The issue of acquiring housing has always been relevant. He has not lost his urgency in recent years. Fortunately, there are plenty of options for this.
What tips to consider when choosing a mortgage program? Depending on the region, the programs will have their own characteristics. This is due to both the average salary in the region and the demand for this type of lending. How to find the best conditions? This can be done as follows: open any search engine in an Internet browser and write in the search bar "region (city) mortgage", for example, "Moscow mortgage" or "St. Petersburg mortgage". The system will issue all banks and mortgage institutions of a given city and will help to find out in great detail the subtleties and conditions of banks' work on these programs.
First, you need to pay attention to the loan rate. Comparing the interest on lending in different banks, it is necessary to take into account not only the numerical expression of interest, but also the conditions of real estate insurance, because they have different rates. Therefore, it is worth displaying the "effective interest", which includes the interest rate on the loan and the interest on insurance.
When choosing a loan term, the borrower can give preference to low interest rates in favor of increasing the term and size of the loan. Here it will be an unforgivable mistake to lose vigilance, because the loan amount initially grows faster than interest, but then, at a certain stage of the credit line, they change places and interest grows at the "speed of light". Before agreeing to the bank, the calculation on the mortgage calculator will show the full picture of mortgage lending.
The down payment is a prerequisite for real estate lending. Its minimum and maximum bar are determined by a specific program. The higher the initial payment, the lower the interest rates on the loan. Of course, this does not apply to social programs for teachers and military personnel. The purchase of an apartment on a military mortgage is significantly different from the generally accepted practice of issuing loans. Here, both the minimum or zero down payment and the interest rate are very low, the number of documents required to conclude an agreement is minimal, the guarantor is the state represented by the Ministry of Defense.
Mortgage lending over the past year has grown by about 40% compared to the last year and is rapidly gaining momentum. Experts note the growing demand for mortgages, which is associated with favorable conditions in the real estate market and, accordingly, leads to better lending conditions.
