Assess your capabilities and all the risks that may arise along the way
From the very beginning, calculate your monthly cash flow and be sure to deduct the required income from them. And thus, you can get an accurate estimate of the monthly mortgage payment. But you must remember that the bank takes into account only confirmed income, that is, all those income that are confirmed by a statement of income. And also each bank has its own specific requirements for the rate of financial income when issuing such loans.
It has a long history, so it is necessary to assess all the possible risks that may arise during the use of the loan. But it should be noted only the most important risks that occur most often.
Temporary loss of work by you or your family members, who most often act as a guarantor.
Divorce. Therefore, if a mortgage loan is taken to acquire an apartment in joint ownership, then in the event of a divorce, such property will be considered jointly acquired, and both spouses will be entitled to it. And a great option is to purchase an apartment with a mortgage in shared ownership.
Choosing a bank for a mortgage
Each existing bank has its own specific requirements for the borrower, that is, the conditions for issuing a mortgage loan. But since a mortgage loan is issued for many years, it is recommended to choose a stable bank that can fully guarantee its performance.
In addition, you can pay attention to banks that specialize in issuing mortgages.
When conducting a consultation at once in several banks, be sure to pay attention to the attitude of the bank's employees to each client, their competence, the speed of receiving a response about permission or prohibition of issuing a mortgage in this bank.
What are the most important mortgage options?
Get the following information from the bank you are interested in:
Find out what package of documents is needed to get a loan.
Find out additional conditions of the bank, for example, insurance, property rights and so on.
And be sure to find out if the bank has a specialized program for restructuring debts on mortgage payments, and if there are any, you will receive detailed information about them.
Be sure to carefully study the contract before signing it
Be sure to read the entire mortgage loan agreement in full. And most importantly, all terms and conditions must be clear and understandable to the borrower, as otherwise there is the likelihood of unpleasant situations.