One gets precious square footage for free, others for many years sheltered in homes of parents, still others decide to purchase their own homes.However, even after collecting all the savings, to buy real estate is not always possible.For this reason, more and more often people do not find another way out but to buy an apartment in the mortgage.
Pros and cons of housing loans
Before you take out a mortgage on an apartment should carefully consider and weigh the possible consequences of this step.The first thing to keep in mind that the burden of mortgage repayments over 10-30 years of life will be further accompanied by significant interest overpayments.Monthly costs a lot of money will cause the destabilization of the financial situation of most families.And not everyone is able to withstand such a test mentally.Moreover, before deciding on such a major step, you should think about the reliability of currently available job and career prospects.
Perhaps it is worth to postpone buying an apartment for a while?Tighten with this, too, is not worth it, because housing prices are growing very rapidly.In the case where the potential borrower lives in a rented apartment, it is also worth thinking about rise in price and the cost of rent.After all, investing in a mortgage, it pays to have their property, and not someone else's.
Features housing loans
person who chooses to issue mortgage contract worth thinking about what kind of housing they want, and can afford to have.Banks offer several options of where and how to buy real estate.Buy an apartment in the mortgage can now be on the primary or secondary market.In addition, no harm will be familiar with the special case of its registration.
home loan, like any other, can be described in terms of its first repayment and interest rate.Its specific attribute is the presence of an initial payment, the amount of which may vary depending on the conditions and opportunities of the mortgage borrower.
to select the best conditions should see offers of credit institutions.The most interesting is to apply in person.Giving bank employees information about the alleged magnitude of the initial fee and the cost of real estate, can be designed in a certain way to get a payment schedule.
on existing housing markets
primary option is to purchase real estate in new buildings.Prices for such apartments are low, but in this case it is necessary to take into account the existing pitfalls:
- long process of entry into the property.For this reason, not every lender is willing to lend an apartment in the new building.
- new housing is in the early stages of construction are not ready to move, or not passed state registration, which means that it does not exist legally.All this can cause issues from the borrower as the loan is granted bail purchased real estate.
In case of purchase in the secondary market all the shortcomings of the first embodiment are eliminated.Banks are more favorable in this situation, but here there are rules: to buy an apartment can not be in an old house or an emergency, should have summed communications.Also to be excluded the fact of putting it in the lease.Buy houses can not act as collateral for other loans.
solution of housing problems of servicemen
order to provide housing for the military and their families today operates a presidential decree created a federal program.It operates on the basis of a specially developed savings and mortgage system, which provides for the opening and management of individual savings accounts for people serving in the army on a contract.
thus collected funds can be used only for military housing.Capacity amounts on account takes place on the basis of the volume of annual contributions and the period of participation in the program of a particular person.Three years after her entry into the military receives the right to use their savings to buy an apartment in the military mortgage.In this case, we are talking about a special kind of loan called targeted housing loans.There are no restrictions for military personnel in the selection of housing does not exist.Further savings in the program will be used to pay the debt on the mortgage.
lending program for young families
Another category of eligible when purchasing an apartment - a young family.For them today, as there is a special state program.Persons who have become its participants, in addition to the privileged credit conditions, receive a subsidy from the state, which becomes part of the down payment.
There are certain conditions to enter the federal program, through which on preferential terms may be purchased apartment in the mortgage.Young family, wishing to become a party to it, you must meet the following requirements:
- to the age of the spouses does not exceed 35 years.
- Having designed a certain way vindicated the minimum monthly salary.
- Get the official recognition of the need to improve housing conditions.
- Have provisions for the payment of an initial payment in the minimum amount - 10%.
Besides the above-mentioned federal program, young families can benefit from targeted mortgage quotations of commercial banks.They provide some benefits for these categories of citizens.Such an option of buying an apartment is also worth considering as to achieve the participation in the state program is not easy.
If the borrower already has some property, he can use it as collateral to buy a new one.Credit is usually a purely positive attitude to such proposals as they significantly reduce their risks.Failure should be expected only in the situation when the apartment registered minors, since this situation precludes the recovery of the mortgaged property.
There are two options on how to buy an apartment in the mortgage by using existing housing and to simplify thereby for themselves the conditions for obtaining borrowed funds and debt repayment:
- person chooses to issue the credit, has not officially certified income.In this situation, the bank may make concessions and grant money secured by existing real estate.
- man using a mortgage wants to improve their living conditions.Here, banks usually offer clients receive a loan secured by the property, which will then be sold.After the implementation of the old apartments decreased the value of the debt on its cost.
Who can get a loan?
By law, become the owner of an apartment in the mortgage can become Russian citizens of working age from 18 to 55 years.To do this, you must contact the bank with the selected pre-prepared package of documents that confirm the identity of a citizen, his education, the presence of a permanent job, disclose his income, provide information on other available credits, as well as about buying real estate.Their base is an application for a mortgage.
Bank may refuse a citizen, if not confident that he will be able to pay its obligations.Confirming the main factor here will be the information about his income and work experience.In some cases, a positive decision may need help guarantors.After consideration of the application and attached documents experts of the bank given a definitive answer on the consent or refusal to grant a loan to that person.
Features mortgage agreement
In the case of a positive outcome is made mortgage agreement, according to which the bank gives the borrower money to purchase real estate bail itself.This document should include all the details of the transaction carried out, including the rights and obligations of the parties.Key attributes of the mortgage contract for the purchase of apartments following:
- appraised value.
- initial contribution.
- Grounds ownership.
especially the rights and obligations of parties to the transaction is the absence of restrictions on the use of the bank's assets.Get a loan citizen has the opportunity to live, to repair, bequeath the property.He can not refuse to perform the obligations under the contract is not cover the full cost of the apartment and the cost of the bank.
No financial institution will not provide funds to buy an apartment without filing the proper insurance documents.In the first such action aimed at minimizing the risk of its own.For home loan may require insurance apartment on the mortgage, property rights to it, life, health and disability borrower.The first is compulsory in accordance with applicable law, but in the absence of other bank has the right to refuse any borrowed funds.
Get all these services is simple.To do this, go to any insurance company dealing with mortgage lending.Typically, design of the whole package of documents costs no more than 2% of the cost of purchased housing.There are situations, upon the occurrence of which the borrower has the right to terminate the contract as insurance and return the unclaimed portion of payments on it, such as early repayment of the loan or sale of an apartment in the mortgage.
Possible insurance claims
Each type of insurance used in the processing of a loan for an apartment, a set of specific situation which entails the implementation of the payments under the contract:
- property serving as collateral for the mortgage, totally or partially destroyedan accident, for example, consumer explosion, fire or the Gulf.In this case, the lender has the right to repay early at the expense of funds paid by the insurance company.The amount of payment under the contract of insurance can be used also for the restoration of the affected property.
- death of a person receive a mortgage agreement, as well as recognition of his incapacitated due to the assignment group I or II disability.In the event of one of these cases, a further repayment of the mortgage debt is carried out at the expense of the insurer.The borrower or his heirs become full owners of the property.
- Recognition transaction invalid buy an apartment because of the loss of property rights to it.Here, the insurance company is obliged to pay the damages suffered in the amount of the market value of the property.
occurrence of insured events oblige the borrower to notify about this bank and insurance company.
So before you buy an apartment in the mortgage, it is necessary to explore the current state of the market of housing loans: existing requirements and conditions existing benefit programs, the necessary documents.This approach is important because it can help the borrower with a choice of an optimum variant of home loan and get rid of possible problems with its design.