What you need to get a mortgage: a list of documents, insurance, deadlines

Perhaps owning an apartment is perhaps the dream of every young family. However, not everyone can afford such a luxury: the value of real estate currently breaks all records. But don't be upset! Thanks to the not so long ago emerging type of lending - mortgage - this desire of youth has become feasible!

The essence of the mortgage

A mortgage is nothing more than a loan to purchase a property (apartment or house). Unlike other types of loans, this offer is long-term, issued for about 10-15 years. And this is understandable: not everyone will be able to pull huge payments in the case of a mortgage for a short time. And if you divide this amount into long 120 or more months, you get a very real value.

The second peculiarity of a mortgage is a compulsory pledge of the acquired property as security for a loan. The bank needs this to gain confidence in the next day. After all, even if the client does not pay all the debts on time, the creditor will remain only in the black: the apartment / house will become his property.

The third distinguishing feature of the type of lending under consideration (this is what is required to obtain a mortgage without fail) is the availability of an initial payment. If when receiving a consumer loan no one asks about the availability of own funds, then here you simply can’t do without them. Usually the minimum value of the down payment is 10-20% of the value of the property.

Mortgage Registration Stages

If you want to get a loan to buy an apartment / house, you should do the following basic steps:

• Find the desired property. It is worth noting that new buildings are more preferable for the bank. So, often when buying an apartment in a newly built house, the lender gives a loan at more attractive interest rates.
• Prepare the required package of documents.
• Apply to the bank for a mortgage. It is best to contact several organizations at once. Perhaps one of them will approve the loan.
• If the answer is yes to the submitted application, contact the office of a financial organization to draw up a loan agreement.
• If necessary, arrange real estate, life and health insurance of the borrower.

As you can see, obtaining a loan for real estate is not so simple, this process will take a lot of time. But nothing further compares with the outcome of such a thing - living in your apartment. Moreover, knowing the main stages of mortgage registration, everything can be cranked up much faster.

Mortgage: conditions for obtaining

Now most financial institutions offer their services in issuing loans for the purchase of real estate. All their products have their own distinctive sides, their own criteria and requirements. But we can distinguish several basic, almost identical conditions in many companies. They are as follows:

• Mortgage Currency. In our country, the bulk of loans are issued in Russian rubles, but there are cases of loans for housing in dollars and euros.
• The value of interest rates in this type of lending most often takes values ​​from 10 to 16% per annum. Accurate information on this subject cannot be given by any bank, since it depends on many factors (borrower income, mortgage term, etc.).
• An initial fee. According to the requirements of most banks, the client must have at least 10% of the value of the property in order to receive a mortgage.
• Loan terms. This item is selected based on the solvency of the borrower and his own wishes.
• Repayment of the debt in the form of monthly payments to the bank account. The values ​​of all amounts are agreed in advance in the loan agreement.
• As collateral for the loan, compulsory registration of the pledge of the acquired property.
• In most cases, insurance is required: the subject of lending, life, health and working ability of the borrower.
• Assessment work. This is done by independent appraisal agencies. It is required for the bank to verify the reality of the named value of the apartment / house.
• Provision of income statements. This will allow the lender not to doubt the solvency of the borrower.

The necessary package of documents

Speaking about the need for a particular package of securities, it should be noted that this list can be reduced or supplemented in a single company. Below is the main list of documents for mortgages, which is most often requested by banks:

• Application form for a loan
• ID document. Most often, it acts as a passport of a citizen of the Russian Federation.
• The second additional document for identification: military ID, passport, driver’s license or pension book.
• Income statements.

Borrower Requirements

Having a good income is not enough to get a mortgage. Banks make some demands on their borrowers. Of course, depending on the organization, they can be slightly modified, but their essence is approximately as follows:

• The presence of Russian citizenship. Proof of this is the passport of a citizen of the Russian Federation.
• The age at the time of application is from 21 years and by the end of the mortgage term up to 60 years.
• Lack of black credit history.
• Permanent residence in the region of the loan.
• Employment in the last place of work for at least six months, the total experience with this should be more than a year.

Offers of leading banks

To make it easier for a potential borrower to choose flour, the following table should be presented, which shows the interest rate on a mortgage in the country's banks.

Mortgage in Sberbank

It is no secret that Sberbank of Russia is one of the most reliable banks in the country. This explains the choice of many clients of this institution. Moreover, real estate lending services are quite in demand here. Potential borrowers will not hurt to find out what is needed to obtain a mortgage from this lender.

First of all, it is compliance with the requirements of the bank. In relation to customers, they are as follows:

• Citizenship of the Russian Federation.
• Age from 18 to 75 years.
• Presence of a permanent and official place of work.

The same mortgage registration takes place in Sberbank under the following conditions:

• The value of interest rates - from 11.4% per annum.
• Availability of own funds - from 20% of the value of real estate.
• Mortgage registration term - up to 30 years.

It is important to note that before the state registration of ownership, the interest rate increases by 1 percentage point. An increase in this value also threatens with the refusal to take out insurance of the acquired property, life and health of the borrower.

Mortgage at VTB 24

VTB 24 ranks second in terms of financial performance in the rating of banks in the Russian Federation. Therefore, there is also a description in the framework of this article of what is needed to arrange a mortgage from this company. Moreover, their product is characterized by more attractive conditions and accessibility for a huge part of the population.

So, for starters, it will be right to paint the terms of the mortgage at VTB 24. They are as follows:

• interest rate - from 11.9% per annum (in the proposal with state support);
• availability of own funds - from 20% of the value of the property;
• affordable loan amount - from 600 to 8000 thousand rubles;
• loan term - up to 30 years.

Next, the basic requirements for borrowers should be mentioned. VTB 24 puts forward the following:

• at least 21 years of age at the time of applying for a loan and no more than 70 years at the time of loan repayment;
• total work experience - at least one year.

Insurance and mortgage

When applying for a mortgage loan, it is always requested to provide an insurance policy for the acquired property. This is done in order to protect both the borrower and the bank from unforeseen situations: fires, earthquakes, etc. It is known that the duration of such insurance is equal in most cases to one year. But this does not mean that after this time you can forget about real estate insurance! The subject of lending must be protected from risks until the repayment of loan payments by the client of the financial institution.

A real estate insurance policy is not the only required document from the UK. So, very often the lender needs other insurance when applying for a mortgage. Namely: life and health insurance policy , borrower health. Of course, according to Russian law, banks do not have the right to force a client to arrange this type of insurance. Financial institutions, in principle, do just that, but at the same time make a reservation that if you refuse it, the interest rate will rise by 1 percentage point.

It is worth noting that not always a bank client can buy the required policy from any insurance company. Most often, the lender puts forward his requirements for the selection of the latter, and sometimes provides a list of accredited companies, among which you can choose the most suitable.

Now, having learned what is needed to obtain a mortgage, potential borrowers should not doubt the need to obtain such a loan. Don’t say that nothing will replace your own house!

As you can see, this mortgage is not so terrible: the conditions for obtaining and requirements for borrowers should not frighten the potential borrower. The main thing is not to be afraid of difficulties and go to your goal.