Most borrowers today want a mortgage loan without a down payment in 2013 to be implemented safely. In this situation, a lot depends on what kind of person is by itself. And an important role is played by what decision will be made by a certain financial institution on an application for a mortgage loan.
What is a
mortgage loan, and what are its advantages?
This type of loan is a long-term loan for the purchase of own housing, which also acts as a guarantee. The advantages are that it is available, gives confidence in the future and is extremely profitable.
Why increase interest on a mortgage?
When the borrower does not have his own funds, then this is a high risk for the bank. Money is issued for a long period, during which the borrower can easily be insolvent. The recent crisis, which instantly turned assets into worthless pieces of paper, and bona fide borrowers into insolvent, can be called evidence.
When deciding on such a step as a mortgage without a down payment, banks are forced to insure
loans. This insurance is the cost of the loan by increasing
interest on the loan. Although today such a risk is not acceptable for the bank, and it is practically impossible to find creditors willing to provide their services without their own funds.
What is required for a mortgage loan to be approved without down payment?
The user must have a share of the value of the property that he plans to acquire. In other words, the down payment, which must be with a mortgage. Usually he has
limit from 0 to 90 percent. Otherwise, take a mortgage without down payment
impossible. For this reason, if there is a need for such a loan, a consumer loan or money that was received from the sale of property can be used as a contribution.
When can I expect to receive funds?
A decent amount can be calculated only when the down payment is large. If you need to choose the best option, the term and amount of the loan, then you should use a special calculator that was created specifically for such purposes, or you can contact the center for mortgage lending.
Which bank is the most popular?
In the event that you, as a potential borrower, liked a mortgage loan without a down payment, then before you arrange it at the bank, you should know that such a service is provided by managers and developers in various versions. To date, several projects are working in organizations at once. They are very popular among the population and are called "Mortgage loan without down payment from Sberbank." This is the light at the end of the tunnel for young, newly emerging families, despite the fact that the percentage is increased. It is worth considering whether there is the possibility of a small correction to this financial procedure. There is, if you first get a consumer loan, and then take another, which is called "mortgage without down payment." But at the same time, do not forget about the terms and you should consider how you will repay the loan on a monthly basis so that later there will be no problems.