Mortgage: 5 errors

Mortgage - a concept for Russians is relatively new, and as with any news, it is overgrown with all sorts of speculations, misconceptions and fears. "Owner" of market participants interviewed on the subject of errors with some of their clients they encounter most often. Misconception 1. Mortgages are now very expensive, have to wait until interest rates drop. Alla Tsytovich, vice president of business development bank DeltaCredit, believes that it is not so much the high cost mortgages, but in the most expensive real estate. "The family with an income of $ 2 thousand can get a loan of $ 90 thousand for 15 years at 11% per annum. By reducing the rate to 7% can get not much more - $ 110 thousand, "Thus, at a cost of Moscow's one-bedroom apartment at $ 200 thousand families still need to have approximately $ 100K of their money (savings) for housing. In addition, analysts predict continued growth in housing prices, so if you now have the opportunity to buy an apartment even with the assistance of the loan can not be expected to reduce rates: it does not allow to save money, because housing in this time grow in value much more. Misconception 2: It is terrible to take a loan for 15-20 years, because it is not clear that during this period may occur. According to statistics, a mortgage loan in Russia is completely extinguished much sooner - in 4-5 years instead of 10-20 years. From some of the most unpleasant risk borrower insures the insurance company (from loss of property rights, health and life). Again, the general trend in the property market in the world and Russia in particular is that the price rising in absolute terms (despite the crises). According to Alla Tsytovich, usually all the extra income - quarterly and annual bonuses, inheritance and additional earnings - are going to repay the loan. She believes that long-term loan is more convenient because it allows the borrower to repay the loan easily, do not tighten too much belt. Penalties for early repayment of credit is usually provided only in the first six months, and then you can repay the loan even though as a whole. Misconception 3. If I lose my job, the bank will select the right apartment. In fact, the bank evicts the borrower only as a last resort. Over the entire history of the Russian mortgage market is known only 3 cases of eviction. If this happens, the calculation is a measure of the bankers. The bank is not a repressive institution and financially, and his interest in that money back. According to Hope Goryacheva, head of financial products "MGSN" evict the apartment owner immediately if you suddenly have a problem with regular payments, no one will - most banks are in the position of the client and give him time to solve his financial problem. Banks are willing to restructure loans, refinancing, etc. Again, when the bank realizes that the client does not pay, he will buy a smaller apartment (even, if necessary, with the assistance of the loan). With this in mind you should not hide serious financial difficulties of the bank - enough to observe the treaty, which states what the borrower is obliged to inform the bank. Sooner or later it will be known, but in this case, the bank has to treat the client with much less confidence, and to agree on-lending will be more difficult. Myth 4. Among the many ads are too difficult to choose the bank's program. Now the mortgage market is so constituted that apply directly to the bank to the borrower benefit just a few cases: if the bank is served by an organization in which it works (if there is likely to have special conditions for the employees of the organization), if the potential borrower's deposit is open there (or other financial account) or if the bank carries out a campaign to attract customers and offering special conditions. Most often, the bank is more profitable not come alone, but through a mortgage broker. These services are offered by most real estate companies, this usually they have a specialized department. According to director of the center of the mortgage programs of "Miel Real Estate" Elena Panova, in the department are working the mortgage realtors who are agents who specialize in signing mortgage transactions, and consultants of the department support help to choose the most suitable mortgage program. "In practice, the borrower is often unable to competently discuss all aspects, record the necessary arrangements, properly fulfill all the requirements of the bank, - the hope Goryachev. - Real estate companies that own honed mechanism for trading of mortgage (after approval by the bank client as a borrower prior to the conclusion and registration of the contract of sale) may protect the interests of the borrower to save his time, effort and money. " Misconception 5: Would not I pay the loan immediately, if a bank have a problem? Maybe it's a good thing would be if the bank goes bankrupt, and about my credit will be forgotten? "If you deal only in the stage of conclusion, it is likely to fall through, - says Elena Panova. - For example, a bank, "Dialog-Optim" actively working with a mortgage, and last summer when he was denied a license, all the work went down the drain borrowers, with money they did not lose all that incorporated into safety deposit boxes, bank assets are not considered to remain intact even in bankruptcy. " But if the loan is received, the apartment is purchased, the borrower is almost not notice that the bank has "burst": it simply will notice that the payments should be done now at another address. Mortgage debt in the world are very attractive for the banks, they willingly take and the new owner. The fundamental point: the payment terms (terms, interest, etc.) can not be changed unilaterally, under any circumstances, they are set once and for all your contract. Hope Goryachev concludes: "If the bank goes bankrupt, all its assets transferred to another bank as collateral. So that the loan will still have to pay, only to another legal entity. " Note finally that professionals real estate companies almost in one voice say that the number of customers with borrowed funds has been steadily increasing, and customers are becoming more "savvy" in matters of the mortgage. Mortgage is part of our lives and becomes almost a part of her everyday, and it's time to put an end to misconceptions about her.