What types of mortgages exist and which is better to take

Absolutely every person needs housing. But not everyone can afford to buy it immediately, without getting into loans. Because you have to take a mortgage. The solution, of course, is not the best, but very common. But each person who is not enlightened in the subject is first interested in: what are the types of mortgages in principle? And, since the topic is topical, it is worth talking about it in a little more detail.

The most common option

Arguing about what types of mortgages exist in principle, it is first of all to note the attention of lending in the secondary market. Because this is the most popular option. The principle is simple. A person must find an apartment that other people sell, and formalize a mortgage loan agreement. After that, he buys housing for the money of the bank, which he then gives them.

It has its own peculiarities. To begin with, you need to find the most suitable bank. The best in this regard are those that are state-owned. They have a mortgage loan system worked out to the smallest details.

After a person chooses the most advantageous mortgage offer for himself, and find out the amount of the amount that he can give, you can start looking for housing. And before the contract is drawn up, it will be necessary to pay the bank a commission and insurance.

On the conditions

Talking about the types of mortgages, we can not fail to note the attention and the fact that it is possible to issue what kind of secondary housing it is.

So, the apartment should not be located in a house subject to demolition, or requiring repair and adjustment. It is desirable that it was in good condition. After all, a mortgage is issued before 30 years, and the bank must be sure - if a person can not pay the debt, then he can compensate for the loss by selling the apartment.

Another apartment should be residential. That is, be in an ordinary house, and not treat a hotel or communal complex. And yet it should have a standard layout that coincides with the plan of the BTI. By the way, banks rarely give mortgages for the purchase of apartments located on the ground or first floors. And the "Khrushchev".

The borrower must also meet certain conditions. He must be a solvent citizen of the Russian Federation with at least an annual work experience. And it's better to refrain from a loan if the salary is not high, as every month it will be necessary to give up to 45% of your salary.

With equity participation

In the list, which lists the types of mortgages, this one is second only. There are reasons for this. Mortgage with equity participation is, in fact, a loan for the purchase of housing in a newly built house. And, due to the fact that the building has not yet been put into operation, the prices for such apartments are 20-30% lower than for conventional ones.

The principle in this case is somewhat different from the previous one. To begin with, a person must choose a builder. He will send him a list of banks that cooperate with him. And among them a person chooses the one that offers the most favorable conditions for lending. The second option is similar, but with the exact opposite. First, a person determines the bank, and then he chooses the developer - from the list that he was given there.

True, there are minuses in this case too. For example, a higher interest rate (by 1-2%), delay in the delivery of the facility. However, there are minuses everywhere.

For a young family

In recent years, this kind of credit is gaining a lot of popularity . Mortgage helps many, especially if a young family needs a home. The bottom line is that local authorities allocate a subsidy to which people pay the first installment. Thus it turns out to reduce the loan amount.

A childless family is allocated 30% of the cost of an apartment. People who have a child - 35%. To get a preferential mortgage, you need to stand in line. When the turn of a family comes, they are issued a certificate for the purchase of an apartment. This is the way to the first payment to the bank for a loan.

You should know that young couples are those couples in which each person is not older than 35 years. Mortgages are given for up to thirty years. But there are possible delays (this is another plus of concessional lending), and together with them about 35 are obtained. However, even to obtain such a mortgage, it is necessary to meet several conditions. First, each spouse must be a citizen of the Russian Federation. And officially employed, with a source of income, which can be confirmed by reference. The minimum age of each person is 18 years.

Loan for improvement of living conditions

This topic should also be noted with attention, talking about the types of mortgages. Housing for many people already have, but often the family needs either to expand the living space, or in improving conditions. Such questions are usually solved simply. People sell the apartment they have, after which they buy another home for the money they earn, paying extra money, issued by the bank as a mortgage.

The main advantage of this type of lending is that it can be issued without collateral and commissions. And local and federal programs are also widely practiced, providing preferential conditions for teachers, for example, for large families, etc. Moreover, a loan for improving housing conditions can be given even without providing a certificate from a permanent job. And interest rates are less.

Information for foreigners

Many people who are citizens of other states are interested in the question - is it possible for them to have a mortgage with a residence permit? Interesting topic. Well, anyone can buy housing in the Russian Federation. But do it not for the full amount, and taking a loan is very difficult. Financial organizations try to avoid transactions with foreigners, since they do not have Russian citizenship, and therefore they can easily leave the country without paying off the debt. In this regard, banks maximally tighten their requirements in relation to borrowers. However, there are also banks that consider foreigners to be the most conscientious payers. But in general, a mortgage with a residence permit is a reality. But you can tell about the conditions in more detail.

Requirements

Well, if a foreigner decided to take a mortgage with a residence permit, then he must, first, be officially employed in Russia. Also pay taxes and have at least a six-month work experience in the Russian Federation. Still have to prove the fact that a foreigner for the next 12 months will work in Russia. You can simply provide a contract with the employer and a certificate of income. Age also matters. The most optimal is from 25 to 40 years.

But some banks put forward additional requirements. For example, the minimum length of service in the Russian Federation may not be six months, but two or three years. And the down payment, which is usually 10%, will increase to 30%. Guarantors or joint borrowers (citizens of the Russian Federation) may be required. And the bank will credit the property to be credited as collateral. And, of course, there will be an increased interest rate. In general, it is quite difficult for foreigners to get mortgages.

Types of mortgage loans are distinguished by certain nuances, and this situation is no exception. The foreigner will have to collect a whole package of documents, in addition to the standard ones (certificates of income, seniority, contracts with the employer, etc.). It will take its own civil passport and notarized copy with translation into Russian. Also - permission to work in Russia and to enter the state (visa). And still need a migration card and registration in the region where the loan is issued.

Pledge

Everyone is well aware that in order to get a loan, it is necessary to provide the bank with a certain value that it can take back as compensation for its outstanding debt (if the payer is unable to repay the money). Is not an exception and a mortgage. The type of collateral in this case is real estate. Which man intends to acquire by taking a loan.

It's all simple. A person draws up a loan in a bank (or in another financial institution), with the proviso that the apartment purchased for dedicated and money will act as collateral. All participants in the transaction are winners. The borrower finally receives money and buys an apartment. The bank finds a profit in the form of interest rate payments, and due to the fact that the customer purchased housing is pledged, minimizes the risks of non-return.

And everything is done in a few steps. First the client receives the approval of the bank. Then he chooses housing, studying primary and secondary markets. Then he evaluates and insures real estate. And, at last, signs the contract, receives money, pays the deal, and then settles.

On the "pitfalls"

Now we need to talk about the encumbrance in the form of a mortgage. The word itself already contains the essence of the definition. Encumbrance of an apartment purchased in a mortgage is expressed in limiting the rights of the owner, as well as in assigning him the same responsibilities.

If it is easier to express, then a person can transfer their housing for temporary use to another, to surrender it, or to try to sell in order to repay the debt. But all this - only with the permission of the pledgee. In the role of which in this case is the bank. All encumbrances are removed from the person when he repays his debt. From that moment he becomes a full owner of the apartment.

But if he, for example, wants to sell it, when the debt is not paid yet, you will have to take care of the nuances. In addition to the contract of sale, you will need a transfer certificate, a written permission of the pledgee and a statement of the parties to the transaction.

Insurance

It has already been mentioned several times that the acquired housing will have to be insured. This is really so. What are the types of insurance for a mortgage? The two are mandatory and optional.

So, in any case, pay insurance. But it's low spending. According to the law, the borrower is only obliged to insure the pledge, that is, the apartment, for which the loan is taken. Usually this is about 1-1.5% of the total.

Making additional insurance, it turns out to protect the housing from damage and loss. And yet - the title of the loss of ownership, which can happen because of fraud or double sales. In the end, even the life and health of the client will be protected. After all, a loan for the purchase of housing is taken on average for 10-15 years. This is a long time, and for this period a person can happen anything, because life is unpredictable.

How to benefit?

Well, the mortgage brings profit only to banks and developers, but borrowers also want to avoid being trapped. And if you want to save, it is better to make a loan for the shortest possible time. You can calculate the benefits by a simple example. Suppose a person takes 1 million rubles on credit at a rate of 13% per annum. If he took this amount for five years, then he will have to pay 23,000 rubles a month, and as a result, overpayment will be 366,000 rubles. Having issued a mortgage for 15 years, he will pay 13 t. It's less! Yes, but only at first sight. As a result, he overpay 1 300 000 rubles. So the question concerning the timing should be solved first.

But which of the previously listed options is best? You can argue long, listing the pros and cons. To each his own. But if you judge objectively, then the option of buying a house under construction is the best. First, you can save a lot - from 1/5 to 1/3 of the total. And overpayment as 1-3% at the rate here does not play a special role. Secondly, you can not be afraid of delays in terms of commissioning. Now banks conclude contracts only with the checked up builders, therefore risks are minimal. But to decide, again, everyone should himself.