How to get a mortgage in a bank

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When deciding to purchase new housing with a loan, it is worth considering options for loans secured by real estate. Russian banks offer many different options for mortgage lending for different categories of borrowers. Mortgage loans are paid for a long time, so you should understand the nuances of the question of how to get a mortgage using state support, maternity capital, benefits for military personnel, young families. Bank shares, regional social programs provide an opportunity to purchase finished housing, apartments in new buildings with discounts.

What is housing mortgage lending

A long-term special-purpose loan provided to individuals for the purchase of houses, apartments, apartments, land plots for residential development with the transfer of this property as a pledge is called a mortgage. Often, a scheme of transferring purchased housing as collateral is used, but it is possible to provide for this purpose other real estate of the borrower. The mortgage property is subject to encumbrance in the Rosreestr of rights to real estate. To obtain a mortgage for the purchase of housing will require an initial contribution of 20% of its price.

How does it work

How to get a mortgage, it is clear from the scheme of the mortgage lending process:

  • choosing a residential property, the borrower turns to the bank;
  • encloses a package of basic and additional documents to the loan application;
  • after approval of the mortgage application, the bank examines the collateral object;
  • the pledge is transferred for the assessment of real estate to an independent agency;
  • after analyzing all the information, the bank makes a decision;
  • a loan agreement is drawn up and signed;
  • the borrower makes an initial installment;
  • insurance of collateral, life of the borrower;
  • the bank transfers the money to the seller;
  • burden is imposed on the pledge.

Man with a document and a key

Mortgage Borrower Requirements

The requirements for mortgage recipients are less stringent. This is due to the presence of liquid collateral. If the borrower does not pay its obligations, the bank has the opportunity to withdraw and sell the collateral. They also require citizenship of the Russian Federation, limit the age of the borrower from 21 to 60 years. Permanent registration in the region of a banking institution is desirable. The certificate of income of the borrower must confirm to the bank the possibility of timely repayment of the mortgage loan. Additional reasons for issuing a loan are the presence of a car, other property.

Getting a stable official income

To obtain approval and provide a mortgage loan, the amount of monthly mortgage payments should not exceed 40-45% of the total monthly income of the borrower’s family. This implies a minimum wage requirement. The borrower must provide a statement of income in the form of 2-personal income tax or in the form of financial institution, certified by the head, chief accountant and company seal. Many banking organizations account for additional income received from different sources..

Work experience

Bankers do not have special requirements for the length of service of the borrower. He must work at least 6 months in his last job. The length of the total length of service affects the decision making, as it confirms the ability of the client to receive income in the future. Recently, insurance companies began to insure borrowers from the possibility of losing their jobs during the performance of loan obligations.

Good credit history

Timely fulfillment of credit obligations, with delays of no more than 5-10 days, and no more than 3 times a year, will create a positive credit history for you, the image of a good borrower in the future. A clear understanding of a good credit history in each financial institution is different. If one of you fails for this reason, contact the other. Good information about you, according to the Bureau of Credit Histories, will provide better loan conditions, quick decision making, a smaller package of necessary documents. With a bad credit history, you should not rely on good conditions for a loan.

Real estate collateral liquidity

The banking organization has the highest level of requirements for collateral real estate. To reduce its risks, the bank must be confident in the quick sale of collateral at a calculated price. Therefore, banks are reluctant to take problem-free real estate, Khrushchev’s, plots and housing at a distance of more than 50 km from regional and district centers. The appraised value of the property may be lower than the market price. The down payment amount should cover this difference and reimburse the bank for the cost of withdrawing, if necessary, from the borrower and selling the object of pledge.

House and referee's hammer

How to get a mortgage

To obtain a home loan, you need to assess your ability to make a down payment, monthly payments. You need to find real estate that matches your capabilities, check it, agree on a sale. Then you decide on the bank, its offers, submit an application, collect a package of documents. On the websites of banking organizations you will learn how to get a mortgage and what you need for this. Financial institutions have different procedures for assessing collateral, checking solvency, and drawing up a loan agreement. If you have benefits, you should look for specialized programs.

What documents are needed to take a mortgage

When applying for a mortgage, the following documents are required (maximum list):

  • application, bank application;
  • copy of passport, TIN;
  • copy of pension insurance certificate;
  • copy of military ID;
  • copy of education certificate;
  • copy of marriage certificate, divorce, marriage contract;
  • copy of birth certificate of children;
  • a copy of the work book;
  • certificates confirming the income of the borrower;
  • copy of the preliminary contract of sale of housing.

How to get a mortgage for an apartment – step by step instructions

To understand how to take an apartment in a mortgage and your financial situation, you need to adequately assess your financial capabilities:

  • determine what is the amount of money for the down payment;
  • according to the size of the down payment make the calculation of the maximum cost of the apartment;
  • calculate monthly payments using a loan calculator of any of the banks;
  • take into account insurance costs;
  • evaluate the possibility of monthly payments.

Next, you can take the following steps:

  • Search for a purchase item
  • bank selection;
  • filing an application with a bank, object evaluation;
  • insurance of collateral, life, health of the borrower, risks of losing a job;
  • execution of a loan agreement with a repayment schedule, its notarization;
  • advance payment;
  • payment of real estate to the seller, registration of the transaction of purchase and sale of housing;
  • state registration of rights to real estate, encumbrances by Rosreestr.

Man and woman

Analysis and selection of offers in the real estate market

Choosing a house should be based on your own preferences. It is worth considering the current and future interests of spouses, children. Making the final decision is based on the maximum possible apartment price for you:

  • at the first stage of housing search, collect several options in the secondary market;
  • to buy real estate, consider options in new buildings, consider the cost of a full finish;
  • buying a plot for individual housing construction (IZHS) is a good option for suburban housing;
  • Find a real estate expert for a legal review;
  • thoroughly check the chosen option, keep in mind that the bank and the insurance company are not liable if there are problems with housing after applying for a loan;
  • conclusion of a preliminary contract of sale with the seller.

Choosing a banking institution and mortgage program

The choice of the bank that suits you and the banking program is made according to the main criteria of eligibility for you:

  • Bank requirements for borrowers, collateral form;
  • down payment amount;
  • interest rate;
  • the form, amount, methods of monthly payments;
  • the possibility of early partial and full repayment;
  • the presence of shares, benefits, special lending programs;
  • additional fees and charges.

For example, in the largest Russian financial institution Sberbank, after a positive response to the application, the process of drawing up a mortgage loan agreement takes up to 10 days. A mortgage is issued with a maturity of up to 30 years with an initial payment of 20% at 10.5% per annum and up to 3 co-borrowers or guarantors are allowed. Sberbank offers preferential mortgages for young families at 9.5%. Repayment of interest and loan body is made in equal parts (annuity).

Mortgage Application

Filing an application for the provision of mortgage funds and the bank evaluates your proposal in several steps:

  • having worked out all the options for lending, apply to the selected bank online or at its office for preliminary consideration;
  • after approval of the application, submit the entire package of documents;
  • the bank checks the ability to earn, the solvency of the borrower, the absence of debts on previously issued loans, conducts its own inspection of the purchase object, offers an appraisal company;
  • having an independent appraisal report, the bank makes an offer on all items of the mortgage.

Girl writes

Loan agreement

It is possible to familiarize yourself with standard mortgage agreements on the official websites of banks. In some cases, amendments to the contract are possible, taking into account the features of preferential programs for young families, military personnel, and socially unprotected categories of citizens. Common to all mortgage contracts is:

  • information about the borrower and the bank;
  • total loan amount;
  • advance payment;
  • loan terms;
  • interest rate;
  • repayment schedule;
  • penalties and fines for violation of payments;
  • Contact Information.

Home insurance

Banking institutions give loans, but require insurance of collateral. This requirement is based on the fact that the pledge is the only guarantee for the repayment of credit money in case the borrower refuses to pay the mortgage. In case of partial or complete loss of housing by the borrower during the validity period of the mortgage agreement, the insurance company under the insurance contract will reimburse the bank for lost funds on the loan.

What you need to get a mortgage on a preferential program

Mortgage programs of many banks offer special or preferential mortgage conditions for certain categories of citizens. Such conditions are proposed in the regions to solve social and demographic problems. Young families, social workers, teachers, doctors, young scientists, contract soldiers can apply for mortgage benefits from federal and regional government agencies. Information on how to take a mortgage loan and what is needed for mortgages for preferential categories of citizens is available on the websites of banking organizations.

For young families

The solution of the demographic problems of the regions is carried out by preferential programs of state support for the acquisition of apartments for young families. A young family standing in line for housing has the right to take a loan with benefits. These programs include discounts on down payment, favorable interest rate, partial repayment of payments on a loan by the state. Subsidies under the Young Family Affordable Housing program for families without children make up 35%, and up to 40% for families with children. The minimum down payment for them can be reduced to 10-15%.

Woman, man and child

Social Mortgage

For socially unprotected part of the country’s population, teachers, medical workers, employees of municipal services, loans are granted under preferential programs. The list of socially significant professions for the country includes scientific, cultural workers, employees of the country’s military-industrial complex, young specialists in rural areas. Benefits and information on how to get a mortgage for such employees are provided by regional, municipal and federal authorities, which depends on the subordination of the social worker.

For military personnel

To be able to get a mortgage loan for an apartment, the military has developed a funded mortgage system (NIS) program. According to its rules, accruals are made within three years from the date of registration. These funds can be spent for a down payment on a mortgage. After the conclusion of the mortgage agreement, its repayment is carried out from the NIS during the contract period for the serviceman.

How to get a mortgage for a serviceman of the Russian armed forces on a contract, and the main parameters of the state program “Military mortgage”:

  • to accumulate funds with an accumulative-mortgage system for a down payment;
  • down payment – 10% of the cost of the selected apartment;
  • mortgage rate – 12.5% ​​per annum;
  • the maximum amount is 2.4 million rubles.

How to get a mortgage loan with maternity capital

At the birth or adoption of a second child, the family is charged “Maternity Capital”. In 2019, its amount is 453,026 rubles. This money can be used by law to pay for kindergarten, tuition or partial payment of the down payment on a mortgage. By law, maternity capital can be obtained after signing a mortgage contract. Therefore, banks draw up two contracts – the amount of parent capital and the main contract. After payment of the first contract, it is considered completed, terminates, the main contract continues to work.

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