What is a mortgage? This is a long-term loan against mortgage for the purchase of housing.
Most people believed most profitable mortgage way to solve housing problems.
Participants mortgage system are: banks (Review the borrower's ability to pay), insurance companies (undertake to insure risks in the mortgage lending), the company estimates (estimate the market value of apartments).
Advantages of mortgage lending:
* opportunity fairly quickly become the owner of housing and moving to a new apartment;
* loan for a long period, the amount for which the monthly payment does not change in case of increase in the cost of apartments;
* the opportunity to pay for their own apartment, rather than rent someone else's real estate, while interest on the loan are comparable to monthly rent for a similar apartment;
* opportunity to sign up (to register) in the apartment, on the acquired mortgage, the borrower and the members of his family;
* favorable investment (real estate prices rising steadily at 15-30% per year);
* receive tax benefits for the duration of the mortgage, with the amount in 1000000 rubles tax deduction, as well as the amount of interest payable for a term of the loan payment.
The main terms of the mortgage loan:
* credit issued for a period of 6 months to 27 years;
* loan amount up to 95% of the cost of purchased housing;
* interest rate on mortgages in rubles, from 15% per annum, the currency of 10% (defined individually);
* apartment is the subject of collateral which becomes the property of the borrower;
* payment from the borrower's own funds in the amount of 5% to 40% of the cost of purchased apartments (initial cash contribution);
* repayment of the loan is carried out in equal monthly installments over the life of the loan agreement, which includes interest on the loan and part of the debt and do not exceed 30-50% average borrower's monthly income;
* in determining the amount of the loan as a borrower's income may be included on the basic wage job, income from part-time work, income in the form of interest on deposits, income from the rental of real estate, and others over the past 2 years;
* Providing the borrower documents to assess its creditworthiness (information on income, family composition, educational qualifications, women who have worked, a copy of a passport, etc.)
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