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Mortgage agreement: what expects in reality

A huge number of young Russian families are not averse to improving their living conditions. And the government seems to accept some programs to implement this dream in life. So, for example, there is a national program “Comfortable and affordable housing”. In fact, it is designed for a family with an average income.

But is everything so simple in reality? It turns out that there are enough obstacles to concluding a mortgage agreement. So, in many banks, the mandatory point is to make an initial contribution, usually 5-20% of the cost of housing. You can, of course, find a bank issuing a mortgage loan without such a contribution, but it will cost much more.

Banks also take into account financial conditions and the presence of a citizen of dependents, outstanding loans from a loan. You can not discount “bad credit history”. All this can lead to a bank refusal to issue a loan.

If these conditions have developed in favor of the borrower, then the difficulties do not end there. When drawing up a contract, it is necessary to carefully study all its conditions, interest rates, fines, and commission interests of the bank. In general, you need to approach everything very carefully so as not to be in the “credit trap”.

Mortgage loan: “For” and “against”

Mortgage has its positive and negative sides. A big plus is that a person can purchase housing without paying the full cost immediately. The transaction is executed by experts, real estate is checked by lawyers, evaluated by technical experts, which ensures the reliability of the contract. And in contrast, for example, from shared construction, housing immediately goes into property when applying for a mortgage loan.

Also, a positive moment is the stability of payments when repaying a mortgage (fixed amounts at the specified period). When concluding a loan agreement on a mortgage, an obligatory moment is insurance (although this carries its additional costs). There is a big plus that now you can use maternity capital to improve housing conditions (unless, of course, you have it).

But there are negative aspects of mortgage loan. And there are a lot of them. Firstly, the borrower must submit documents on high official wages (since the ratio of his income to a monthly loan payment should be approximately 3/1). And the initial contribution represents a rather impressive amount.

After a positive response of the bank to the declared loan within 3 months, it is necessary to find a real estate object suitable for this agreement. In general, the mechanism for obtaining a mortgage loan is quite difficult.