Once you sign up for a mortgage, you should not put an end to your financial freedom. If market conditions change, you can count on improving the mortgage program. Especially for this, the concept of "mortgage refinancing" was introduced. The best deals on such programs are offered by modern reliable banks. However, you shouldn’t take anything horrible - first you need to compare what different financial institutions offer, and only on the basis of a detailed analysis can you determine where to transfer your housing loan.
Maneuvering with profit
To learn how to exchange an existing loan for a more profitable program, you need to know what mortgage refinancing is. In practice, many of our fellow citizens still do not just not know that such changes in the payment program are possible, but in principle they are poorly guided in the features of the mortgage program. All this seems dangerous, complex, confusing - in a word, this is an occasion to smash the head of economists, but not ordinary citizens.
Experts say that currently about 20% of the total population of our country is available for mortgages, although no more than 12% use the opportunity. Those who are aware of their chances, but who are slow in obtaining a loan, usually explain the behavior with the following thoughts: who knows, what if there will be more advantageous offers in the future than there are on the market now? This is where the refinancing of mortgages of other banks comes to the rescue, that is, the possibility of obtaining a loan in one structure and then transferring it to another as more successful options become available.
Cheaper - Better
Any discount is like a balm for the soul of our compatriots, which is not surprising when you consider the standard of living in the country. The decrease in the interest rate on home loans is one of those trends in price changes that cannot but rejoice. Over the past ten years, the rate has become much smaller, and many of those who took a loan for the purchase of an apartment in 2005-2015, now scolding themselves with the last words - well, what would you not wait? Official statements by government officials add fuel to the fire : everyone promises that loans will begin to be issued at 5% per annum.
In order not to wait for the promise to come true, you can take out a loan today, bearing in mind that in the future the best refinancing of mortgages will be available. Experts say that in the coming years we can expect mortgage rates at 9% per annum, but we should not think about a bigger decrease yet - the economic situation is too complicated both within our country and in the world as a whole.
Fortune telling - not guessing
Is it worth puzzling yourself with economic forecasts when no analysts, even the most experienced and eminent, can say with absolute certainty what awaits us tomorrow? Perhaps a much more effective option is to buy a home on credit today, remembering that in the future it will be possible to change the bank, and with it the terms of the loan. Many of those who took loans 5-10 years ago have already done so. It is not surprising, because, for example, refinancing Sberbank mortgages is much more profitable than most of the proposals that were used earlier.
A rate reduction is available to every person who knows how to count money in his wallet and knows their price. The re-lending, which at first was watched with disbelief by the townsfolk, has gained a good reputation, as people have become more free to dispose of hard-earned rubles, which are always in short supply.
What is it about?
The mortgage refinancing program of other banks is a financial opportunity used in different situations. Usually it is used by those who have already drawn up debt for the purchase of housing, but who want to reduce the interest rate.
It should be understood that the reduction of payments every month is achieved in other ways, it is not necessary to move from one financial structure to another. It all depends on the desire of a particular person. Of course, refinancing mortgages of other banks is a convenient option, especially if the amount of payment per month for the borrower suddenly turned out to be unbearable. But you can try to negotiate with your bank managers to increase the duration of the loan program. On the other hand, for example, when working with VTB 24, mortgage refinancing can be a source of additional funds, as the bank often gives a large amount in debt - it can be used to repair or purchase furniture, or for other needs of the family.
Do not rush into the pool with your head
The fact that many residents have not yet understood what mortgage refinancing is, significantly limits the spread of this practice. The complexity of the procedure creates additional difficulties. To break up with the previous bank and move to a new one, you will have to draw up a number of official papers, which requires time and effort. On the other hand, the effort is worth it, since most banks offer (for example, VTB 24) mortgage refinancing, which will have to pay a lot less. As they say, the jackpot breaks down the persistent.
How did it start?
For the first time in practice, what is the refinancing of a mortgage, clients of Fosborn Home learned. It was this bank that launched this procedure back in 2007, hoping to lure customers of other, less profitable financial institutions.
The company at that time was a leader in the field of brokers specializing in mortgages. Its analysts have developed an interesting proposal, which previously did not exist in principle in the domestic market. It consisted in providing those who have already taken a loan for the purchase of housing with more favorable conditions if they agreed to change the creditor organization in favor of Fosborn Home. The offer quickly attracted the attention of a wide range of people, and soon banks began to offer refinancing mortgages of banks of various scales and levels of reliability.
To leave or stay?
It would seem that such a mortgage refinancing? An opportunity to keep all privileges, but to avoid high percentages. And yet, the program, having become available to the general user, did not start using popularity.
There were several reasons at once. To reissue a loan, you need to re-evaluate the object for which you receive a loan, as well as make a new insurance policy. In addition, you may have to redo the documentation package - it depends on the particular case. In addition, the very first mortgage broker on the Russian real estate market asked for 8,700 rubles for its services. Of course, when choosing a profitable bank, mortgage refinancing brings great benefits, but it's all in the future, and you had to pay right away. And the difference in loans was not more than one and a half percent. All this in a complex looked rather senseless running around for the sake of cents.
The situation is changing
Nowadays, when financial giants of the market took up refinancing mortgages (Sberbank, VTB, other reliable banks), the program began to look simpler and more affordable. At the same time, you need to understand that the transition with a loan from bank to bank is beneficial primarily when the interest rate difference is from two percent or more, and the payment term is at least five years. If, let’s say, only a year or two remains to be calculated on the loan, then a change in the financial structure will not only not pay for itself, but may also become more costly than stable work with the previous bank.
On examples
Suppose a certain citizen took a mortgage loan for 100 thousand dollars, provided by the bank for 15 years with an interest rate of 12.5%. We also assume that after two years another bank offered its services on the market, where the interest rate is only 9%. A citizen filed an application and passed approval, which reduced the monthly payment by $ 168. For 13 years of monthly payments, savings are $ 30,000. The effect is obvious. It is also obvious that the benefit, if for 13 years the loan was paid under the old conditions, from switching to two years will give very little and will be lost in running around with pieces of paper and revaluation.
Do it yourself: is it necessary?
So, refinancing a mortgage of Sberbank (like many other large banks) seems to be a profitable procedure, especially if you deal with it on time. At the same time, many are afraid of the difficulties associated with the change in financial structure. Can they be avoided?
Modern mortgage brokers are ready to offer potential customers all the conditions, if only they would go to them. The broker can solve organizational issues for financial rewards; its size (usually) is within reason. This aspect is one of the beneficial aspects of refinancing a VTB mortgage, a bank offering very favorable conditions during the transition. By the way, if at the beginning of the appearance of such proposals, a change in lender cost no less than a thousand US dollars, in recent years it has cost about one hundred rubles (but you will additionally have to pay for new insurance and revaluation of housing).
What to count on?
Currently, VTB, Sberbank and other large, well-known financial organizations specialize in refinancing mortgages. What can I say, almost all companies offering mortgages are trying to lure customers from competitors, which obliges us to offer a refinancing option. The number of such players in the financial market is growing from year to year. Of course, this gives the end customer a choice, but at the same time confuses people, does not allow him to navigate such an extensive list of offers.
At the same time, refinancing the mortgages of Sberbank and some other companies has turned the other side. Banking institutions that want the client to stay with them offer a change in the loan program if the borrower has looked for something more profitable than its previous conditions. That is, ultimately, you can achieve a reduction in interest rates without paperwork, overpayment, running around, revaluations.
Development: Step by Step
As the saying goes, you only need to give a start to the process, and there development will go by itself. This is exactly what happened with the mortgage refinancing program. Sberbank and other sharks of the banking market, trying to increase sales, taught customers to choose what is profitable and reliable, and a modern layman understands that he has the right to seek favorable conditions.
Save on interest, adjust the terms of repayment of the loan to the bank - modern people have learned to work with these tools, seeking benefits for themselves. People gradually master various tools and learn to calculate what will be most useful for their family budget. Many people also know that the market price of a person acting under a credit program as collateral for property is growing from year to year, which is also an occasion to ask the bank for more favorable conditions. This means that you can’t fool a modern person on the chaff, the main thing is not to be lazy and understand the features of each banking product in which you participated, without fear of new information.
To summarize
So, is it worth the wait when a mortgage lending program becomes cheaper? The practice of recent years shows that such behavior has no economic justification. It is already clear that with the advent of more profitable loan options, you can simply change your bank to another and not in any way worry about hard earned rubles. And this means that you can safely choose housing today, counting on the most convenient conditions for yourself, both in the present and in the future.