Recently, banking services such as mortgages without a down payment have become particularly popular. Unfortunately, in our country, the degree of distrust of the population towards various types of credit institutions is still high, so long-term loans are not very popular. However, real estate prices in large cities are so high that mortgages without a down payment are sometimes the only way to get your own housing. This proposal is most relevant for young families that do not have large start-up capital.
Any loan is secured
Of course, you should not rely on the fact that the bank will provide a large amount of money, without requiring you to guarantee any return. However, the development of the mortgage program is obvious. If after the crisis the minimum contribution was at least 30%, now this indicator has decreased to 10%. In order to get such a loan, you will have to provide the credit institution with a whole list of documents. One of the determining factors when considering a potential borrower is its solvency, that is, the level of salary and financial stability of the enterprise where the client is employed.
Mortgage without down payment on the security of housing
This option is suitable for those citizens who own the apartment, premises, house and even a piece of land. The maximum loan amount is determined based on 80% of the appraised value of the collateral object. Such programs are highly acceptable for families wishing to purchase new, more spacious housing. Currently, many commercial banks offer exactly this type of long-term lending, so it will not be difficult to choose the best offer for you.
Mortgage without down payment due to double lending
This method is based on the previous embodiment. You first get a loan secured by existing property or property rights, and then apply for a second loan for the missing purchase amount. This method is especially relevant when the estimated cost of collateral does not meet your expectations, and the proposed loan amount is not enough to purchase the selected housing. Of course, it is worth considering that you have to pay off immediately on two loans, so you should evaluate your own strengths in advance.
Mortgage without down payment through consumer loans
This method is resorted to by persons who do not have any property rights. In this case, the amount of cash taken from another bank under the consumer lending program acts as an initial contribution or security. On the one hand, the borrower gets the opportunity to quickly apply for a loan on the basis of a minimum package of documents, which means to speed up the process of obtaining a mortgage. On the other hand, consumer borrowing is considered expensive, so you have to repay the debt at a high interest rate. Thus, it is quite realistic to get a real estate loan without down payment, and you should choose which way to use it.