Mortgages for all: a selection of articles on housing loans from the portal Credits
In order not to be afraid of mortgages, it is enough to study the latest articles on mortgage lending. This opportunity is provided by the Credits portal, offering a selection of the most relevant topics about housing loans. Here is a memo for the borrower, and the importance of property insurance, and a six-month delay in making loan payments. Everything in order in our short review.
The content of the article
Memo for the borrower: what you need to know about the mortgage
This article is a memo for the borrower, it helps the “newbie” get to know the mortgage lending more closely. It is immediately stipulated that a mortgage is issued for a long time and will eat the lion's share of family income - this must be prepared at the planning stage. Do not forget about the importance of proof of income and compliance with the requirements established by the bank for seniority, marital status, security and age.
An integral part of the mortgage will be a mandatory entry fee, the amount of which is usually 10-30%. In addition to the initial payment of the borrower, other expenses await: insurance, a notary public, real estate appraisal, and a loan. If the financial institution does not approve the required amount, it is worth looking for a co-borrower or choosing another bank. Of particular note is the calculation procedure, which is equal to annuity or decreasing differentiated. It is recommended not to get involved in a foreign currency loan, and it’s better to “break through” the credit history before applying for a loan.
Why do I need life and health insurance for a mortgage?
Is personal insurance beneficial when applying for a mortgage? This type of insurance is optional - the borrower must insure only collateral. But many financial institutions, when they refuse to purchase a policy, answer the candidate with the same coin and reject the application. However, attracting an insurer can be really beneficial.
First, consent to insurance lowers the rate by 0.5–6%. Secondly, the acquisition of the policy insures the family of the borrower, as debts, like property, are inherited. Thirdly, even a banal sick leave is able to increase daily expenses, which, together with mortgage payments, will lead to a deterioration in the financial situation. At the same time, the price of insurance usually amounts to 1.3–1.5% of the loan amount, and for a share the cost decreases to 0.5–0.8%.
How not to pay for a mortgage for six months
The article will tell you how to get a delay of half a year on mortgage payments. We are talking about the adopted law "On mortgage vacations", under which the borrower is allowed to postpone payments on the mortgage or reduce their size. But the opportunity does not apply to everyone - only for people who are in a difficult financial situation. Under the "difficult situation" refers to the dismissal, disability for a period of two months, a decrease in the average monthly income by 30% or disability I or II group.
In order to achieve a "vacation", the borrower must document his difficult financial situation and apply to the bank with the appropriate statement. The financial institution will consider the application and approve it if required by law. But often, credit organizations offer restructuring instead of deferring, with an increase in the loan term and a decrease in the size of monthly installments.
Borrower memos, deferred payments and insurance are far from the only helpers in planning and paying off a mortgage. Other financial secrets can be easily found on the credits portal in the "Articles" section.
