All about the mortgage: a selection of articles on mortgage lending from the portal Credits
Knowing about the latest innovations of banks in the field of mortgage lending, it is easier to decide on a mortgage and, as a result, do not overpay for housing. Credits portal will help to deal with loans and developers with a useful selection of relevant topics on housing loans. This time we will talk about buying an apartment by installments, choosing a bank suitable for a mortgage, as well as about the rights and obligations of co-borrowers.
The content of the article
Is it profitable for real estate investors to buy an apartment by installments?
The article tells how beneficial it is for equity holders to buy an apartment by installments. This option is offered to borrowers who need housing, but are not ready to "get into" a mortgage. Unlike mortgage programs, it takes 1-3 years to pay here, you do not need to contact the bank, and all the conditions are immediately specified in the equity agreement.
Installment is not as popular as a mortgage, but it has clear advantages. Firstly, anyone can apply for a transaction without confirming income, providing a package of documents and attracting guarantors. Secondly, the client does not have to pay interest. True, there are also “cons”: a quick payment period, depending on the construction, and large amounts of monthly payments. That is, such an offer is beneficial only for those who are ready to put enough money “on the table” before putting the house into operation.
Co-borrower - who is it? Rights and obligations of the co-borrower for a loan and mortgage
Connecting one or more persons to the transaction allows you to take into account additional income, increase the loan amount and lower the annual rate. To become a co-borrower, you must meet the requirements of the bank and be prepared to pay off the debt for the borrower. A co-payer does not have rights to property acquired in a mortgage if he does not conduct a joint farm with the main borrower and has not concluded an agreement in advance on transferring part of the purchase when participating in loan repayment.
Which bank is better to take a mortgage? What to pay attention to?
The material spells out the factors that you should pay attention to when choosing a bank for a mortgage. First of all, study the proposed mortgage programs, which vary by region, type of housing, loan term, amount of down payment and availability of benefits. You should immediately compare the available limits and the level of interest rates. It will not be superfluous to use a loan calculator and calculate the approximate overpayment.
See the special offers of the bank. So, young families, retirees and military personnel are offered a reduced rate, state support and a reduced package of documents. Banks are especially concerned with salary clients, therefore, first it is better to consider lending options in the "native" institution. We also “check” the credit organization itself by reading customer reviews on thematic forums and social networks.
