postheadericon Essential Opportunities for the Right Mortgage

Not enough money to buy an apartment? Take a mortgage. We offer step-by-step instructions on how to act, where to go, what documents to collect.

Choose a bank

To begin with, you need to choose a bank in which you will issue a loan. Take a sheet of paper and draw it into seven graphs: the name of the bank, the price of the apartment, the down payment, the rate, the term of the loan, the currency, the required documents. Also note, if in any bank you have special conditions – for example, if you have a salary account opened in it.

Add to this list the banks whose terms seem most interesting to you, and then compare

The interest rate usually ranges from 7% for new buildings for special shares to 13-14%. Pay attention to additional payments, fees and conditions: it is probably more profitable to take “honest” 12% than 10% plus fees. You can get the support of the mortgage broker GeelongĀ .

Determine how much you want and can take on credit, how much can you give as an initial installment. The minimum payment is 10% of the cost. The term depends mainly on your ability: you are willing to pay a significant amount – take a loan for five years. Limited in funds – make out for 30 years with the possibility of early repayment. The longer the loan term, the more you overpay in the end. As for currency, the golden rule is: take a loan in the same currency in which you receive a salary.

Specify terms and additional payments

Call or go to the bank and clarify the terms of the loan. In detail ask the credit specialist about the size of the bank commission, the need to arrange insurance, possible fines, conditions for early repayment of the loan. Calculate whether you have enough money to make a deal, register ownership and pay realtor services.

Gather the documents

Ask the lending specialist what documents you need to collect. Usually this is a certificate of 2-NDFL from your employer, a copy of the workbook certified by him, a copy of the employment contract, education documents, marriage certificate or its termination, insurance certificate of state pension insurance, certificate of INN, copies of birth certificates of children, passport. Men of military age will also need a copy of the military ticket.

Apply

After you collect all the documents for the mortgage, call the bank and arrange when you can apply for a loan. You will come to the bank, and the specialist will check the references and copies that you have prepared. Ask him not just to put the papers in a pile, but also to check whether they are properly decorated. Also, based on your documents, he can make an approximate calculation of how much loan and down payment you can expect in this bank. Write an application for a mortgage and transfer it to the employee along with the documents. Be sure to find out when and how you will learn about the decision of the bank.

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