Everything about a mortgage: what it is, how it’s more profitable to take it and what you need for it

Where to start designing

Banks, trying to take into account possible risks, put forward requirements for potential borrowers. The client should evaluate his financial capabilities. Attention should be paid to the following factors:

• Age

  . You can take out a loan for real estate from the age of 21. Banks rarely sign contracts with students who cannot yet fully devote themselves to work. Also, financial and credit organizations are wary of pensioners. With rare exceptions, banks strive to ensure that the borrower is no more than 65 years old at the time of repayment of the mortgage.

• Financial situation

  . The minimum down payment amount is usually 10 – 15%. It is also important for the bank to make sure that the client’s income is enough for monthly payments. It is more profitable for a financial institution to provide loans to families in which both spouses have a permanent job.

• Seniority

  taken into account when purchasing an apartment or house with a mortgage. The client must work in one place for at least six months.

It is advisable to repay previous loans in full in order to increase the chances of approval of a new one.

What loan amount can you expect?

It is impossible to accurately calculate the amount that the bank will approve. An approximate calculation is made using a mortgage calculator. For example, like this.

When calculating, pay attention to the size of the monthly payment. If it does not exceed 40% of your income, then the application will most likely be approved given other favorable factors.

These include the absence of financial obligations (alimony, fines, debts to the tax authorities) or criminal record, the presence of co-borrowers or guarantors (if the payment exceeds 40% of income).

Bank selection

If you meet the criteria described in the previous paragraph of the instructions entitled: “Where to start buying an apartment with a mortgage,” you can begin to study the conditions of banks. It is important to consider the following points:

• interest rate;
• maximum mortgage amount;
• an initial fee;
• availability of preferential programs;
• insurance.

Experts advise submitting a package of documents to several banks at once. Get three or four or more approvals, and then make your own choice of the most suitable conditions.

Interest rate

For most borrowers, the main criterion for choosing a mortgage program will be the interest rate. Let's talk about typical conditions that can affect its size.

A larger down payment (usually 30% or more) means a lower rate. For a bank, the size of the down payment is a certain characteristic of the financial discipline and solvency of the borrower. Therefore, banks often reduce rates for reliable clients.

The situation is similar with the loan term. The bank may reduce the rate if the client takes out a loan for a short period, because... in this case, there is less risk that the borrower’s financial situation will change and he will not be able to repay the debt.

Most banks reduce rates for payroll clients. But here it is important to participate in the salary project of the company where the client – ​​the potential borrower – works. If he contacts his employer with an application to transfer his salary to the card of the bank where he plans to apply for a mortgage, he will still not be considered a salary earner, and accordingly, he will not receive a discount.

Banks can also provide benefits for different categories of borrowers - young families, military personnel, etc. These are not government benefit programs, but discounts under the lending program. Therefore, when choosing a mortgage program, check the conditions under which the bank can reduce the rate.

We collect a package of documents

So, you have decided to take out a home loan. But how to get a mortgage, where to start? The standard list of documents is the same for different banks, but there are some peculiarities. It is necessary to study the requirements of a particular institution on the website, by phone or during a personal visit. Here's what's included in the basic package:

• borrower's passport;
• insurance certificate;
• data on marital status;
• information about the borrower’s income (certificate 2-NDFL);
• a copy of the work book.

Often financial and credit institutions ask to provide evidence of additional sources of income and profit. Documents confirming income to the family budget will only be a plus.

Borrower's expenses when purchasing an apartment with a mortgage

Buying a home with a mortgage always comes with additional costs. Here is a sample list of them:

• costs for ordering an extract from the Unified State Register of Real Estate;
• payment for the services of a realtor if the transaction takes place with his participation;
• payment for notary services if necessary;
• repayment of utility bills from the previous owner;
• real estate valuation costs;
• payment of state duty for registration of purchase and sale in Rosreestr;
• payment of commission for secure payments;
• insurance.

You can save on some expenses. For example, act without a realtor and not use secure calculations. And some are preserved in any case. For example, state duty for registering a transaction.

Application to the bank

Buying an apartment with a mortgage is not a quick process. As soon as you have collected the necessary documents, immediately submit them to the bank. This can be done in person at the office or through the website of a financial and credit organization. Try to provide accurate information. Remember that the lender will verify the information.

At Rosbank Dom you can calculate and get a positive decision on a loan without visiting the bank. The mortgage rate in a financial and credit organization is from 6.80%. A preliminary decision is issued within 10 minutes.

The bank will launch a data verification procedure. A response to the application is issued within five days. Having received a positive response to your application, you can begin searching for real estate. Up to 3 months are allocated for these purposes.

Is a down payment required?

Definitely needed. In most banks in Russia, obtaining a mortgage is possible with a down payment of at least 10%. What to do if it is not there?

The best way (although not the easiest) is to save up. To do this faster, use our Halva card - we pay up to 10% on the balance of your money on the card. All conditions are here.

Let’s say right away that it is better not to take out an expensive consumer loan as a down payment. Because this will lead to an increase in debt burden, and then the mortgage may be denied.

Banks have programs that will help solve the issue of a down payment.

• If you already have real estate (without encumbrances), you can register it as collateral and receive a loan at a reduced rate. Thanks to collateral, this loan will be cheaper than a consumer loan without collateral. This loan will become the down payment.
• If you have the right to benefits or subsidies (for example, maternity capital or subsidies for the military), take advantage of special mortgage programs.

Property selection

Many people answer the question “Where to start the mortgage process” that the main thing is to find suitable real estate. At this stage, the borrower needs to start choosing an apartment or house. Both the client and the bank should like the housing, because it acts as collateral. The selected property is assessed and the cost is specified in the mortgage loan agreement. The bank will provide a list of appraisers it trusts. The client has the right to choose another organization.

As part of the assessment, the liquidity of the apartment is determined. It almost always differs from the market value. This takes into account the location, year of construction, and availability of infrastructure. The liquidity of an apartment in a building under construction, a new building and secondary housing will differ.

Requirements for mortgage housing

Before moving on to the specific parameters of apartments, it is necessary to formulate the concept of what it means that an apartment is suitable for a mortgage. This term is used in relation to objects purchased with borrowed funds, which must satisfy the requirements of a particular financial institution.

The register of bank claims for apartments has a generalized similar structure, but may vary depending on the specific lender, the location of the residential property and the identity of the borrower. Anyone who is interested in how to find out whether their apartment is suitable for a mortgage should check their property using the algorithm given below.

Location of the house

The requirement for liquidity of the apartment, which the borrower pledges to the bank as a guarantee of repayment of funds, determines restrictions on the placement of residential real estate in the suburbs or in disadvantaged areas of the city , since selling such collateral will be problematic.

Each bank individually decides which housing is suitable for a mortgage, but, in most cases, the restrictions are as follows:

• the house should not be dilapidated and subject to demolition;
• the apartment cannot be located in two-story or private houses;
• block and panel “Khrushchev” buildings are reluctant to lend;
• the house should not be intended for reconstruction with resettlement;
• the building should not be a dormitory or hotel-type building, including for small families;
• there may also be a negative attitude towards placing an apartment on the first, last, ground floor or basement.

You can obtain information about whether a house is subject to resettlement or demolition by completing a request to the administration of the territorial entity.

Age of the building

The period of operation of the building in which housing purchased with a mortgage is located cannot exceed 70% of the standard service life according to the construction passport . You can find out the necessary data through online services, where more complete information is presented for Moscow and St. Petersburg, but indirectly you can also obtain information about the construction period of standard buildings. The most popular services are:

• Wikimapia;
• “Where is this house”;
• “Not without reason”;
• "Houses of Moscow";
• "House Type"

An alternative to general services is to contact Rosreestr through the official website of the department, where you can order a technical passport of any building in the country by paying a fee of 150 rubles and sending a request and a scanned copy of the receipt by mail. After 5 days, an electronic version of the required document will be sent back and all questions will be answered.

A method that does not require interaction with computer equipment is to contact the BTI and order a technical passport, which will take a month to complete and will cost approximately 800–900 rubles.

Having found out what year the building of interest was built, you should immediately exclude all options whose construction date was 1970 or earlier.

Sberbank makes a requirement that the collateral object should not be worn out by more than 40% or be placed in a queue for major repairs due to its current condition.

Design features

A common reason why an apartment is not suitable for a mortgage is a potentially dangerous structure, from the bank’s point of view, namely:

1) the presence of wooden roofs or foundations made of flammable materials susceptible to rotting;

2) installed geysers.

Thus, many “Stalin” buildings, the ceilings of the upper floors of which in the vast majority of cases are made of wood, fall under the restriction . The veto will also be imposed on buildings whose foundations are not made of brick, stone or concrete.

Internal equipment of the apartment

Having discarded the requirements for the location and the remaining durability of the building, the formulation of what kind of housing is suitable for a mortgage will be as follows - completely suitable for living, equipped with all the necessary amenities to satisfy primary needs , namely:

1. Communications with hot and cold water;
2. Plumbing fixtures for the toilet, hygienic needs and kitchen;
3. Connection to a heating system, which can be water, steam or electric;
4. Heating devices in every room;
5. Windows, fully glazed and fully sash;
6. Entrance and interior doors, intact and capable of performing their protective and enclosing functions;
7. A stove corresponding to the type accepted for the given house (gas or electric);
8. Floor, wall and ceiling coverings corresponding to the technical plan of the room.

Compliance with the bank's requirements for the mortgage loan facility is carried out twice - by the potential buyer and by a representative of the financial institution, who will definitely ask all the listed questions, which means that by then the answers to them must be found.

Obtaining a bank decision

After a positive response to the transaction is received, the period of settlement with the seller and registration of ownership of the apartment begins. After the registration procedure, money is transferred. Until then, the entire amount is stored in the borrower’s account or in a safe deposit box.

The time frame for the purchase and sale of real estate to be completed depends on several factors:

• deadline for collecting papers;
• the time during which the bank verifies documents;
• internal procedures for obtaining a mortgage.

The services of a realtor will help speed up the process of purchasing an apartment with a mortgage. You can search for real estate on your own, through friends and acquaintances, on specialized websites or at a real estate agency.

Legal subtleties

After a two-level inspection of housing to ensure that its value is maintained throughout the entire lending period, it is time for a legal audit, which consists of:

• assessment of the market value of housing by an independent expert selected by the bank;
• checking the purity of a future transaction by identifying potential applicants for real estate, including minors, convicted or incompetent people who were discharged in violation of legal requirements;
• establishing compliance of the parameters of the property with passport data.

Interfering with the seller's machinations

There is a legal requirement that the amount from the sale of real estate owned for less than 3 years is subject to taxation in excess of 1 million rubles. As a result, many homeowners, especially those involved in repurchase, seek to reduce the sales price in the purchase and sale agreement, which, in a transaction involving a financial institution, is only possible if the buyer pays the remaining amount on his own. However, the bank prefers owners whose housing tenure period exceeds three years .

The inflated cost of the apartment, which the owner considers justified, will have to be reduced to a level determined by an expert during an independent audit. If the seller does not agree to the assignment, the bank will not approve the transaction for an amount exceeding that indicated in the examination report. The alternative is to reach an agreement with the buyer, if he is willing to bear additional costs.

Redevelopment must be legal

If, in the process of renovating an apartment sold with a mortgage, reconstruction or redevelopment was carried out that was not officially authorized and not reflected in the technical passport of the premises, then the deal may fall through.

The requirement for mandatory inspection of the layout by BTI specialists, which previously existed, has been canceled as of 2021, and an apartment with redevelopment can be easily sold if the buyer has no complaints. However, the bank's intervention in the procedure for legal support of the transaction makes this condition necessary, complicating the life of the seller who illegally moved the wall or did not receive approval for the permitted reconstruction.

Mortgage for military personnel

Residential properties that meet the requirements for which apartments are suitable for a military mortgage in addition to those located within the city limits may be:

• cottages;
• townhouses;
• private houses with a plot of land;
• communal apartments owned by one entity.