principal debt and interest accrued for the use of credit funds. As a rule, the loan payment is made monthly, and depending on the terms of the agreement. The amounts of payments and their maturity dates are indicated in the payment schedule, which is attached to the loan agreement.
Loan repayment methods
The borrower can choose the most convenient way to repay the mortgage loan:
1. Through any credit institution that accepts payments individuals based on a license.
2. Through the accounting department of the organization in which you work.
3. Through ATMs / terminals, both with the function of accepting cash and without it (non-cash payment).
4. Pay off your mortgage over the Internet.
Early loan repayment
The borrower has the right to make payments on the loan ahead of schedule, if the loan agreement does not contain any restrictions in this regard. For example, a loan agreement may establish a moratorium - a ban on making early payments on a loan within a certain period from the date of receipt of the loan. In some cases, you need to pay a commission for making early payments on a loan.
As a rule, the amount of early payment has a minimum limit - the borrower must pay at least a specified amount. Also, a loan agreement may contain a condition according to which an early payment can be made only by notifying the owner of the mortgage bond in advance, for example, three days before the payment is made.
After the early repayment of a part of the loan, a new payment schedule is calculated. Depending on the terms of the loan agreement or the policy of the owner of the mortgage, one of two options for recalculating payments is used:
the amount of the payment remains the same, and the loan maturity is reduced;
the amount of the payment is reduced, but the maturity of the loan remains the same.
There are two sources of funds for early repayment of a mortgage that do not need to accumulate:
1. Use the funds of the maternity (family) capital, which is provided at the birth / adoption of a second or subsequent children, starting from January 1, 2007 (Read).
2. Receive and send a property tax deduction for early repayment of a mortgage loan.
Property tax deduction is an opportunity to return 13% of the amount spent on the purchase or construction of housing, including the payment of interest on a mortgage loan in accordance with Art. 220 of the Tax Code of the Russian Federation. You are eligible for a deduction of up to 2 million +% on a mortgage when buying or building real estate. This means that you can return up to 260 thousand rubles to your account. + 13% of the interest on the mortgage loan. These funds can also be used to pay off the loan.
Violation of the term of payments on a mortgage loan
According to the terms of the loan agreement, the borrower is obliged to transfer the specified amount of payment in due time to pay off his debt. If he makes payments late or incompletely, he may be subject to various penalties. The specific types of sanctions and the procedure for their application are indicated in the loan agreement. This can be a fine, the accrual of penalties for each day of delay, an increase in the interest rate for using credit funds during the period of delay.
If the borrower systematically violates the obligations to repay the loan, the owner of the mortgage may demand to sell the house and pay off the debt at the expense of the proceeds.
If the spouses-borrowers get divorced and share property
When applying to the court with a claim for the division of the spouses' common property, including mortgaged property, it is necessary to send a copy of the claim to the creditor / owner of the mortgage bond by any affordable way: bring to the office in person, send by registered mail with notification, by e-mail.
When filing a claim for the division of the spouses' common property, it must indicate that the subject of the division is the property that is pledged, and also file a petition in court to involve the owner of the mortgage deed in participation in the trial as a third party.
A court decision on the division of the spouses' common property is not a basis for forgiving a debt to one of the spouses who is a joint borrower.
An amicable agreement providing for the division of the mortgaged property entered into by the spouses (former spouses) during the court proceedings on the division of property is legal only if such an agreement was concluded with the written consent of the owner of the mortgage bond.
A court decision on the division of the spouses 'common joint property is the basis for amending the loan documents after the division of the spouses' common property.
Mortgage in 2015
Interest rates are projected to mortgage loans until the end of 2014 will not grow. This was stated by Vyacheslav Belyakov, Commercial Director of the Nizhny Novgorod State Enterprise NO Nika, at a press conference on October 8.
Speaking about the interest of Nizhny Novgorod residents in this kind of loans, he noted that with the advent of social mortgage, the number of applications increased by 2.5 times compared to the same indicators of the last year. According to him, 16 categories of citizens have the right to a social mortgage, including: young families under 35, large families, families with maternal capital, people working in educational, cultural, and health care institutions. Vyacheslav Belyakov noted that a positive decision is made in 95% of cases of applications for such mortgages.
During this year, preferential and social mortgage 250 people have already used it - all of them have either already received or will receive housing in the near future.
Sometimes, when the word mortgage sounds in conversation, some simply do not understand what the word itself means and what it contains. Our citizens do not fully understand what the mortgage was created for and how exactly it works. We need to figure it out, which we will do in our article. A mortgage is a type of loan that is taken to buy real estate. But often, when making contracts, we do not always know what will happen in the future and how prices will behave in the market.
In the following cases, the requirements of banks are executed only through the courts:
... For the mortgage of property, the consent or permission of another person or body was required (meaning state or municipal bodies when selling state or municipal real estate, as well as the consent of guardians, trustees, and other persons).
... The subject of mortgage is an enterprise as a property complex.
... The subject of the mortgage is a plot of agricultural land.
... The subject of the mortgage is property of significant historical, artistic or other cultural value.
... The subject of a mortgage is property that is in common ownership, and any of its owners does not give written consent to satisfy the claims of the pledgee out of court.
It should be noted that out of court, it means that the sale of real estate should take place at an open auction, that is, at an auction. The advantage of such a sale is that the price will be approximately equal to the market value of the property.
There are cases when a mortgage is taken on real estate, and then the price for it drops sharply, because it also happens, our market is not stable, you have already paid 50 percent, and the price has dropped so much that by your time the property is worth only your remaining 50 percent ... You know that in the near future, due to instability, you may be fired from a high-paying job and the mortgage will be too tough for you, which means you need to deal with it as soon as possible. In this case, when you are brought to trial, they will be faced with a dilemma. You, the mortgagee, will insist that the property be sold at the price you originally bought, and the mortgagor will insist that it be sold at the current price, that is, 50 percent lower. According to the documents, which say that real estate was sold, for example, for one million, and currently on the market such housing costs 500 thousand, that is, half. Nobody knows what decision the court will make, until it is directly delivered, it is difficult to predict.
Such problems arise when property prices fall on the market. I would like to tell you about the recent practice in the sale. It happens that a client appears who wants to buy a property that is under a mortgage, and citizens think that it is possible to sell it only when the mortgage is fully paid off, but this is not true. New owner becomes a new pledger and enters into a relationship with the previous pledgee, already defined by the existing agreement. In this case, the contract is either changed or a new one is created. Thanks to this practice, a large number of potential buyers appear, because the price of mortgaged real estate is much cheaper than without it. In some cases, such sales can even contribute to tax savings.
Let's move on to the erroneous opinions that citizens admit when dealing with mortgages.
First, always have 2-3 thousand dollars in stock, because when applying for a mortgage, there are one-time payments... For example, it costs a certain amount to consider a loan, plus an independent real estate appraisal that you most likely want to do, which costs about $ 150. Further, insurance premiums are about 1.5 percent of the loan amount, and opening a bank account itself costs 1 percent of the amount. As you can see, there are some additional payments, and in order not to get into a mess, you need to have an additional couple of thousand dollars.
Secondly, many people think that a down payment is required, but it is not... There are two schemes by which you can act without it. The first is to use a consumer loan as a down payment. There is also a real estate exchange scheme, that is, money from the sale of existing real estate will be credited as an initial payment.
Thirdly, you cannot take a mortgage for any apartment, because the real estate itself may not suit the bank or insurance company, this must be remembered.
Fourth, the idea is incorrect that until the loan is paid off, the purchased apartment remains the property of the bank. You can rent your property, you yourself can live in it, you can register your relatives (with the consent of the bank, of course), the only restriction is that you have no right to sell or exchange an apartment.
Fifth, do not think that the delay in repayment of the loan has no consequences. Yes, this is not a big mistake, but the bank will see that you have financial problems, which means that they can arise with the entire loan repayment. Especially the bank has the right to collect a penny for each late payment day.
At sixth, a loan can only be issued at a bankbut some people think that it is in the real estate agency, which is a misconception.
Seventh, you cannot pledge real estate in a house under construction, it is very important.
Eighth, if due to financial problems you cannot repay the loan, then some people think that they will lose both an apartment and money. This is not true. The bank takes into account your possibilities and a contribution of any amount towards your future apartment, the more you can exchange an apartment for the amount of money already paid, and the additional payment goes to repay the debt to the bank.
Ninth, in order to obtain a mortgage, an insurance company is obliged to provide only four types of insurance: property rights, property, as well as the life and working capacity of the borrower... If you want to insure your risk, then you need to draw up a separate package and pay for it.
These are just 9 common mistakes, there are others, but dear buyers of real estate and mortgagees, do not make them. Be attentive in everything.
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How to determine the price of an apartment or room before selling?In no case do not blindly compare prices for similar ads on the Internet. Firstly, the prices are indicated there with all kinds of commissions and percentages. Secondly, some of them are baits from real estate agencies, and the price of an apartment in them is understated.
Terms of free privatization of housingAccording to the current legislation, citizens of the Russian Federation can privatize real estate free of charge until March 2013. Nevertheless, those wishing to arrange an apartment as a property should not be delayed with this matter.
Given the current economy, you can save your whole life for your own home. A mortgage will help to move into your apartment at a young age, what you need to know when applying for such a loan, let's try to figure it out in more detail.
Nothing complicated. A mortgage is a loan for housing. That is, if you took a targeted loan from the bank to buy an apartment or a private house, then you have taken out a mortgage. At the same time, you can buy housing both in the primary (new building) and in the secondary market.
When issuing such a loan, the bank always concludes an agreement where the bank is obligatory the first party, and the borrower (individual) is the other.
In addition, mortgages are always issued against real estate collateral. As a rule, the collateral is the housing that the client buys for credit funds. But by agreement with the bank, any other property of the client can become a pledge.
Mortgage and pledge agreements are notarized, the pledged property is entered in a special register, the borrower cannot sell, donate or exchange it until the bank loan is fully paid off and all related payments (interest, commissions, insurance, possibly penalties and fines). When registering a mortgage, the bank, as a rule, does not require guarantors, since the collateral sufficiently covers all the risks of the loan.
For how long is the mortgage issued
A mortgage (a loan for housing) is always issued for a long term - from 10 to 20 years or more. On the one hand, this is an advantage, since it is easier for the client to pay off the debt, but on the other hand, this “joy” can last for 20 years! Whole life…
The client can, of course, repay the loan faster, but there are pitfalls here. The contract may provide for a penalty for early repayment of the loan. It is easy to explain this from the point of view of the bank: the bank planned to earn a certain amount from the client, and with early repayment of the mortgage, a significant part of the bank's income is lost, so it will compensate for this with fines. But it is very unprofitable for the client to pay a penalty for early repayment.
Attention! Before signing the contract, it must be carefully read, especially all footnotes in small print.
In what currency to issue
The bank, as a rule, offers to issue a mortgage in national currency, dollars and euros. Which currency should you prefer?
Interestingly, when applying for a loan for housing in national currency, the interest rate on the loan is several points higher than when applying for a loan in foreign currency. Therefore, many clients and issue a mortgage in dollars. But given the current inflation rate, this approach is wrong.
The growth of the dollar and euro rates also carries a potential risk. To avoid it, economists still advise long-term loans issue in rubles. So, calm down.
An initial fee
When a mortgage is issued, the initial payment can be from 0 to 30% or more of the appraised value of housing, which the borrower buys for the loan.
For example, the appraiser estimated the apartment chosen by the borrower at 50 thousand dollars, then:
- the bank can issue a mortgage for the full amount (initial payment is 0%);
- the bank can issue a loan in the amount of 45 thousand dollars (the initial payment is 5 thousand dollars, that is, 10% of the appraised value of the apartment);
- the bank lends 35 thousand dollars (the initial payment is 15 thousand dollars, that is, 30% of the appraised value of the apartment);
- the mortgage is issued for 20 thousand dollars (the initial payment is 30 thousand dollars, that is, 60% of the appraised value of the apartment).
Etc. As a rule, in conditions mortgage lending the required amount of the initial payment is indicated, but the amount can be adjusted. For example, if the collateral is assessed cheaply, then the amount of the down payment will be increased to cover the risks of non-repayment of the loan, or the client has expressed a desire to immediately deposit more funds in order to take a smaller loan amount.
Sometimes the client does not have enough funds for the initial payment, then the bank may offer to issue an additional loan to cover the missing amount, for example, consumer or card.
Repayment schedule
When calculating the repayment schedule, it seems that everything is simple: the loan amount is divided by the entire loan term (for example, 240 months, if the mortgage is issued for 20 years), interest is charged on the remaining debt every month, as a result, every month the client needs to make a payment, which consists of the amount of debt on the loan + interest. But in fact, banks use different schemes for calculating interest on a loan - standard and annuity.
In the first case, the amount of the monthly payment gradually decreases, in the second case, the client pays the same amount every month for all 20 years.
Advice! Obviously, the annuity scheme looks more convenient and beneficial for the client, but if you calculate the amount of overpayment on the loan, it becomes obvious that a simple (standard) scheme is what the borrower needs.
Who else is involved in the mortgage transaction
When an apartment is issued for a mortgage (or a house), then the insurance company and appraisers are obligatory involved in the transaction. The insurance company insures the life of the borrower and the collateral. The insurance contract is valid for one year. The borrower is obliged to renew the insurance contract annually until the full repayment of the loan.
Note! The bank often imposes its own insurance company, but the client should know that he has the right to choose any insurer who has more favorable conditions.
Appraisers evaluate real estate, which the client buys for credit funds, and collateral. To do this, they visit an apartment or house, inspect it, take pictures. The bank cannot issue a loan more than the assessed value of the property.
conclusions
So what you need to know when taking out a mortgage?
The main list of points that you should pay attention to when applying for a home loan looks like this:
- it is advisable to conclude a contract for the maximum period - 20 years or more, while you need to pay attention to whether early repayment of the loan is possible;
- economists advise to issue a mortgage in national currency;
- if you do not have enough own funds for the down payment, then you can additionally arrange a loan for this purpose;
- the most favorable loan repayment schedule is standard;
- property pledged when taking out a mortgage, is not subject to alienation until the full repayment of the debt.
The mortgage, the pitfalls discussed in the article is a set of tips that will allow you to solve the issue of buying real estate without any problems.
Now every fifth apartment is bought on a mortgage, experts predict that in the future every second apartment will be bought on a mortgage. Mortgages in civilized countries have long been a proven and developed tool that is beneficial to both the state and citizens, because housing is provided to citizens and at the same time the construction sector is supported. In our country, the state is also actively promoting this service, because for many it is the only way to purchase their own home. But if in Western countries, the legislation quite clearly stipulates this instrument, and the interest on mortgages is 4-5% per annum, then in our country everything is far from so wonderful. For those who are just going to buy an apartment or have already bought a home on credit, a mortgage can become a real lottery and a test, ultimately leading to the complete bankruptcy of borrowers.
In theory, a mortgage consists of several simple steps... You save up an initial payment (usually 10-30%, depending on the cost of an apartment or the offer of your bank) then, together with the bank, you choose a suitable housing for yourself, the bank checks your choice and pays the missing amount to the seller for you, instead of that, rent an apartment and pay strangers for someone else's housing, gradually pay the debt for your own. But this is only in theory, in fact, there are many more steps in this process that the cute girl in the bank will not tell you about, and you will learn about them at the last moment. Any mistake or miscalculation will lead to your bankruptcy, you will be left without money, housing and health.How to get a mortgage correctly
To get started, find a good attorney or lawyer with experience in real estate, loans, finance. Talk to those who have already taken out a loan, communicate on special forums, pay special attention to the problems and difficulties that people have, if your acquaintance at work took a mortgage and paid off safely on it, this does not mean that everything will be fine with you. Determine for yourself the amount of the mortgage, calculate your salary for mortgage calculator, in any bank or on the bank's website, your payments will be calculated. The easiest way to calculate your capabilities, and understand whether it will be difficult for you to pay a mortgage , your monthly salary must be at least the cost of one square meter of housing. Do not immediately chase maximum amount mortgage, or the most expensive apartment for you. Initially, it is better to consider the option of a one-room apartment on the outskirts than to immediately chase a two-room apartment in the center, at the limit of your capabilities. If we are talking about Moscow, St. Petersburg, or another city where housing is very expensive, then initially it is worth taking a closer look even at the suburbs. It is worth taking a mortgage for a short-term period, for 20 years, but knowing that you can pay off your debts in 5-7 years. Taking a mortgage at the limit of your capabilities is never worth it. Take out a loan in the currency in which you receive your salary. In case of problems, if there is nothing to pay the mortgage with, immediately contact the bank and ask for an extension.
Do not believe about your unsinkability. Remember that for 10-20 years you will have to think monthly how to pay the bank.
Naturally, during this time you can get sick, you want to go somewhere on vacation, there will be other difficulties and expenses, all this will be of little interest to your bank. A good salary now does not guarantee a loss of income in the future, which will make you from a good borrower to a hard-core defaulter. In addition, as practice shows, the incomes of citizens for the most part fall, over time, the income of one family decreases, rather than grows.
Naturally necessary accumulate a down payment, don't take , namely, to save, postpone, earn or steal . Have a reserve of money, in the amount of several months of payments ... Do not use this money as the initial amount, no matter how much you want. Have a separate amount of money for certificates to realtors, lawyers, a commission for considering an application by a bank, for the work of a housing appraiser, notaries, insurers, etc. Generally have an extra amount for incidental expenses.
It's good if you yourself learn how to check the documents for the purchased housing, and even better find your good specialist . You cannot save at this stage ... God forbid you buy an apartment with a dark past. Before buying a home, it is checked three times by a bank, a realtor, as a rule, re by the recommended bank and insurance company. Please note that youm will have to pay a notary. But this does not guarantee you the purity of your purchase, not the fact that in a few months you will not receive a subpoena regarding your living space. The paradox is that if the documents at the time of home purchase are in order, then no one will be especially poking around in the past of your living space. The bank will rely on a notary and will be covered by the insurance company, while the insurance company has many tricks and tricks in the contract so as not to pay, and then you will have to pay, for which you will not have housing. This is perhaps the most difficult case for a mortgage, when you do not have a home, you will have to live in a rented apartment, you will also pay the mortgage, rent, participate in legal proceedings, and spend money on medicines.
Decide what kind of housing you want to buy a primary or secondary. Everywhere has its pros and cons. Upon completion of the construction, the primary housing rises in price by 20-30%, but it may simply not be completed, besides, you will have to wait for the delivery of housing. To protect themselves, banks usually make additional conditions for such housing, it can be an increased rate or a down payment. Now construction companies, as a rule, immediately cooperate with banks, which will make it easier to obtain mortgages for certain objects.
On the contrary, the secondary market is getting cheaper, moreover, it is rusty pipes, mice, garbage, bad neighbors. As a rule, additional intermediaries, realtors, are involved in the transaction, and this is another 4-5% of the cost of housing. Plus secondary housing is the possibility of quick settlement.
Calculate and determine which payments are most convenient for you,annuity or differentiated payments.
As statistics show, married couples take more mortgages, because people's incomes are combined in the family. But it is worth remembering that in the event of a divorce, you will find yourself in a situation where there is no family, but debts remain, so you should think about concluding a marriage contract, in addition, in some banks such an agreement is a prerequisite
