Young families often do not have the opportunity to purchase their own housing with cash, so a mortgage becomes almost the only way out. About which bank is more profitable to take a mortgage for a young family, as well as the main issues of a mortgage loan will be discussed in this article.
The main types of mortgage loan
A mortgage loan is understood as a pledge of real estate, the purpose of which is to obtain a cash loan.
In this case, the collateral property itself remains with the borrower, but the full right to own it appears after the repayment of the entire mortgage debt.
All transactions are executed exclusively on a contractual basis and in which case all disagreements are clarified in court.
Distinguish the main types of mortgage loan:
- Real estate loan.
- Mortgage loan for a private house.
- Mortgage on residential property.
- Mortgage loan for a country house.
- Mortgage loan for an apartment in a secondary housing.
- Mortgage loan for an apartment in a new building.
- Mortgage loan for part of the apartment.
- Mortgage for construction.
Also on the Russian market there are types of mortgage loans secured by:
- Houses.
- Property.
- Apartments
- Any real estate.
Mortgage Assessment from Consumer Cooperatives
Recently, consumer cooperatives have become increasingly popular among the population in the mortgage market. Therefore, asking the question: “In which bank is it more profitable to take a mortgage?” - for starters, you can pay attention to them. Due to their wide possibilities for granting loans, these cooperatives gain excellent credibility and trust of citizens. With the help of consumer cooperatives, you can buy not only housing, but also a cash loan for the repair of a new apartment and the purchase of furniture. So this may be one of the answers to the question of where it is better to take a mortgage.
One of the advantages of consumer cooperatives over banking organizations is a small package of documents for obtaining a mortgage loan. However, initially it is necessary to join a PC, and only then there will be an opportunity to arrange a mortgage.
Some consumer cooperatives are willing to cooperate with the population without a down payment. That is, according to the funded system for obtaining housing, a young family needs a certain amount of time to invest a certain amount of money into their account and subsequently be able to purchase housing. When it’s the turn to choose a new apartment or apartment building, the participants in the system will already have a certain accumulated amount of money, which will act as an initial contribution. Further, it is simply necessary to pay the remaining debt in equal installments at a low interest.
Mortgage "Young Family"
One of the most profitable options for the purchase of housing on credit is the “Young Family” mortgage. In this preferential program, mortgage loans are available on affordable terms. However, in order to become a member of this program and get the opportunity to take a loan, you must meet the following requirements:
- Social status must be a family person, that is, an officially registered marriage is needed.
- Age no more than 30-35 years.
- Confirmed solvency.
- A documented need for improved housing conditions.
As a rule, in order to participate in the “Young Family” program, you need to get on the line, which means that you can’t get a mortgage right away. Accordingly, young families who do not have an initial payment for the purchase of a home will have the opportunity to accumulate a certain amount of money to obtain a profitable mortgage loan. Such a program works in many Russian banks. Therefore, to determine which bank is more profitable to take a mortgage, it is enough to compare their lending conditions.
Maternity capital mortgage
According to the state program supporting large families since 2007, citizens have the opportunity to purchase housing on a mortgage using maternity capital. Under the law, maternity capital can pay off part of the mortgage debt, or use it as a down payment.
To take Maternity capital mortgage The following documents must be submitted:
- Special certificate for the right to receive maternity capital.
- Passport.
- A document confirming a mortgage loan transaction.
- Marriage certificate.
- The amount of the mortgage debt indicated in the bank statement.
- A document containing bank details for the transfer of maternity capital.
Not all banks accept maternity capital as a down payment, however, according to the law, each banking organization is obliged to accept a state maternal subsidy to pay mortgage debt. To find out which bank is more profitable to take a mortgage for maternity capital, you first need to study which banks operate under such programs. For example, VTB 24 Bank and Sberbank have created special programs called “Mortgage + Maternity Capital”, respectively, in these banks you can pay the down payment by maternity capital.
Mortgage loan without down payment
For those young families who do not have any financial savings, there are mortgage services without down payment. Banking organizations that work under such conditions, as a rule, insure their risks. This is confirmed by higher interest rates and the most stringent test of solvency of potential borrowers.
Therefore, before learning how to take a mortgage without a contribution, you need to decide whether it is so necessary on such conditions, and if the young family is ready to pay higher interest, are the spouses sure of their creditworthiness.
Favorable conditions for a young family
The most profitable option to purchase your own housing with a mortgage is the state program, the purpose of which is to help young families improve their living conditions. Its essence lies in the fact that a significant share of mortgage debt is repaid by the state, and the rest is by the young family itself in equal shares. Another advantage of this program is that it is possible to defer payments for up to three years.
However, to become a member of the state program of assistance to young families, it is necessary to stand in line and meet certain conditions.
Special programs from banks
Credit organizations are also interested in gaining their niche in the market, therefore they offer various programs with less stringent requirements and conditions.
For example, to attract customers, some banks arrange a mortgage loan without commission. Others suggest taking a mortgage on mortgaged housing at a bank at lower interest rates.
How do young people get a mortgage without down payment? This is a serious question. You must first weigh all the pros and cons. Banks offering quick loans are usually overpriced. Participation in government programs is too long waiting for their turn, but more loyal conditions for payment repayment.Therefore, before choosing a lender, a young family needs to familiarize themselves with all the options and offers in the mortgage market and, according to their capabilities, choose a mortgage program for themselves.
What you need to get a mortgage
Having decided in which bank it is more profitable to take a mortgage, the young family will need to prepare a number of documents to complete the transaction. As a rule, all banks require the same list. However, if potential borrowers decided to take a mortgage through state support, then additional certificates and papers will be required confirming the status of the borrower under the terms of the program.
List of basic documents for obtaining a mortgage loan through commercial banks:
- Passport.
- Marriage certificate.
- Certificate of Income.
- Medical policy.
- Certificate from the tax service on the availability of property (in case of a pledge).
Where is better to get a mortgage loan
The leaders in the mortgage market are VTB 24 Bank, as well as Sberbank. Lending terms in the data banks are better and their reputation is trustworthy.
VTB 24 has the lowest interest rates, but a higher down payment.
If a client receives wages in the bank where he is going to take a mortgage loan, then he gets some advantages over other clients in the form of the possibility of deferred payments, no commissions.
In any case, a young family needs housing, and it may be a good opportunity to get acquainted with customer reviews about which bank is more profitable to take a mortgage. Reviews of many customers who have already managed to familiarize themselves with the conditions of specific banks may differ. And the reason for this is, as a rule, not banks, but citizens themselves, who have not calculated their financial capabilities.
