Mortgages on the steps

The time when a dear paradise, and in the shelter, are gone. Separate comfortable accommodation - this is one of the first requirements of a modern family. But what if the cost of cherished square feet grow? Today, many banks offer a variety of mortgage loan schemes for purchase of new homes or improve existing ones. Understand the question of buying an apartment in the credit manager will help us mortgage center Real Estate Agents "Domostroy" Elena Husnulina. I wanted to first say about the advantages of buying an apartment on credit. First and most important for the young, is that once you become the owner of the acquired dwelling. A payment is made on your mortgage, you pay for your apartment, but do not spend money to hire someone else. And the second - is that a constant increase in property prices is more profitable to buy an apartment on credit than a few years to save for it. Mortgage allows you to live in his apartment, make it a good repair or remodeling, which is impossible in a rental car. Moreover, a loan to buy the apartment, without shelter or even take credit for improving their living conditions, with the worst apartment. This applies to new buildings, and apartments on the secondary market. Consider a common mortgage scheme buying an apartment on the mortgage. It is used when the young have their own homes: Step 1. Submission of documents to the bank and getting a positive decision to open a credit line (for which the loan can count). Step 2. Selection of an apartment and check the validity of its frequency. Step 3. Signing a loan agreement with the bank and the purchase contract. In addition to conventional mortgage schemes, banks have long offered special programs for those wishing to improve their living conditions. Credit in this case is taken to the amount of extra cost - the difference in cost between the old and new quarters (see Figure 1). But now that prices are going up by leaps and bounds and the seller - master of the situation, take advantage of this scheme is problematic. Several months ago, began to appear new bank programs that make alternative mortgage transactions is quite real. The meaning of innovation: the borrower buys a new home first, and only then sell the old one, which meanwhile is growing up in price. At the same time a loan to buy a new apartment is provided with the cost of old housing (a total of up to lend you 90% of the value of the acquired dwelling, and one of the programs - and up to 120%, taking into account the cost of repairs) - see Figure 2. Can I use the loan to change the old apartment to a new building? To the usual problems of an alternative in this case adds one more. By selling your property, the owner must release him, not only physically, but legally - to withdraw from registration. To register as a new building will only be possible after registering your ownership of the new apartment. But this process may be delayed. Solving the problem but there is - see diagram 3. Diagram 1. Traditional Step 1. Obtain the approval of the credit committee of the bank, find out how much to credit can count on. Step 2. We are looking for a buyer for the existing apartment. Step 3. Search for an ideal option for new homes. Step 4. Both deals - sale of old apartments and buying new - take place in one day. SCHEME 2. Relevant in the context of rapid price increases Step 1. We buy mortgages and moving to a new apartment with her. Step 2. Sell ​​the old apartment, which at the time of processing the loan and the purchase of new housing has time to grow up in price. Step 3. During the grace period - 6 months from the date of the loan - through the sale of the old apartment returned by the bank of the debt. SCHEME 3. Buying a new construction Step 1. Obtain a loan to buy an apartment in a new bail of existing housing. Step 2. Wait for the new building can be bought in the property issue and move there. Step 3. Sell ​​the old apartment, or renting it out and extinguish the debt to the bank. Choose between the most numerous mortgage banking software is not easy. You need to spend a lot of time and money in order to choose a bank that can provide the maximum credit at the lowest cost and the most beneficial terms. Our mortgage center gladly advise you on this issue and help you find your own home.