How to get a mortgage – stages of registration and conditions for obtaining

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For many Russians, the only chance to become an owner of personal housing is to take a mortgage. Different banks offer funds for the purchase of real estate in the primary and secondary markets, for the construction of their own homes. The contract is concluded for many years, it is a matter of substantial amounts, so it is important to choose the best offer.

How to buy an apartment on a mortgage

When it is not possible to save up for a purchase on your own, then a mortgage loan will be a profitable solution. For a significant part of citizens, this is the only way to find housing in the near future. This type of loan is available to many, you only need to meet a certain range of requirements made by banks. It is worth considering that with a high and stable income it will be easier to take a loan.

This type of loan is a difficult transaction, so it is important to consider all the nuances before buying a mortgage to avoid overpayments, significant amounts for paying insurance and other expenses. The registration process can take more than one week, and payments on it last for decades. Step-by-step instructions for registering a mortgage are available on the website of each bank that provides such a service, but the first step should be an adequate assessment of their capabilities. After that, you should already learn how to get a mortgage and how to start applying..

Which mortgage to choose

Reasonable offers on mortgage lending come from far from every bank, so you should carefully study the terms of the loan agreement to make the right choice of a mortgage program. Experts recommend focusing on reputable, large banks that have long and successfully existed in the financial market. Also check out the terms and conditions coming from the banks that issued your payroll or debit card. Here they will give their customers the most loyal offers and a simple algorithm for obtaining a loan.

Palm house

Where to get a mortgage

Once you are in the search for optimal conditions for a mortgage loan, carefully read the information about the bank or company where you want to take a loan. You will get the full picture if you research several sources: the bank’s website, reviews on the Internet, forums, recommendations of other people. Keep in mind that obtaining a mortgage described in an advertisement may differ significantly from reality, so carefully read the terms of the contract. Banks provide step-by-step instructions that will help you get through the entire phased way of paperwork without any problems..

Social Mortgage

To improve housing conditions for Russians in the country, the state provides financial support. The federal, regional, local budget finances several mortgage programs that exist along with the classical one. A social program mortgage provides a chance to take a housing loan for socially vulnerable categories of citizens:

  • young military personnel;
  • large families;
  • state employees;
  • war veterans;
  • young families and others.

Social lending programs are regulated by a specially created government agency, AHML (Agency for Housing Mortgage Lending). The main guideline of such programs is the low- and middle-income social stratum, which is in serious need of better housing conditions. The following points determine the social status of the loan:

  • taking a mortgage at a reduced rate;
  • targeted one-time subsidies or social payments from the state budget;
  • low cost of housing;
  • small amount of down payment;
  • opportunity to reduce monthly payment.

Military mortgages can be taken by servicemen for a period not exceeding 25 years, and the borrower must not be 45 years old at the time of the last payment. The average rate on such a loan is 12.5% ​​per year, and the first installment for a purchase is from 10% of the cost of housing. The military is given the opportunity to take a preferential consumer loan or use maternity capital to partially repay the debt. For the approval of the application, the length of service of the borrower is not less than one year, while in the last place the soldier must work from 4 months.

The guy and the girl are sitting on the couch

AHML Mortgage Program

One of the tasks of AHML is the development of mortgage lending standards, which are often a single standard for all banks. The organization monitors the distribution of these standards throughout Russia and monitors their implementation. When the borrower is in a difficult financial situation, the Mortgage AHML Assistance Program helps to cope with financial difficulties. Certain social categories can also count on state aid to repay the loan (up to 20% of the remaining amount).

Mortgage in Sberbank

Sberbank offers some of the best conditions for buying real estate. Such a large organization offers a sufficient number of options with different conditions for the purchase of finished and under construction housing. You can take a mortgage in Sberbank at the most attractive interest rate – 14.5%, which varies slightly in different programs. A loan is granted only in rubles for a secondary or new housing. This bank makes great demands on borrowers, but if there is an opportunity to take a loan from Sberbank, then this chance should be taken.

How to get a mortgage at VTB 24

VTB 24 offers to apply for a loan directly from home. On the website of a financial institution, all programs are described in detail, from which a potential borrower can obtain the necessary information. Having decided on the program, the client submits an application via the Internet. A response to the request will be sent by e-mail or bank staff will inform about the decision by phone. All issues can be resolved through online support or at a bank branch. At VTB 24, taking a mortgage on an apartment is also beneficial:

  • 9 programs;
  • low rates;
  • loan repayment period up to 50 years;
  • affordable down payment amount – 10%;
  • accounting for all income (including close relatives);
  • the possibility of early repayments under a loan agreement without penalty fees.

VTB 24 logo

Mortgage in Russian Agricultural Bank

The terms of the loan agreement of the Agricultural Bank are attractive to customers. When a potential borrower does not have the opportunity to independently save funds for a down payment, you can apply for not only a mortgage, but also take a consumer loan. The latter is used to deposit the first amount for the acquired property. A mortgage without a down payment at the Agricultural Bank can be made through the involvement of parent capital.

Under what conditions give a mortgage

Not only the borrower chooses a bank, but the bank chooses a client to whom the money will entrust. What is needed for a mortgage? There are certain conditions for obtaining a mortgage under which a financial institution will meet you. Banks will easily allow you to take a loan in the following circumstances:

  • high level of verified income;
  • perfect credit history;
  • a substantial amount is paid as a down payment;
  • loan amount is not too large.

How to get a mortgage for an apartment

After you have managed to decide on the choice of the bank, you should proceed to registration, acting according to the step-by-step instructions provided by the institution. This process is complicated, because the contract is concluded for decades, and the borrower needs to take an impressive amount. The stages of registration of a mortgage can be described as follows:

  1. Collection of documents for a loan application. Often banks consider photocopies of documents, because a potential borrower can provide them at once to several financial institutions. Within the agreed time period, the bank will issue an approval or denial of a loan.
  2. Selection of a specific object (apartment or house), approval of housing by the bank.
  3. Collection of a package of documents for a pledge.
  4. Documentation of sale and credit.
  5. Transfer of housing rights to the borrower.

A man fills out a mortgage application form

What documents are needed to get a mortgage

Depending on the requirements of a banking financial institution, the documents for buying an apartment in a mortgage may change somewhat, but often the following papers are needed to make a decision:

  • passport or other identity document;
  • employment record or other proof of employment;
  • certificate 2-PIT for income confirmation;
  • certificate confirming the availability of the down payment, which is provided for by the mortgage program.

How to get a mortgage for secondary housing

Although banks often provide interest incentives for primary housing, Russian citizens prefer to purchase housing in the secondary market. Failures on requests for such a loan occur more often due to severe deterioration of housing, probable problems with previous owners, insufficient demand for certain types of real estate. Mortgage in the secondary market is not issued by all banks. Often, competent realtors and mortgage brokers who own more complete information about banks can help in choosing a lending financial institution..

How to get a mortgage for a young family

For young families (under the age of 35 years), the actual problem is the acquisition of their own housing: both new and in the secondary market. Banks often meet and offer favorable conditions for such borrowers. The main difficulty that young people face is paying a down payment. Government support can help to cope with the problem. A favorable mortgage for a young family implies that a certain amount will be issued by the state (subsidy), which will cover about 40% of the cost of housing.

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