Buying a property through a mortgage is considered a complex and lengthy procedure. It includes several important steps that must be passed. It is necessary to act decisively, because only then will it be possible to arrange housing. It is necessary to consider in detail all the stages of a mortgage transaction, so that when you contact the bank, you can be confident in your actions.
Program selection
First, it’s important to choose the right program. It must meet all conditions. Without this, the next stages of the mortgage transaction will be meaningless. When choosing you need to consider the following factors:
- The amount of the monthly payment, which should not be higher than 40% of the average salary.
- Down payment: It is advisable to choose a large amount.
- The price of real estate.
- Type of facility and its location.
All banks put forward various conditions, so there is the possibility of choosing individual conditions for yourself. You also need to consider the following nuances:
- Rate. It can be in the range of 12 - 16%.
- Credit amount. The banks have their own methods for calculating the maximum. Usually about 3 million rubles are provided, but maybe 1 million rubles.
- Currency. Currency mortgages are not as demanded now as they were several years ago. Before, there were no major changes in the rates. Such a loan is chosen by those who receive income in foreign currency. The rate on it is lower, but there is a risk to pay more due to changes in exchange rates.
- Security. It includes the requirements that are presented to the co-borrower and guarantor. Sometimes collateral is not required if, for example, a client receives a salary from this bank or pays an initial payment.
- First payment. Usually its size is from 20-30%. But there are suggestions and no down payment.
- Insurance Terms These include personal insurance and collateral.
- Advance payment. Many programs provide for early repayment. It can be used in the presence of maternal capital or state subsidies.
If it is difficult to choose the right program on your own, then you can use the services of a mortgage broker who will select the best options. But it should be borne in mind that such work is quite expensive - about 30-100 thousand rubles.
Request
When the program is selected, a mortgage application is required. A list of documents is provided with it. Examination can last from 3 days to a month. It all depends on what papers are filed, as well as on guarantors and co-borrowers.
A mortgage application is submitted by all borrowers. It is necessary to fill out a questionnaire, provide documents for consideration. If the decision is positive, then you can go to the next step.
Property Search
The entire scheme of the mortgage transaction is carried out for the legal registration of real estate. The facility must comply with the requirements of the bank. Usually a manager talks about them. Bank requirements may vary. You must choose the most suitable for yourself. If the market is secondary, then the requirements may be as follows:
- The finished apartment.
- Compliance with sanitary regulations.
- The room should not be dilapidated, emergency.
- The facility should be in the coverage area of the mortgage.
- Suitability for permanent residence.
If this is a new building, then the requirements will be as follows:
- Choosing housing should be with an accredited developer who has been working on the market for 5 years, and also has no delays in the construction and rental of premises.
- The facility must be ready at least 20%.
To go through the next stages of the mortgage transaction, you can use the help of realtors.Specialists accelerate the search for the necessary housing. The price of such services is about 2-4% of the transaction value. The cost may be fixed.
Object rating
The next stages of the mortgage transaction will not occur if the property is not evaluated. It is required to determine the value of the collateral that will be provided to the bank. For example, if the transaction price is 3 million rubles, and the specialist estimated it at 2 million, then banks cannot accept an illiquid security deposit.
In order for the assessment to be reliable, you need to use the help of evaluators. This work is paid by the borrower (about 2-20 thousand rubles). If the bank has not revealed an inaccuracy in the assessment, then a specialist can be filed a claim with the SRO, as well as appoint an additional event for which the client will pay. Therefore, it is advisable to immediately hire partners, appraisers of the bank. To carry out the assessment, you need a preliminary contract of sale.
Object approval
When an object is selected, it must be agreed with the bank. To do this, select the day when the client, seller and manager arrive. It is necessary to draw up a preliminary contract of sale or assignment of claims, if this is a new building.
If the seller is a legal entity, then you need to prepare an extract from the register, registered capital, property rights. And when the seller is an individual, you will need a copy of the passport, an extract from the BTI. When the documents are checked, which takes 3-10 days, the bank makes a decision - positive or negative. In the second case, you need to start looking for new real estate. If the answer is yes, then you need to go through the next step.
Loan agreement
How does a mortgage deal go? It involves the signing of a loan agreement. At this point, customers often have questions. Before signing the document, you need to familiarize yourself with each item in order to avoid not very pleasant consequences.
You need to pay attention to the payment schedule, which is usually attached to the contract. It is necessary to familiarize yourself with the rights and obligations of the parties, commissions and expenses. The agreement specifies the principles of imposing and removing encumbrance, the rules of early payment, commission for services. It is important for customers to familiarize themselves with the payment rules, with collateral insurance.
If the bank introduces commissions, they are taken into account with the calculation of the effective rate. Before applying, you need to ask about additional payments to find out the real price of the mortgage. You need to pay attention to the information, which says about the possibility of changing the rate unilaterally.
If some information does not suit the client, then he can refuse to get a loan, even if all the previous steps have been successfully completed. The decision is up to the person. Before signing the contract, it is important to evaluate your strength in paying the mortgage. The document is signed by the borrower, co-borrower, guarantors.
check in
When the documents are signed, registration of the mortgage transaction is required. To do this, you need to visit the state registry. Preliminary should pay the state fee - 2 thousand rubles.
It is necessary to carry out state registration of contracts. The procedure takes 2 weeks. After that, the buyer has a right of ownership with encumbrance. Real estate becomes the key to the bank. Documents from the registry go to the bank, and then the money is transferred to the seller. For this, any of the methods can be chosen: cash, to the account, to the cell. The latter method is considered the safest.
If you put the money in the cell, the seller will be sure of their availability, and it is safe for the buyer. You do not need to transfer money before registration. If a refusal of the transaction follows, then it will be difficult to return the funds.
Insurance
The buyer should independently insure the property. This is required to protect against damage. Insurance is issued for life and for disability. Latest services are provided at the bank.And the object will have to be insured elsewhere, the main thing is that the bank accepts the policy. Pay for such services will have about 0.5-1.5% of the loan for each year. Insurance is issued in the presence of a loan agreement and a document of sale.
Pay
When the ownership right is encumbered, from the next month the client makes payments. If there are delays or inability to fulfill obligations, the security is sold by the bank to pay the debt. Since the sale is carried out at a low cost, it is unprofitable for customers. The bank will sell real estate so that its share is repaid.
Those funds that the client contributed in cash may remain in the bank. The process of searching for an offer before moving into housing is delayed up to several months, so you need to wait patiently.
Some use the services of realtors who provide support for mortgage transactions. They control the entire transaction, help draw up contracts, pay state fees, insure the facility, choose an appraiser. You should immediately find out what work the realtor will do. His services are quite expensive. If you want to save, then you can do everything yourself.
A mortgage notary can also be a great helper. It protects the interests of citizens. With a mortgage, notary services are selected by agreement of the parties - the bank, seller of real estate and the buyer. Certification of a sales document costs 1% of the transaction. Tariffs for this work are approved by law. In some cases, the bank requires the presence of a notary in the transaction. For such work, a fixed fee of 3 to 10 thousand rubles can be set. Passing a transaction with a notary will be legal and safe.