To decide on the choice of bank for obtaining a mortgage loan, you need to formulate selection criteria. And this instruction will help you with this.

First of all, find out whether your family is entitled to benefits or subsidies for the purchase of housing. Perhaps you want to take advantage of maternity capital or a Young Family certificate. Among all possible options write down those banks where you can take advantage of your benefits and subsidies.

Almost every major bank has its own official website, which sets out the requirements for borrowers to issue a mortgage loan. Read them carefully and evaluate whether you meet the criteria of potential borrowers. Perhaps some options will be eliminated. Try to calculate the mortgage for each of the remaining banks on the list. Determine for yourself in advance and write down the terms of the mortgage: the cost of the apartment, for how long you want to take out the mortgage, the amount of the down payment (note that it can be “»).

maternal capital

To do this, type “mortgage calculator” into a search engine and add the name of the bank or select it from the list provided. Now enter the same conditions (exactly those that you wrote out) into the mortgage calculator of each bank. Create a table on a piece of paper or Excel, where each column will correspond to a bank, and the row will correspond to the value of a certain parameter, for example: rate, overpayment, monthly payment. This way the picture will become clearer, but

Don’t rush to choose the bank with the lowest interest rate. It can be more than compensated for by accompanying commissions and insurance, which are explicitly or implicitly included in the loan agreement. A very important point to note Special attention

: the amount of the fine for each day the monthly payment is late. If you lose sight of this detail, you can seriously pay for your inattention later. Also, consult with the bank whether early repayment of the mortgage is possible; if in this case the bank requires an additional payment, find out what its amount is.

A mortgage loan usually takes more than one year to repay and places a serious burden on the family budget. Small differences in interest, fees or insurance premiums accrue over the validity period loan agreement in a considerable amount of overpayment. How to find the best lender for purchasing a home? Today we are talking about how to choose the right bank for a mortgage.

Wishes and possibilities

The conditions for issuing a loan for the purchase of an apartment on the secondary market, new buildings and houses may be different even from the same lender. There are also restrictions on technical specifications object. This may be the year of construction, materials of walls and ceilings, number of floors, etc. Often such requirements are different for Moscow and the regions.

Next, the borrower must decide on the size of the down payment and, accordingly, the loan amount. It must be remembered that Buying a home with a mortgage requires a number of additional costs and you should not expect that all the available money can be spent on paying the fee.

The next step is to correctly assess your personal budget. The borrower must understand how much he is willing to pay monthly. It is not recommended to apply for a loan on conditions where the obligatory payment is on the “border of the possibilities” of the budget.

A potential borrower must evaluate his attractiveness to the bank. If there are no official incomes or their amount is insufficient, then it is difficult to count on low interest rates. This also applies to borrowers who have little work experience, less than ideal credit history, or have debt from other banks. Age also plays a role. It is worth noting that maximum amount years, which banks indicate in their requirements, means the age of the borrower at the end of the loan agreement, and not at the date of its conclusion. Therefore, not all borrowers can count on receiving a long-term mortgage, even if the bank declares it.

Once the potential borrower has figured out his wishes and capabilities, he can begin searching for the optimal lender.

Stability and reputation

It is better to take out a long-term loan in banks that have been operating in the market for many years and have a good reputation. You should start your search with large financial institutions. Their rates most likely are not the lowest, but the client will have more confidence that there will be no unpleasant surprises during the process of obtaining a loan and servicing it. Of course, no one can guarantee that the bank will not go bankrupt in the long term. But this probability is much less in relation to large market participants.

In addition to large banks, It is worth paying attention to credit institutions that specialize in mortgage lending. They, as a rule, have several programs and are ready to select the optimal conditions for each client. The procedure for approving and issuing a loan in such banks usually goes very quickly.

A good sign for choosing a bank is that it has large quantity various mortgage programs, partnerships with developers and realtors. Sometimes banks have their own database of housing that is put up for sale. All this indicates that banks are very attentive to the direction of mortgage lending.

Finding reviews about the bank on the Internet is not difficult, but it is difficult to assess their credibility. A good and laudatory review may be ordered, but a bad review could be written by an offended client who himself did not fulfill the terms of the contract. It’s better to try to talk with real bank clients who have taken out a mortgage loan before and can tell you about all the nuances of the financial institution’s work.

Real cost of loan

Very often on websites or in advertising brochures bank, you can see the preposition “from” next to the interest rate. Its size can be very attractive, but in practice this is not always the case. That's why, Before choosing a bank to get a mortgage loan, you need to find out its real cost, which depends on:

1. interest rate;
2. the presence and size of additional commissions;
3. the amount of insurance payments;
4. schemes for calculating the repayment schedule.

The bank usually offers the lowest rate to existing clients with a good reputation. Therefore, you should start your search for a lender with the bank where the potential borrower has previously been successfully served.

The bank does not always give the client the right to choose a repayment schedule. As a rule, the annuity schedule is used more often. If, due to personal circumstances, it is more convenient for the borrower to repay the debt according to a differentiated scheme, then it is worth clarifying this possibility at the first consultation with the bank.

According to current legislation, Only real estate insurance is mandatory, which acts as collateral. But very often banks also require that you conclude a life and health insurance agreement, as well as title insurance. If the borrower refuses, the interest rate increases. This point must also be taken into account when choosing a bank, since additional insurance payments make the loan more expensive to service. Banks very often impose certain insurance companies on the client, whose tariffs are sometimes not the most interesting on the market.

Special conditions

​Banks often offer special conditions for certain groups of clients or for the purchase of a certain type of housing. For example, if a family has the right to maternity capital, then you can use the certificate when applying for a mortgage loan. It is necessary to find out which banks accept certificates, as well as the conditions for providing such loans.

There is also Government program, according to which banks are able to provide mortgage loans at lower interest rates. The peculiarity is that the apartment can only be purchased in a new building. If the borrower wishes to purchase such housing and meets all other requirements that are put forward under the subsidy program, then such a mortgage will be the best lending option.

There are also programs for young families, military personnel, public sector workers. If a potential borrower falls into one of these categories, it's worth looking for these special offers.

It is also necessary to pay special attention to the promotions carried out by banks. Their action is aimed at attracting new customers. Such conditions can be very interesting, but require very careful study. Attractive rates may hide fees or early repayment restrictions.

Ease of receipt and service

Of course, the amount of expenses associated with servicing a loan plays a primary role, but do not forget about convenience. All other things being equal, it is better to contact a bank that is geographically easily accessible. Not all issues in the process of servicing a mortgage loan can be resolved over the phone or through Internet banking. The presence of a large network of branches also plays an important role. If you are in another locality, you can easily pay a loan or get ongoing advice.

Personal visit

Almost all information can be found on the bank’s website and by telephone. But it is better to visit the branches of several banks with the most favorable conditions in person. First of all, this will allow you to get an idea of ​​the format of working with clients, because the borrower will have to communicate with employees of the financial institution for more than one year. It is worth paying attention to how qualified the specialist is in answering your questions. If he cannot clearly answer questions, or his information differs from that posted on the bank’s website, this may indicate possible problems when issuing and servicing mortgages.

It is worth asking for a preliminary calculation of the schedule and additional costs in writing.. It is also necessary to read the text of the loan agreement. If it is difficult to figure out individual points on your own, it is better to consult a lawyer.

Choosing a mortgage is quite a responsible process. Since a person takes on credit not just any small thing, such as cellular telephone or a laptop, but is planning to buy their own home. At the same time, he binds himself to quite responsible obligations for more than one year. And the main question that faces him at this moment is which mortgage to choose.

Photo from Flickr.com/laura cattano

Due to high competition, many banks are trying to offer their potential clients not one, but several lending programs at once. The management of financial institutions is well aware that for many people purchasing their own home is only possible with the help of a mortgage and therefore they are trying to expand their choice. But this makes it even more difficult to make a decision.

First steps when choosing a mortgage

So, what is a mortgage for? Which is better, its main types and where to start choosing mortgage lending? These are the main questions that interest those who are planning to purchase any real estate.

First of all, a person must decide on the choice of bank. To do this, many use either the Internet or independently visit financial institutions, where they become familiar with the programs offered in detail.
But if you don’t have enough free time for this, you can contact a credit broker. He will select the best option, offer a bank, as well as a loan in accordance with the client’s wishes. When studying existing mortgage lending offers on the market, you need to pay attention to specific requirements:

• down payment amount;
• income verification options;
• the need to attract co-borrowers.

And you shouldn’t limit yourself to the offers of just one bank. Check out several offers from a variety of lending institutions. After all, this is the only way to understand which mortgage is more profitable.

Types of interest rates

If a person lives in real estate whose area does not meet the minimum standards established by Russian legislation, then he has the opportunity to become a participant in a social mortgage. Then there is a chance to receive municipal or state support.

If you have to contact commercial banks, you must first of all pay attention to such a concept as the interest rate. They are either fixed or floating. The first does not change throughout the entire term of the contract, and the second, accordingly, can either decrease or increase depending on the economic situation in the country. And even if fixed rates are sometimes a little higher in terms of their indicators than floating ones, it is better to opt for them. Since situations can be really unstable and, having taken out a mortgage at ten percent, after a year or two the rate may be equal to twelve. And for a substantial amount this is crucial.

Next, you need to become very familiar with the amount of credit burden that you will have to bear throughout the entire mortgage term. It is best if it does not exceed thirty percent of the income received. Maximum fifty. That is, for example, if a person earns about twenty thousand a month, then loan payments should not exceed an amount of six thousand. And this is also an important factor that needs to be taken into account when choosing a mortgage.

Several groups of mortgage lending programs

It is quite difficult to say which mortgage loan is the most profitable, since the choice is individual for each person. Someone can pay the initial contribution amount much more than specified in the terms of the program, thereby significantly reducing interest payments. Others have the opportunity to leave the property they already own as collateral. This can also significantly affect the interest rate. And some have neither the initial amount nor housing as collateral.

The main existing programs offering mortgage lending services can be divided into three groups. A detailed study of each of them will help a person decide which mortgage is best to take.

The first group of lending programs offers the required amounts for the purchase of housing under construction. That is, it is a kind of mortgage with equity participation. When applying for this type of loan, you do not have to wait until the facility under construction is put into operation. But interest rates here are usually one or two percentage points higher. But this is until the documents for the property are received. The terms are then revised.

The second group is the most common and allows you to provide loans for ready-made housing. This is the so-called secondary market mortgage. Its main differences lie in the mortgage interest rates offered by financial institutions (and it is relatively low), as well as in the relatively quick processing time. You just need to find the necessary housing, contact the bank, take out a mortgage loan and purchase housing with the money of a financial institution. This type of mortgage lending provides compulsory insurance purchased real estate.

The third group, which is also no less popular. This includes mortgage loans that are issued for the renovation of real estate or its complete reconstruction. You can also take out a mortgage loan for those who own a plot of land and are planning to build their own housing.

The main leader in the mortgage lending market is Sberbank. It is he who provides all types of mortgages. And many of his programs are really quite profitable. Other financial institutions, as a rule, work only on a specific type of mortgage lending. And before answering the question which is better to take out a mortgage, you need to decide for what purposes is it needed?. And, having already familiarized yourself with the lending rules presented by banks, draw the appropriate conclusions.

Key points when choosing a mortgage

To finally decide on the choice of mortgage lending, you need to use a few recommendations. They will help you pay attention to exactly those conditions that will help you avoid any difficulties with interest payments in the future:

• the higher the down payment, the lower the interest rate on the loan provided;
• When finalizing the loan, you must familiarize yourself with the effective interest rate. It includes all provided additional payments;
• the loan must be taken only in the currency in which the main income is paid;
• Before deciding on your final choice of mortgage lending, you must carefully read all the terms and conditions of the program that provides the loan.