Procedure for obtaining a mortgage: documents, terms, expenses

Quite often, when there is not enough money to buy your own housing, people buy it on credit. The procedure for obtaining a mortgage implies that the borrower fulfills certain conditions. That's why before you contact the bank, you should study all the subtleties of this process. So you can avoid complications and quickly issue a mortgage.

Requirements of banking institutions to the borrower

Before applying to a credit institution, you must first find out the procedure for obtaining a mortgage. In addition, one must understand that the loan can be refused for a variety of reasons. That is why it is important to immediately create a favorable background of cooperation with the bank by studying the standard conditions for obtaining a mortgage. Let's consider some of them:

• Availability of property. The borrower must be the owner of the property to provide it as collateral.
• Possibility of payment of the initial payment, the size of which is from 30% of the price of the apartment and above.
• The repayment amount of a monthly payment should not exceed 1/2 of the income of the person taking the loan.
• An obligatory condition for obtaining such a loan is insurance not only for an apartment, but for life.

Term of the mortgage loan

The procedure for obtaining a mortgage differs from other loans by the terms. The minimum is usually not more than 3 years, and the maximum is given for 30, and in some cases, even at 50. Such requirements scare away many people. After all, few people want so long to depend on the banking organization.

Making an application for a mortgage loan

It is also worth noting that financial institutions make their demands and restrictions on borrowers. For example, in order to receive cash on a loan for housing, you must have a permanent residence permit and work. In addition, the total length of service for a borrower must be at least 1 year. If the client's credit history is spoiled, then it is unlikely to get a mortgage. In addition, he should not have a criminal record and other parallel loans. The minimum age for obtaining a loan is from 21 years, and the maximum - not more than 65-75 years at the time of mortgage repayment.

When filling out an application, you can specify co-borrowers, which may be brothers, spouses, parents or acquaintances. A man under 27 must necessarily present a military ticket to the bank. Without him, the loan will be refused, even if he has a delay in connection with his studies. When applying for a mortgage at the same time in several banking organizations, you need to find out more detailed requirements for borrowers and the procedure for purchasing real estate in each of them. After the application for a mortgage is approved, you can proceed with the selection of suitable housing. The bank spends a few months on these events.

How to make out a mortgage?

The procedure for obtaining a loan is as follows: application processing, real estate search, housing approval, conclusion of the transaction. The Bank makes a positive decision from the moment of submission of all documents to the credit organization within 5-10 working days. During this time, he checks the reliability of the information provided and determines the maximum loan amount available to the applicant. After approval, the client passes to the choice of real estate. Although some pre-select an apartment. Banking organizations also place certain demands on housing, which must be taken into account.

When the borrower finds a suitable option, he will need to receive from the seller copies of all the papers for the bank and conduct an independent valuation of the property. At the same time, the valuation company must be accredited by a financial institution. After submitting documents to the apartment, the bank carefully examines and checks them to exclude legal and financial risks. This takes from 3 to 7 days. With the approval of all points on the appointed day, the parties are required to report to the banking organization for processing the transaction. The borrower will only have to sign the contract and get the amount necessary for the purchase of housing.

Credit institutions usually control the settlement, conducted in cash through a bank cell, between the parties. In this safe are deposited loan funds and down payment. They can not be obtained until the transfer of ownership of housing is completed. When the buyer becomes the new owner of the apartment and receives a certificate on it, the seller will be able to withdraw his money from the banking cell.

Receiving a loan for the purchase of secondary real estate

The procedure for obtaining mortgages for second-hand housing has its advantages:

1. After the transaction, the apartment can be used immediately for living.
2. To buy the secondary real estate is much easier, as the banking organizations are more willing to credit this segment of the market.
3. Housing can be chosen in any convenient location and district.
4. Such real estate is most often built of more durable building materials, so it has a long service life and meets all the requirements.

The procedure for obtaining a mortgage for secondary housing is of interest to many citizens today. Often banks offer customers favorable conditions for obtaining a loan for the purchase of such an apartment. The main thing is that the loan amount does not exceed the cost of the selected real estate. In other words, the borrower should be able to immediately pay from 15-35% of its value.

Among other things, you can not take a mortgage loan for a property that does not meet the requirements of the bank. For example, secondary housing should be in good condition. The apartment will not be given a mortgage in the house to be demolished. That is why the borrower will have to spend a lot of time looking for suitable housing.

What documents are needed for a mortgage in Sberbank?

To obtain a loan for the purchase of an apartment in the Savings Bank, it is necessary to prepare a package of documents, which is formed from the following securities:

• Passports;
• Information on income in the form of 2-NDFL;
• Additional certificates: passport, pension, military ticket, driver's license;
• Work book.

Instead of personal income tax, a borrower has the right to submit a certificate of a bank sample. It is filled by its employer, introducing information about incomes, employee experience for the last six months and deductions. Basically, this option is used if the organization can not provide standard data on 2-NDFL. What documents are needed for a mortgage in Sberbank, other than those listed? A financial institution can ask the client to submit additional documents to confirm the information.

How to get a mortgage with state support?

Mortgages with state support are designed to help unprotected populations and low-income citizens. The objectives of the program are to increase the purchasing power of people and to stimulate the erection of new real estate for the population. True, a mortgage with state support does not allow you to buy a second home. To receive credit funds it will be possible only on the real estate in houses under construction and new buildings.

Many large banks participate in this project - Otkrytie, VTB-24, Sberbank, Gazprombank and others. But it should be understood that this mortgage loan will be issued only to developers who are connected by partnerships with financial institutions or state structures.

Mortgage Loan Expenses

Most people do not know what expenses they will incur if they approve a loan. Often, this behavior leads to the fact that borrowers wrongly calculate the full cost of the apartment. As a result, they have further problems with the repayment of the loan.

When buying a home on credit, you have to pay for various services that can fluctuate within 3-10% of the value of the property. For example, some banks charge a fee for the consideration of a mortgage application. And if the financial institution refuses to receive a loan, the borrower will not be able to repay the money paid.

The main condition for issuing a mortgage loan is an independent appraisal of the purchased housing. A procedure is carried out to determine the amount of the loan. Most often, banks already cooperate with some appraisers. Therefore, the client does not need to look for experts himself. However, for a similar service you will have to pay about 5-20 thousand rubles.

Still need to fork out for insurance. According to the current legislation, when buying an apartment you need to protect yourself from loss of housing and its damage. In addition, banks may refuse to receive a loan, if the borrower does not insure ownership of the apartment and life. Therefore, insurers still have to pay a few percent of the cost of housing.

It is necessary to remember and about additional commissions of financial institutions: for cell rent, cashless transfer or withdrawal of funds. If there are difficulties with payment of the debt, the bank will impose fines and penalties. It is advisable not to allow such situations to avoid problems.

Conclusion

Before taking a loan, weigh well all the consequences of this decision. Perhaps now such a financial burden will prove impossible, therefore, it is better to wait for a more favorable moment. Of course, to calculate all the costs when obtaining a mortgage is simply unrealistic. But when registering such a loan, it is necessary to take into account your family budget and unforeseen expenses.