Features of mortgage lending

The main advantage of a mortgage is the transfer of ownership of housing to a borrower after full repayment of the debt. This procedure is advantageous for the fact that one does not need to rent an apartment and pay monthly rent. Yes, the mortgage means paying a certain amount every month. And this amount is approximately equal to the rent. But the main advantage is that the borrower pays for housing, which will remain the property forever, but when you rent you pay for someone else’s living space. This is the main advantage of registration of the mortgage.

It is important to remember that acquired housing loans will be formally the property of the Bank until full payment of the mortgage. And if it so happens that the borrower stops paying the monthly payment, the Bank will be entitled to dispose of the housing for receiving a sum in payment of the debt.

Important issue is overpayment, which is one of the downsides of the mortgage. After all, to get a loan to pay the interest, insurance, and various fees.. Housing can cost more than 2 times more expensive. This happens when they take a big amount or long term.

In the transaction for the mortgage involved:
1. Bank;
2. By the buyer;
3. The seller of property.

The process of buying property on credit goes through several stages:
1. First, the borrower chooses the Bank with the most suitable conditions of the loan;
2. Consults with a Bank employee;
3. The application for issuance of a mortgage;
4. Gather all necessary documents;
5. Bank rassmatrivaetsya of the client;
6. The desired amount is transferred to the Bank account of the borrower;
7. Comes the actual purchase of real estate under the credit agreement;
8. The insurance policy is paid for housing;
9. Paid mortgage loan.

To determine the solvency of the client, the Bank shall take into account any income, and the availability of any property. Importantly, the loan payment was less than the monthly income at least 1.5 times. Alternatively, recourse to guarantors.

It turns out that the mortgage — not cheap, but sometimes it’s the only way to acquire their own living space.



Features of mortgage lending 15.10.2016

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