The mortgage market in major changes brought about as the mortgage crisis in America, and the January stock crisis. What are the borrowers in the current troubled times can rely on credit, found "owner." "A number of borrowers who were quite interested in the banks in early 2007, now can not count on getting credit," - said at a news conference controlling unit director "Retail business" of the Bank of Moscow Alla Tsytovich. Basically it refers to the businessmen, as well as to people with unverified income. The head of the company "Fosborn Home» Vasily Belov said that in the autumn of 2007 tightened underwriting and potential borrowers to the banks began to scrutinize. "Currently, the market for more stringent requirements of banks to the quality of borrowers checked all the data" - the head company of mortgage center MGSN Mikhail Romanov. "Banks today are interesting borrowers with fully verified" white "or income with most of the" white "income, good assets" - describes the tendency Rzayev Christina, director of sales NBIK. "Salaries are not keeping pace with prices, so the circle of buyers" from scratch "has been steadily shrinking," - adds the Deputy Director General of "National Realtor group» (NRG) Alain Kiprielova. Another important trend is the beginning of 2008 - increasing the down payment. "Significantly reduced the number of programs with no down payment," - says Vasily Belov. Many banks have increased the size of the borrower's down payment from 10 to 20-30 per cent, notes Alain Kiprielova. In December of last year left the market borrowers with unverified income, who wanted to get a loan with a minimal down payment. The current borrower is consistent and quite a lot of savings for the soul. Most often using mortgages are sharing one apartment to another. "The amount of credit it requires a much smaller and corresponds to the capabilities of our citizens", - says the new "mortgage holders" Alain Kiprielova. All new borrower patient experts note that the increased time of the application. "Previously, on consideration of the application went a week, but now if you get a limit of two weeks, it is well", - says Mikhail Romanov. "Of all the banks are only" GM Money Bank "maintains the promised date of approval by the borrower and its adaptability to the apartment," - he adds. Check the borrower and his chosen apartment extends the already not short trade sale of real estate. In the growing real estate market should have a fair patience and considerable resourcefulness to finish the deal. First, the mortgage buyers in periods of growth is difficult to compete with buyers with ready cash. This can be done only by increasing the price, however, many sellers are heard on the mortgage, without batting an eye, called the price indicated above in the ad. Second, for alternative transactions during such chaotic price growth also does not bring anything good. Raising the price of an apartment entails an increase in prices for other apartments in the chain, reaching the last buyer (who often acts as a time "mortgage holders") as an inadequate increase in prices, which may exceed the limit indicated by the bank loan. Today is the ideal would be to call the case where the buyer after the approval of the bank becomes the owner of the apartment at 3 months. Most likely, he will have to spend between $ 15 to $ 20 thousand in addition to a down payment and other standard costs for the mortgage transaction. Vendors call a different price before the deal, the agent requires a "bribe" to the transaction took place - that's what goes unaccounted money. It is not surprising that under these conditions increasing the number of approved credits, but no trades. However, the pessimism in this regard does not share Vladislav Lutskov, director of analytical consulting center holding "Miel": "What conditions have tightened for borrowers who did not reduce the proportion of deals, but only prevented the further growth of the mortgage." What's next? It is obvious that such "crisis" borrowers, as "white and fluffy," quite a bit in our market. Extending the mortgage in 2007, there was at the expense of those "gray and black," which left the market. When conditions improve for these borrowers? Vasily Belov predicts improvement of the mortgage closer to the fall of 2008, considering the main factor for the expectation of improvement in international markets. "As we eliminate the effects of the crisis on Russian banks' borrowing conditions will be better, but the impact of stock markets, if they continue to fall, could exacerbate the problem of liquidity and lead to further tightening of mortgage" - he warns. Vladislav Lutskov said that professional real estate market participants to date, most disturbing external factors affecting the development of the industry: global macro-financial and macroeconomic indicators, the impact of U.S. subprime mortgage crisis. "To date, no expert, who could predict with accuracy the development of the global economic situation, at least for the next six months. The stock markets have already taken the most negative turn of events. Rather, expect a recession the U.S. economy, which, however, in light of all the measures taken by U.S. financial institutions will not last longer than eight months, "- he gives his prognosis. Alain Kiprielova confident that consumer demand for mortgages is growing and will grow. "The mortgage market will grow in 2008 at a slower pace than in the past, but it will grow. You may need to term a year for the market to return to their former positions, "- she elaborates. She fears that the rise in prices of housing can be quite painful for borrowers, while 2008 is unlikely to borrowers of any new programs that offer significant financial benefits to customers. But she believes that the struggle for borrowers, as a rule, will change the parameters of the loan: the commission, a fee for the cell, the loan period, etc. And much more popular to use credit to improve their living conditions.
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