What is the correct name for a mortgage? Mortgage. What is a mortgage? To reduce overpayments, you should pay attention to

Mortgage lending is a convenient and fast way to buy a house or room.

At first glance, applying for this type of loan is quite simple, but a mortgage has many pitfalls: the requirements for borrowers, apartment, building, income level and age of the bank client are quite high.

In addition, property assessment and insurance of the loaned person are required.

What is this form of lending?

Mortgage is a type of lending for the purchase of real estate, in which the latter acts as collateral to the creditor. The borrower is given a sum of money in the form of a loan.

He undertakes to repay it regularly in installments along with interest, and real estate - an apartment, a private house, a car, a plot of land - serves as a guarantee of payments.

In conditions of consistently high housing prices, a mortgage is almost the only way to purchase an apartment or house for many Russian citizens. The term of such a loan is high: issued for 5, 10, 20 or more years.

In this case, during the registration process you will have to contact not only, but also other organizations: insurance, appraisal.

Mortgage lending has undoubted advantages for the borrower:

There are also disadvantages:

1. Overpayment. Using borrowed funds is a paid service. And the longer the term of this “rent”, the more you will have to overpay in the end.
2. Commissions, fines, penalties, additional payments.
3. A fairly large package of documents for obtaining a loan.
4. Most banks require a down payment to obtain a mortgage.

Conditions for obtaining a loan

Mortgage terms vary depending on the mortgage, but in general they are as follows:

Life, disability, health, and mortgage insurance are mandatory.

The real estate itself must be assessed by independent experts. The costs are borne by the borrower.

Requirements for borrowers

Any citizen who meets the requirements established by the bank can obtain a mortgage without any problems:

Ideally, the borrower should have the following characteristics:

1. The applicant has his own funds to make the down payment.
2. Salary (or other official income) is higher than the monthly payment at least 2 times.
3. A mortgage is issued for a secondary market apartment in a new building.
4. The borrower has other valuable property: a car, an apartment,...
5. The applicant has a complete family with no large number of dependents, and both spouses are officially employed.
6. Official length of service at one (last) place of work more than 2–3 years.
7. There are guarantors who can document their solvency.
8. There are no other outstanding loans or MFI loans.

What kind of housing can be purchased under this program?

The main requirement for real estate that is purchased with a mortgage is its profitability. It is important because it acts as collateral and in case of non-repayment the bank will be forced to sell it.

Therefore, the requirements for apartments and houses with a mortgage are as follows:

The bank pays special attention condition of the apartment. Difficulties may arise if the housing is located in barracks-type houses, communal apartments, or old buildings. The best option would be an apartment in a new building.

Many banks can refuse a mortgage if the housing purchased with borrowed funds is located in a building built before 1957.

The apartment building itself or an ordinary building also has certain requirements:

1. If we are talking about a wooden or garden house, it must be built no earlier than 1990.
2. The number of floors of an apartment building is at least 4 floors, or less if it was built after 1991.
3. The house is not registered for major repairs, is not in disrepair and is not subject to demolition or reconstruction.
4. Wooden houses, garden houses, as well as buildings and buildings with wooden floors can rarely become the subject of a mortgage - a positive response from the appraiser about the condition of the house will be required.
5. The foundation of the house must be made of brick, concrete or stone.

Legal status of purchased housing

Immediately after purchasing an apartment or house with a mortgage the borrower acquires legal title to the property. However, when a certificate is issued in Rosreestr, an encumbrance in the form is imposed on the property.

Until the date of full repayment of the debt, the following actions cannot be carried out with the apartment:

Theoretically, these operations are feasible: it is necessary obtaining the written consent of the mortgagee bank. But in practice, they rarely meet borrowers halfway in this matter, since the risk of non-repayment of the debt increases.

It is necessary to register with Rosreestr:

• mortgage agreement;
• collateral agreement.

If we talk about an apartment in a building under construction (), such a mortgage is even more risky for the bank. Interest rates for such loans are always too high.

The borrower becomes the owner only after the house is put into operation, and the bank becomes the mortgagee. Until this moment, there is no guarantee of repayment from the lender, since there is actually no apartment.

Special programs

Most large banks offer borrowers special loan terms depending on the client’s status, which are issued under special mortgage lending programs.

Mortgage for military personnel

Those who serve under a contract concluded can participate in this type of mortgage. after 2005. In this case, a storage system is used.

After submitting an application at the end of the year, a fixed amount in rubles is transferred to a special military account. Facilities have a purpose– purchase of housing in any city of the Russian Federation.

If these funds are not enough, you can take out a mortgage or use your own savings.

The capital has a similar program for those military personnel who have been sent to the reserves but have served for at least a decade. They are given certificates equal in value to an apartment, which must be used within 9 months (previously six months).

State program “Affordable housing for young families”

Under the program, a loan is provided to young (under 35 years old) parents of one or more children or just a married couple. This mortgage can be used just one time.

Registration is mandatory for citizens in need of improved living conditions.

There are also additional requirements:

• the number of square meters per person in a family should be less than the norm;
• housing may be considered unsafe;
• the income level must correspond, and so on.

“Building Together” program

This mortgage program is based on providing a bank loan for the construction of a private house.

A mutual fund is created and borrowers contribute funds. As soon as it's going from 30 to 60% the required amount, the construction cooperative adds the missing part and begins to draw up documents.

Housing becomes the key to housing cooperatives. The loan is issued for 15–20 years.

Mortgages in the Russian Federation are gaining momentum. More than a million families have already been able to acquire their own apartments and houses with its help. new programs are offered, simplify the procedure for collecting documents and submitting an application, offer low interest rates and additional bonuses.

Video: What is mortgage lending in Russia?

The video explains what mortgage loans issued by banks in Russia are.

The most popular myths regarding the purchase of housing with a mortgage are debunked. Advice is given on how to minimize the risks when applying for such a loan and getting into a debt trap.

What is a mortgage and what are its main advantages? How to calculate mortgage payments by interest rate (online)? Which banks offer the best mortgage programs in Moscow?

Hello, dear readers of the HeatherBeaver business magazine! Denis Kuderin is with you.

The topic of the new publication is Mortgage. The article will provide a detailed overview of this concept and discuss all the advantages, types and conditions of mortgage lending.

The material will be useful to anyone who is planning to purchase a home with a mortgage (no matter in the near or distant future), as well as to those who want to improve their level of financial literacy.

And now – first things first!

1. What is a mortgage - definition and essence

A mortgage is a type of collateral that serves as insurance for the lender lending money. The collateral is the property purchased by the borrower - as a rule, this is real estate (apartment, house, cottage, share in an apartment).

The property itself remains the property of the buyer, but in the event of a breach of debt obligations, the creditor has the right to sue it in his favor.

The owner does not have the right to dispose of housing (sell, donate, exchange) without the lender’s permission for such operations.

Professional assistance in choosing a mortgage is provided by Mortgage Agencies and Centers, which are located in every major city.

2. Types of mortgage

There are several options for classifying a mortgage. There are two fundamentally different types - a pledge for the property being purchased and a pledge for the housing that is already owned.

Another criterion for differentiation concerns the type of housing purchased.

In particular, with a mortgage you can purchase:

• apartments in new buildings or a house under construction;
• apartments on the secondary market;
• houses, dachas and summer cottages, cottages;
• real estate shares.

Some banks issue mortgages for housing construction on their own or with the help of contractors.

Competition among credit institutions leads to an extreme variety of credit programs. Every financial company offers "exclusive" products, but the differences between mortgage offerings are rarely fundamental.

A little more about some truly unique mortgage options.

Military mortgage

The purpose of such a mortgage is to provide adequate housing for military personnel of the Russian Federation. The project has no analogues in world practice. Officers, midshipmen and privates of the Russian army serving under contract can become participants.

Military personnel join the Savings Mortgage System and after just three years of membership they can apply for funds for a mortgage loan. Then they contact the bank and draw up a loan agreement.

The down payment is paid by the Russian Ministry of Defense, and the same structure makes regular payments on the loan. Thus, military personnel do not invest any funds in real estate at all.

True, there is a restriction on the cost of purchased living space - this year the price of an apartment should not exceed 2.4 million rubles.

Read detailed material on the topic “” and “” on our website.

Mortgage with state support

Another unique project is a mortgage with government support. The program has been operating since 2015 and allows everyone to take advantage of preferential conditions, regardless of their social status.

The goal of the program is to provide support to construction organizations and revive the economic situation in the country during a protracted crisis. The state partially pays the mortgage loan, allowing borrowers to sign contracts with a lower interest rate.

Choosing a mortgage program is an event that should be approached with maximum responsibility. To take out a loan on truly favorable terms, you should carry out some preliminary preparation.

Banking offers are a product of marketing, so you should not believe all promises and figures unconditionally. You should find out in advance the real lending conditions, and not just those announced by financial companies.

More details on this topic in the articles “”, “” and “”.

This is the first thing a borrower looks at when choosing a loan program. Interest rates in Russian banks are currently quite high - 12-15%. It is believed that Russia has the highest overpayments on loans, but this is partly explained by the level of inflation in the country.

In order for the rate to be a “civilized” 7-9%, it is necessary to achieve stability in the economy for at least 10-15 years. Only then will credit institutions be able to reduce annual interest rates.

Example

You have decided to take out a mortgage for an apartment worth 3 million rubles. for a period of 20 years with an interest rate of 13%. By entering the data into the mortgage calculator, we get 35,147 rubles in monthly payments and an overpayment on the loan of about 5.4 million.

Tip 2. Explore the possibility of early repayment

Statistics show that most loan recipients strive to pay off their debt ahead of schedule. Often, a loan taken for 20 years is repaid in 7-10 years or even earlier.

Not all credit companies are delighted with early payment of debt. The sooner the client repays the loan amount, the less profit the bank receives.

For this reason, financial institutions try to avoid unscheduled contributions. They may generally prohibit making payments beyond the required amount for a certain period (this is called a moratorium on early repayment).

Another option is to complicate the procedure for processing early repayment and charge an additional commission for this.

When choosing a program, you should study all these points in as much detail as possible.

Tip 3. Pay attention to the amount of commissions

Customers are always aware of what the interest rate is on their mortgage, but not everyone knows what fees are charged for regularly servicing bank transactions. Meanwhile, these amounts often add up to tens, or even hundreds of thousands of rubles every year.

Example

The bank offers a profitable (at first glance) loan for 13% per annum with quick execution of the agreement - what is called “with two documents”. The borrower agrees to all terms and conditions of the mortgage, including the commission rate of 0.4% monthly.

“What is 0.4% is nonsense” - approximately this thought flashes through the mind of the loan recipient when he signs the agreement. However, per year the figure of 0.4 turns into 4.8%. This is the number that should be added to 13% per annum. Thus, the interest rate will be 17.8%, and this is completely different money.

There are also one-time transaction fees. It is also useful to know their sizes in advance.

By law, mortgage property insurance is mandatory. However, banks, in addition to the clause provided for by law, include other types of insurance in the contract - the life of the borrower, his ability to work and health.

All types of insurance are paid and are issued at the expense of the loan recipient. Often, regular payments amount to up to 1% per annum of the loan amount, and this is a considerable amount over the years of the mortgage.

Clients have the right to refuse voluntary insurance, but in this case banks may increase the interest rate. All these nuances require prior approval.

It is worth finding out in advance under what conditions the bank has the right to terminate the contract and demand the return of the collateral.

Typically, banks take this step after late payments more than 3 times a year, but it happens that even a one-time delay is already a reason for serious repression from the credit institution.

4. What you need to get a mortgage - basic conditions and requirements of banks

The time when banks handed out mortgage loans left and right to almost everyone who wanted them is irrevocably gone. Now, in order to get a mortgage, citizens need to satisfy numerous requirements and conditions of credit companies.

The main ones:

• age (the borrower must be over 21 years old at the time of receiving a mortgage and under 65 at the time of expected repayment of the debt);
• availability of a stable job - the client must have worked in his last place for more than 6 months;
• the level of monthly income of the borrower or family must be 2.5 times the amount of regular payments;
• availability of funds for the down payment (on average it is 10-30%);
• the presence of co-borrowers (if the income is less than what the bank requires).

Some lending institutions require medical certificates confirming mental health and proof of residence in the city receiving the loan for a certain period.

Watch an informative video about mortgages from an expert.

5. What happens if you don’t pay your mortgage?

It is in the interests of each borrower to make payments on time and in the proper amount. But... man proposes, but God disposes. Or, to put it another way, circumstances are often not in the borrower’s favor.

Money that should go into a bank account suddenly becomes urgently needed elsewhere. Or they simply don’t exist - the person’s salary was delayed or he was fired altogether. It was not possible to borrow money from relatives or friends to pay the monthly installment, the result is a delay.

If such actions are one-time and not regular, the creditor simply applies sanctions - charges fines and penalties.

If violations of the terms of the agreement by the borrower are repeated, the bank has the right to go to court and seize the collateral. It does not matter whether the person (family) has another apartment.

True, credit companies take such a step only in extreme situations, when all other options for influencing the debtor have already been exhausted. This option is not very profitable for the financial institutions themselves, since the sale of living space does not cover all expenses.

Borrowers who know that they will not be able to repay the next payment should notify the bank in advance and discuss the terms of loan restructuring with managers. This will help to achieve a reduction in payments when extending the term or to obtain the right to a credit holiday.

6. Mortgage in Moscow - TOP 5 banks with the most profitable mortgage programs

Dozens of financial companies offer to obtain a mortgage loan in the capital. Choosing an organization with truly decent conditions among them is not an easy task.

The table shows the 5 most attractive mortgage programs in Moscow and the region for 2016:

A mortgage in simple words is a loan, the main feature of which is the collateral of real estate owned by the debtor. According to the terms of the mortgage loan, if the borrower is unable to repay a certain amount of money within the terms specified in the contract, the lender will be able to legally sell the pledged property and pay off the existing debt.

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Mortgage is a loan secured by real estate.

Mortgage in simple words

In mortgage lending, the role of the lender is the bank, which issues money to the borrower for the purchase of real estate, which is simultaneously pledged until the debtor fully fulfills his guarantees. The purchased housing automatically becomes a kind of guarantee that the client will repay his debt in a timely manner.

Real estate is:

• land plot,
• apartment,
• House,
• and any other building mentioned in the list of the Mortgage Law.

A mortgage allows you to purchase personal square meters for living on the condition that this property is pledged. The borrower can live in the apartment, enjoy all the benefits provided, but for many years he is obliged to pay the bank a monthly specific amount established by the agreement and consisting of interest and the principal of the loan. If the user at any stage of payment is deprived of the opportunity to fulfill his obligations, he is deprived of housing, because the lender has every right to sell the collateral housing in order to repay the loan debt.

What is the essence, what does a mortgage mean, why should you take it, what should you be afraid of?

When taking out a mortgage, a kind of offset occurs. The seller of the home receives money for it, and the buyer receives his desired square meters at his own disposal.
The exception is shared construction. Here, a mortgage represents cash contributions to a certain building cooperative, which provides for the transfer of money to third parties for an apartment or housing construction that does not yet exist. Before entering into such a deal, the lender, collaborating with the insurance company, finds out how legally safe the deal is. Therefore, when purchasing housing in a new building with a mortgage, the buyer is not left alone with the seller; professional support from the bank is guaranteed.

There are a few simple tips that any potential borrower should follow:

• It is best to use the services of trusted, well-known banks.
• It is worth paying special attention to the loan terms. The main thing is the interest rate.
• It is recommended to submit an application to different banks at the same time in order to choose the most suitable option.
• The borrower must first understand several concepts, including learning to distinguish an advance from a deposit, i.e. understand the legal difference between them.

It is important not only to know what a mortgage is, but also how to get one with minimal risk to your personal well-being.

Requirements for the borrower

Work experience requirements

To qualify for a mortgage, you must have a total work experience of at least one year. You also need to work continuously and officially for the last 6 months. The more work experience in one place, the higher the chances of mortgage approval. Any banking organization regards this fact as a guarantee of uninterrupted payment of monthly payments. The activity, position held, and reputation of the company where the borrower works are of great importance.

Basic age requirements

Priority is given to people aged 30 to 35 years. According to the rules, mortgages are available to men aged 20-60 years, and women aged 20-55 years. The borrower must be at least 75 years old at the time of loan repayment.

Criteria for assessing the client's solvency

Having a high, stable income will be a big plus. Many banks accommodate clients halfway and accept free sample statements from the borrower from the manager and chief accountant about the actual salary.

Banks also pay attention to the social status of the borrower, i.e. whether he has a car, apartment, land or any other property. Additional income also provides a significant plus.

The down payment is important. The higher the amount a client is willing to make as a down payment, the greater the likelihood of mortgage approval. Its minimum size varies among banks from 10% to 30%.

Once your mortgage is approved, you must obtain life and disability insurance. You must be insured annually until the loan is fully repaid.

Why are mortgage applications denied?

The main reasons for refusal are the following:

• Low official income. Many banking organizations do not take into account officially unconfirmed income.
• False information: If it turns out that the information collected is not true, the bank will most likely refuse.
• Bad credit history.
• The potential borrower has a criminal record, no matter what type.

Banking organizations are very strict about the verification procedure for a potential client. This is explained by the fact that the loan has been repaid for decades.

What you need to get a mortgage

If you find out that the bank has approved your mortgage application, you begin to think about choosing a home. It is not recommended to spend too much time on this, because... approval due date.

To draw up a mortgage agreement, you need to collect a large package of documentation, namely:

• Legal papers for the property you are planning to purchase.
• Plan, as well as technical passport of the apartment.
• Forms No. 9 and No. 7.
• A paper confirming the absence of utility debts in this apartment.
• A document confirming the absence of any encumbrances.
• To register children under the age of majority, you need permission from the guardianship and trusteeship service.

How to Divide a Mortgage Loan During Divorce

When purchasing an apartment during marriage, the property is considered joint property. In case of divorce, it is divided in half. The mortgage debt is divided equally, and it does not matter who the loan was issued to.

In this case, the bank must agree to the division of acquired property and the loan agreement. If the apartment is one-room, then the bank may not agree to the division, because the apartment cannot be re-registered as collateral. In this case, the person who took out the mortgage will pay the mortgage.

Answering the question what is a mortgage, we looked at all the main points of mortgage lending. Before committing to repaying this loan, it is important to understand all the nuances and risks.

The topic of mortgages is constantly on the agenda. But not everyone understands what a mortgage is, and without this knowledge you can lose not only your housing in the future, but also be left without your existing property.

Mortgage: what is it and how to get it

To the question of what it is, the answer is this: a mortgage is a form of collateral when the debtor pledges real estate owned by him. This is a guarantee of debt repayment for the lender. This is the essence and precise definition of a mortgage. Knowing what a mortgage on an apartment is, you must understand that if your financial situation worsens or you completely lose your solvency, you may lose your property.

You can express in simple words what a mortgage is as follows: you sign a mortgage agreement, receive money, and monthly pay the lender the amount specified in the agreement. The real estate that you pledged falls under the mortgage. The following can be provided to the bank as collateral:

• House;
• plot of land;
• dacha;
• apartment;
• other objects.

If the contract is violated by the client, the bank becomes the owner of the property and can sell it so as not to incur a loss. This scheme is the basis of the mortgage market in Russia. The main document that guides financial institutions when drawing up mortgage agreements is the law adopted in 1998. It is called “On Mortgage”.

Main characteristics of a mortgage loan:

• issuance for a long period (5-50 years);
• appointment;
• relatively low interest rates;
• executed in strict accordance with mortgage legislation.

The collateral itself belongs to the borrower, but he does not have the right to dispose of it independently. The credit institution has the authority to use it at its discretion in the event of problems with debt repayment.

Types of mortgage programs

From what you need to know about mortgages, information about the types of mortgage programs is important:

• standard;
• social;
• "Young family";
• for military personnel.

Types of standard mortgage

Banks, competing with each other, offer many programs under a variety of names, reflecting the method of obtaining a mortgage or purpose. Often, what is commonly understood as a mortgage is money provided as collateral, and it must be returned, otherwise the bank will deprive you of the collateral. The most popular types of mortgages (mortgage loans):

1. For the purchase of housing on the secondary market. This type is attractive due to its optimal interest rates, relatively short processing time, and conditions acceptable to most. It differs from other types in that it requires mandatory title insurance.
2. For real estate under construction. Housing can be purchased at the construction stage, but the developer must be approved by the bank. The interest rate here is the highest, but the housing itself is valued slightly lower.
3. To purchase a plot of land. The borrower pledges real estate of equal value to the bank, and can begin new construction on the acquired site. Until the mortgage is repaid, the financial institution has as collateral everything that the developer has built on the acquired site.
4. To build a house. You can get money on bail if a person has his own building plot. When considering an application, the belonging of the land to a specific category is taken into account. The collateral is a plot of land, housing under construction and other structures located on the land.
5. For real estate outside the city. The program provides for the purchase of a country house, townhouse or cottage. Typically, such housing is located in an environmentally friendly area, and proposals are developed by credit institutions together with developers.

Social mortgage

Low-income segments of the population who are on the waiting list for housing can count on this type of mortgage:

• young families with two or more children;
• families where a disabled person lives, registered before January 1, 2015;
• workers of culture, sports, social protection;
• veterans;
• employees of research centers with state status;
• employees of the military-industrial complex.

Social mortgage means that the state provides financial support to borrowers to fulfill their obligations to the bank.

Social loans are subsidized in several ways:

• public housing is sold at reduced prices;
• interest on the loan is subsidized;
• A subsidy is provided for part of the mortgage.

The decision to apply one form or another of social mortgages is made by regional authorities.

Mortgage for a young family

Let’s answer the question: what is a mortgage for a young family for housing in Russia? In fact, this is the same social mortgage, but is intended to provide young families with their own living space. The age limit for newlyweds to be classified in this category is up to 35 years. Here, the mortgage terms themselves are not preferential, and assistance is expressed in the provision of state subsidies and the opportunity to use maternity capital.

Newlyweds can even take advantage of a standard type of home mortgage lending. If the living space where the family is registered does not meet the minimum acceptable standards per person, then a state subsidy may be available. The amount issued varies from 30 to 35% of the standard cost of purchased square meters.

Military mortgage

Contract military personnel who are participants in a special savings mortgage lending program designed for military personnel can apply for this type of mortgage loan. What is a mortgage for the military? Within the framework of the NIS program, certain amounts are regularly received and indexed into the serviceman’s account. When the contract expires, a person can use the accumulated funds to purchase housing, paying off the down payment or part of the mortgage loan.

The mortgage is issued for a maximum of 25 years. By the end of this period, the soldier must be no more than 45 years old. The average percentage is about 12.5, the largest amount is 2,400,000 rubles.

Part of the debt can be repaid with maternity capital or through a preferential consumer loan received additionally.

Borrowing such large amounts of money is not an issue that can be resolved spontaneously. What is needed is a balanced approach, maximum responsibility and a clear understanding of what a mortgage is and how to take it out with minimal risks:

1. If you have chosen a credit institution, then collect information about it.
2. Please read all documents carefully.
3. Make photocopies or shoot documents with your mobile phone camera.
4. Come to review the contract, if not with a lawyer, then at least with a reasonable assistant.
5. Ask to immediately submit all documents that need to be signed. This way you can compare them and read them carefully.

You shouldn’t always trust the numbers printed in advertising brochures; it’s better to personally find out about the real conditions of the loan:

• compare interest rates, calculate how much the loan will cost using a mortgage calculator;
• find out if there is a possibility of early repayment and whether they will charge an additional commission for this;
• Find out what fees are charged for bank transactions;
• study all the nuances of the conditions under which insurance is carried out, whether the interest rate will increase if you refuse to insure yourself on voluntary terms;
• read the conditions under which a financial institution takes drastic measures against a borrower due to late payments.

5 main conditions for obtaining a mortgage loan

Getting a loan from a bank is not easy. Credit companies make many demands. Here are the main ones:

1. Age - starting from 21 years old on the day of receiving the loan and 65 years old at the time of full repayment.
2. Stable job - last job for at least six months.
3. Income level - its monthly amount should be 2.5 times greater than the regular monthly contribution. Not only the borrower’s earnings, but also his family’s are taken into account.
4. Confirmation of the availability of the amount required for the initial deposit. Usually this is from 10 to 30%.
5. Co-borrowers are needed when the borrower’s income does not satisfy the bank.

What you need to know when taking out a mortgage

If you intend to enter into an agreement to purchase a home on credit, you need to know about the advantages and disadvantages. There are 3 key factors for you - size, term, rate. The benefits are as follows:

1. The issue of housing or other purchase is resolved promptly.
2. Preferential mortgage agreements are economically beneficial.
3. A reliable investment, because if real estate is purchased, it tends to rise in price.

Disadvantages of a mortgage:

1. The owner has limited rights. Until the debt is repaid, he cannot do anything without the permission of the creditor.
2. A large overpayment, the initial cost of housing or other property increases almost 2 times at the time of repayment of the debt.
3. Payment of monthly installments over a long period of time.
4. Impossible, for some potential borrowers, requirements from financial institutions.
5. There is a constant threat of force majeure, in which real estate can be lost.

Having paid off the debt in full, do not forget to make sure that the bank returns the collateral to you officially in accordance with the agreement.

Is it easy to get approval

Banks do not approve a mortgage for the purchase of an apartment to everyone who applies. The housing purchased through a banking institution by the client and the person’s credit history are carefully checked.

Anyone who has had untimely repaid loans from any credit institution will not receive approval. If the applicant has outstanding fines or debts to the budget, it will also have a negative impact. It is difficult to get approval with low income. Knowing what a home mortgage is, you need to have an official source of income. Another mandatory requirement will be apartment insurance.

How to get approval on favorable terms: 3 nuances

The nuances of applying for a home mortgage in different banks are not the same. Conditions for providing a mortgage loan are also:

1. some banks provide loans on favorable terms for the purchase of housing from certain developers;
2. The mortgage interest rate will be significantly lower with a large down payment;
3. lending conditions will also be more favorable for bank clients (who receive their salaries on the card).

What documents will be needed?

When applying for a mortgage, it is important to know what it is, but it is no less important to understand what documents will be needed. The basic list of documents for obtaining a mortgage loan looks like this:

• Statement. It can be filled out either on site at a bank branch or in advance by downloading from the official website of the credit institution.
• Bank questionnaire - different banks will look different.
• A copy of the applicant’s passport (the original will need to be presented for verification).
• A copy of the TIN certificate.
• Photocopy of SNILS (certificate of pension insurance in the form of a green laminated card).
• For men of military age - a copy of the military ID.
• If the applicant is married, documents confirming this, as well as a marriage contract, if available.
• Birth certificates of children, if available.
• Documents about the applicant's education - diplomas, certificates, etc.
• Papers confirming the level of income at the place of work and from other sources - alimony, funds from the rental of real estate, financial assistance, etc.

Rarely does a bank limit itself to such a modest list. As a rule, something else is added to it that is needed for a mortgage, which means that additional papers will increase the chances of obtaining a loan.

Possible options:

• Passports of all immediate family members, death certificates for those who have already passed on to the other world.
• Copies of pension certificates and certificates of the amount of pension payments for disabled elderly relatives (parents, grandparents).
• Certificate from the passport office confirming registration at the place of residence.

Having any valuable property (other real estate, a car or other vehicle, etc.) will be a big advantage, increasing the likelihood of getting a mortgage approved for the required amount. So the already extensive list of papers should include documents confirming the right of ownership of such property - a certificate of ownership, a purchase and sale agreement, extracts from the relevant registers, etc. If you have accounts in other banks, you will need to provide statements of the movement of funds on them.

Some credit institutions may request receipts for payment of utility bills at the current place of residence to assess the client's solvency and reliability. For entrepreneurs, the list is supplemented with the statutory documents of their enterprises, accounting statements and other papers confirming that the business is profitable and developing quite steadily.

If maternity capital funds are used to make the first payment or pay part of the loan, then a certificate for it will be added to the list of documents. In addition, you will need to obtain a certificate from the Pension Fund branch indicating the balance of this capital.

Terms, interest and other nuances

When applying for a mortgage for an apartment, it is important to remember that there is an age limit for obtaining one. They will definitely not give a housing loan to someone who is under 21 years old. The age limit for those who will be approved for a mortgage varies. A mortgage loan for the purchase of a house or apartment is long-term and can be repaid over 30 years. The bank takes into account the client's provision of funds to repay obligations.

The higher the down payment, the more favorable the repayment terms will be. When drawing up an agreement, it is important to pay attention to the order of repayment of payments and the possibility of repaying the debt ahead of schedule. The opportunity to take advantage of deferred payment and the conditions for its provision are immediately discussed.

Partial obligations to the bank can be repaid using maternity capital funds. Special conditions for providing loans to military personnel.

Thanks to government support, interest rates on purchasing an apartment in new buildings are lower than on secondary market housing. This is also worth considering. In simple terms, such a mortgage will have more favorable and attractive conditions.

You should always remember that refusal of approval from one bank does not mean that obtaining a loan from another is impossible. You can apply for approval to several banks, ultimately choosing the best option for yourself. The desire to have your own corner can become a reality. The main thing is to approach the choice wisely, armed with all the necessary information, understanding what it is - a mortgage - and how to work with it competently.

In modern realities of life, when the world's population is steadily growing, one of the most pressing issues is housing. It is no secret that not every family, especially a young one, can afford to purchase their own home, so more and more people are asking what a mortgage is and how to get one. What advantages does this type of lending have and is it worth the candle?

The essence of a mortgage is that if you do not have good relatives who can lend money for free to purchase housing, and you really want to have your own apartment, you can contact the bank and get the necessary amount. However, this type of loan is somewhat different from the usual consumer loan to which we are already accustomed. We'll find out what exactly it is.

What is a mortgage and how to get one without problems

First of all, you need to understand that a mortgage loan is a targeted loan for the purchase of a specific property, and unlike a consumer loan, you will not be able to use the money at your own discretion. In addition, in this case, the collateral most often becomes the purchased object itself - an apartment, a store, an industrial premises. Therefore, it can be argued that there is a mortgage to secure obligations to creditors. Banks, by the way, accept not only housing - collateral can be a car, a yacht, or a plot of land. However, a feature of this type of lending is that the object acquired in this way becomes the property of the borrower immediately from the moment of acquisition.

In Russia, the most common option for this type of lending is a home mortgage. Moreover, as a rule, it is the purchased apartment that is given to the bank as collateral, although, as an option, you can also pledge existing real estate. This type of service is offered by almost all banks - Sberbank, Gazprombank, Alfa-Bank, VTB. A mortgage to any credit institution is always beneficial, because even if the borrower does not have the funds to pay off the debt, the bank will still have the collateral. That is why the latter willingly issue such loans, vying with each other to offer “favorable” conditions.

Who will get the loan and what is needed for it?

In order for an apartment with a mortgage to become a reality, you will have to “sweat” quite a lot, collecting the necessary package of documents. But we’ll talk about it a little below, and now let’s draw up some average portrait of a potential client who can get a mortgage loan:

1. First of all, age - the ideal range is from 23 to 65 years.
2. Level of Trustworthiness – You will need an impeccable credit history. If you don’t have one, then before applying for a large loan, take a couple of consumer loans and carefully pay them off. Of course, a consumer loan is not as large as a mortgage, and you will pay a much smaller installment, but having two or three loans repaid on time will have a very positive impact on your image in the eyes of the bank.
3. Work experience - more than two years, with at least 6 months at the last place of work.
4. Availability of “white” income sufficient to repay the monthly payment.
5. And, of course, you have to collect a huge list of documents, and the more serious the bank, the more papers, certificates and receipts they will ask you for.

Of course, the requirements described above are a generalized version; in advertising brochures you can find slightly different indicators. For example, some banks state on the pages of their prospectuses that they are ready to issue mortgage loans to persons over 18 years of age. Or another option: supposedly for a positive answer you do not need a certificate of income. So, know this: most often this is just a publicity stunt. Clients who know from their own experience what a mortgage is and how to get one say: if you do not meet the above requirements, you will not be given a loan for an apartment. And who can guarantee a positive answer?

So, you are most likely to be given a loan if:

• you have at least 20% of the cost of the purchased home for a down payment;
• your official salary is at least twice the monthly payment;
• the mortgage is issued for an apartment, and not for a plot of land or a private house;
• all able-bodied family members have official employment with a “white” salary;
• there is other real estate that already belongs to you by right of ownership (you won’t need to mortgage it either);
• you have no outstanding loans or other debt obligations;
• you do not act as a guarantor for loans from relatives or friends;
• work experience at the last place of work is more than 2-3 years;
• you can provide one or two solvent guarantors (required quite often, but not always).

Documentation

So, you have decided that the only way to improve your living conditions is a mortgage. Banks will require an impressive package of documents from you. Let's look at it in more detail.

The general list looks like this:

• bank application form;
• application for a mortgage - sometimes you can apply for it online by visiting the official website of the institution;
• a photocopy of a civil passport or a document replacing it;
• a copy of the state pension insurance certificate;
• certificate (copy) of tax registration in the Russian Federation (TIN);
• men of military age will also need a copy of their military ID;
• photocopies of documents about the education received - diplomas, certificates, etc.;
• copies of marriage/divorce and birth certificates;
• marriage contract (copy), if available;
• a photocopy of the work book (all pages) with the employer’s identification record;
• any documents confirming the amount and source of your income - personal income tax form 2, bank statements, receipts for receiving alimony or regular financial assistance, etc.

Some banks have enough of these documents, but most often a mortgage loan requires much more paperwork. For example, you will most likely need to prepare:

• Form 9 - certificate of registration at the place of permanent residence;
• photocopies of civil passports of all persons living with you, as well as immediate relatives (parents, children, spouses), regardless of their place of permanent residence;
• a certificate of pension amount and a copy of the pension certificate for non-working relatives of the corresponding age;
• copies of death certificates of all deceased immediate family members - spouses, parents or children.

And again the documents

If you have any expensive property, then you will need title documents confirming ownership - deeds of sale, deeds of gift, privatization certificates for a dacha, apartment, car, etc. You will also need a certificate in Form 7, characterizing the parameters of the residential property you own. non-residential premises.

If you own shares, bonds, etc., you will have to provide an extract from the register of securities owners.

A home mortgage is a responsible matter. So you definitely need to provide documents confirming your trustworthiness - a credit history, copies of receipts for timely payment of telephone and utility bills, rent for the last few months, or better yet, for a year or two.

If you have bank accounts - card, current, deposit, credit, demand, etc. - you will need documents confirming their existence.

In addition to everything, in order to apply for a mortgage loan, be sure to have a certificate confirming that you are not registered with a psychoneurological or drug treatment clinic.

When contacting the bank, you will need not only copies, but also originals of the above papers, and if you have a co-borrower, he will have to prepare the same package of documents.

And once again the documents

Additional documents may be needed for those who work for themselves and have their own business. These can be copies of constituent documents, accounting statements about profit/loss for the last few years, staffing tables, copies of main contracts, balance sheets - in general, any documents that can confirm the financial stability of your enterprise and its ability to develop dynamically.

If you are an individual entrepreneur without forming a legal entity, the bank will most likely ask you to provide:

• registration certificate;
• receipts for payment of taxes and contributions to various funds;
• copies of bank statements for the last few years;
• book of expenses and income (if any);
• photocopies of premises rental agreements and other documents confirming your stability and solvency;

As you can see, getting an apartment with a mortgage is quite a troublesome matter. After all the necessary documents have been submitted, you must wait for the bank’s decision to issue a mortgage. Typically, the review period can take from a day to several weeks, but some banks offer an “express mortgage” service, when a decision can be made in two to three hours. Once you have received pre-approval, you can start looking for an apartment.

How to choose a bank: the most profitable mortgage loans

If the long list of required documents does not frighten you, and you have only become stronger in your decision to take out a home on credit, let’s take a closer look at the question of how exactly to choose the best offer. It’s clear that paying off a mortgage is a long and quite expensive process, and, as you know, no one wants to overpay. What should you pay attention to when choosing a credit institution?

1. First of all, you should carefully study the programs offered by banks. At the same time, try to pay attention to institutions that have been operating on the market for several years and have a proven reputation.
2. If you already have a card (any) from any of the banks, and you are generally satisfied with its work, then first of all turn your attention to this company. The fact is that many financial institutions usually offer special, more favorable lending conditions to regular customers than to people who contact them for the first time.
3. Pay attention not only to the interest rate, but also to the likely number of one-time payments, the amount of which in the end can be quite large. Such “commissions” may be charged by the bank for issuing various certificates, insurance and other services.
4. Be sure to explore the possibility of repaying the loan early. For example, in a bank such as VTB, a mortgage can be repaid ahead of schedule without problems, while other credit organizations in this case oblige the client to pay some additional fines and penalties. This may also affect your choice.
5. Almost every banking institution has its own website where you can easily find a mortgage calculator. This is quite convenient: by filling in the appropriate fields, you can approximately calculate how much you will have to pay monthly. Compare these indicators by browsing through the pages of several banks and determine the most advantageous offer.

In order not to get confused with a large number of offers, you can create a small table for yourself, where the columns will be the lending conditions, and the rows will be several banks offering mortgages. Be sure to use a mortgage calculator - it will greatly facilitate your calculations and help you determine the total overpayment and the amount of the monthly payment.

Columns (criteria) can be like this:

• mortgage term;
• interest rate;
• monthly payment;
• third-party commissions, one-time payments;
• the need to confirm income;
• possibility of early repayment;
• the amount of the initial mandatory contribution;
• sanctions for late monthly fees;
• promotional offers.

Of course, you can add to the proposed list of criteria at your discretion. Do not rush to choose the bank with the lowest interest rate - perhaps all other conditions will not be so favorable. So evaluate all points as a whole.

Social mortgage loan

There is one more point that you need to pay attention to when choosing a bank. The fact is that for some categories of citizens a so-called social mortgage is provided - preferential lending aimed at providing housing to vulnerable segments of the population who are simply not able to purchase an apartment under a “commercial mortgage”.

The main difference between this type of lending is the cost of one square meter of purchased housing. In order to take part in the program, you must write an application to improve your living conditions and register with the Administration at your place of residence. There your application will be reviewed and the appropriate decision will be made. One of the main criteria for registration is compliance with the Decree of the Cabinet of Ministers of the Republic of Tajikistan No. 190, from which it follows that the standard for providing a total housing area per person is 18 m2.

For example, public sector employees can become participants in the Social Mortgage program. The loan can be issued at only 7% per annum and for a period of up to 28.5 years, and most often you do not even need to make a down payment.

However, not all banks work with this type of lending. The necessary information about where it can be applied for, as well as whether you can apply for it, can be found in the city (district) administration. Most often there is a department responsible for

Lending to a young family

If people of the older generation mostly received housing back in Soviet times, then mortgages for young families are today practically the only way to acquire their own housing and become independent. Fortunately, this type of lending is also supported by the state.

Every young family can take part in the federal program and qualify for a state subsidy to purchase their own home. The normal area for a family of 2 people is 42 square meters. Such a family can qualify for a subsidy in the amount of 35% of the cost of housing. If a young couple has children, then the housing standard is calculated as 18 m2 per person, and the amount of the subsidy increases to 40% of the cost of the apartment.

State mortgages can be provided to young people not only if they are married - “singles” can also qualify for a preferential loan. To achieve this, the practice of student construction teams, which are being formed in many universities, is being revived throughout the country. After a soldier of such a detachment has worked one hundred and fifty shifts “for the good of the Motherland,” he receives the right to obtain a mortgage for an apartment at cost. Thus, with a little work, you can purchase housing 2-3 times cheaper than its market value.

Mortgage for military personnel

The nationwide Military Mortgage program is another option to support the population. The program is aimed at military personnel through a savings mortgage system. It all depends on the military rank of the participant and the date of conclusion of the first contract for service.

The essence of the “Military Mortgage” program is that annually the state transfers a certain amount to the individual account of each military personnel, the amount of which is regularly revised by the Government of the Russian Federation depending on the level of inflation and other indicators. Over time, the accumulated amount can be used as

Advantages and disadvantages

Now that you have at least understood in general terms what a mortgage is and how to get one, it is simply impossible not to dwell on the main advantages and disadvantages of this method of lending.

Of course, the main advantage of a mortgage is that you can get your own apartment now, rather than saving for it for many years, “hunkering around in corners.” Since the loan is issued for many years, the monthly payment is usually not too large, and the average Russian can easily repay it.

However, despite all the “rosiness” of the prospect, one should not forget about the shortcomings, among which, first of all, one should mention the huge overpayment of interest, sometimes reaching more than 100%. In addition, almost every mortgage agreement necessarily contains third-party costs - for maintaining a loan account, for processing an application, various insurances, commissions, and so on. All this together can reach 8-10% of the cost of the down payment. And, of course, a huge list of documents, although this is not surprising, because the bank entrusts you with considerable funds, and for a very long period of time.