The average mortgage is now granted for 15 years. And all this time, the bank fixes the interest rate. And even if interest rates fall significantly in the market, the borrower will continue to pay the same, high interest rates. One way to overcome this injustice - to take a loan with floating interest rates. In fact, ways to get around fixing the mortgage interest rate for the entire term of the loan or two. The first - ever to refinance a loan in his or someone else's bank account. Second - take out a loan with a floating rate mortgage when interest is tied to the market average lending rate on the Russian or foreign markets and changing along with it. However, for the Russian borrower until it is more theory than practice. In the west, where the history of mortgage lending has dozens of years, all technologies are turned out and worked out, borrowers are active and the other option and reduce the cost of mortgages. As for us so far and both the technology in its infancy, banks that offer such programs, very little, and do the proposals are such that the most likely resemble a publicity stunt than an effective way to reduce the cost of a mortgage loan in accordance with market realities. Take a refinance loan. It seems to be refinance mortgage loan, changing the rate of credit already available at many banks. In particular, Raiffeisenbank, International Moscow Bank, "KIT Finance", Vneshtorgbank 24, and other banks. However, in order to refinance, now need to re-go through the whole procedure of obtaining a mortgage, registration of new paying all fees and commissions. This is again a thousand dollars and not less than a month of your life. Now, on a floating rate. According to the banking program, "float" in two ways. The first - to change the lending rates after the payment of a debt. For example, Gazprombank offers a discrete change in the cost of a mortgage from 13 to 11.5%. The initial lending rate decreased 13% to 12.5% after repayment of 40% debt. If repayment of the debt by a third - rate reduced to 11.5%. The second method - binding rate on the loan to any market indicators. Typically, the percentage of the foreign loan rate is tied to LIBOR, for a ruble - to MosPrime. "One of the latest innovations has become a floating or flexible rate on the loan. It varies depending on the index rate LIBOR, - says the analyst of mortgage lending department Uniastrum Bank Leonid Amnuel. - This index averaged rate at which banks borrow from each other in the London interbank the market. LIBOR varies depending on market conditions. Floating rate mortgage is made up of LIBOR plus rate, appointed by the bank. Therefore, the LIBOR less the general rate on a mortgage below. " "It should be understood that the loan at a floating rate - venture - warns Amnuel. - It can be fixed first lower bank rate for a mortgage, and then become higher if the LIBOR market will grow over time." Anticipate the movement of LIBOR, depending on the economic situation in the world market, it is very difficult. For example, in 1989 the rate rose to 9% in 1992 - has already accounted for 3.3%. In 2000, again rose to 6.8%, and in 2003 dropped to 1.4%. Since January 2004, LIBOR rose steadily and by early August this year stood at 5.54% (for annual dollar loans). Accordingly, the rise and mortgage interest. For example, in Gazprombank "floating" exchange rate mortgage loan is calculated as LIBOR +10%. The bank "DeltaCredit" - LIBOR +5.5-7% (depending on the duration and form of confirmation of income). Raiffeisenbank - LIBOR +5-7.5%. The loan rate is changed once a year, so the calculation is based on a 12-month LIBOR. Late last year it was around 5%. That is, in Gazprombank this year on a dollar a "floating" loan rates were set about 15% per annum. In "DeltaCredit" - somewhere 10.5-12%. Raiffeisenbank - 10-12.5%. According to Western experts, by the end of this year LIBOR USD will be 6-6.5%. As a result, next year the cost of "floating" loans to grow by 1-1.5%. And on dollar loans with fixed rates, such as Raiffeisenbank, the borrower will pay 10.5-13% per annum. In contrast, the ruble "floating" while borrowers benefit. Rates of these mortgages are linked to MosPrime. It is an independent indicative rate calculated by the National Foreign Exchange Association on the basis of rates of ruble deposits to provide the leading participants in the Russian money market. For example, in the period from 18/05/06 to 08/17/06 Three-month rate was 5.15% MosPrime. And the loans were worth respectively Raiffeisenbank 10.4-11.4% per annum, "DeltaCredit" - 11.65-12.65%. In August rate decreased (from 18/08/06 to 11/17/06 Three-month rate is 4.52% MosPrime), respectively, and decreased the cost of borrowing. As a rule, the value of the ruble "floating" loan is reviewed every quarter, so the fall of the ruble "floating" borrowers pay interest at the rate of Raiffeisenbank 9.77-10.77% per annum. In "DeltaCredit" - 10.02-11.02%. For comparison, the rate of the ruble "fixed" loan to Raiffeisenbank now 12.75-13.75%. While market experts say that the floating interest rate has not won a lot of customers. Most borrowers prefer fixed interest. Even the bankers are still skeptical about such programs, however, not excluding their relevance in the future. "In our view, the introduction of mortgage loans with floating interest rates - a positive step in terms of expanding the range of mortgage products, - the head of retail products and services of International Moscow Bank Alexey Aksenov. - In the case of binding a floating rate, such as the MosPrime, these programs may be popular, especially customers who want to take credit for a short time. Until we offer our clients a mortgage loan with a floating rate, but I would not rule it in the future. " "Adjustable rate mortgage now enjoys a certain demand. In the future, we expect this product will be actively developed, as with time the rate on the loan may be reduced due to the stabilization of the economic situation in the country", - says head of product development, mortgage lending PSB Vladimir Bulygin. From the fact that the floating-rate mortgages have their clients, so the demand will still agree with the bank and "Revival". "These loans will be in demand among people taking credit for a short period, for example, up to 5 years" - believe it.
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