2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Let's immediately separate the wheat from the chaff. If you choose which bank is more profitable to take a mortgage, then you should keep in mind that the usual criteria that we use when opening a deposit, card or current account do not apply here. In particular, liking for the brand and other emotional factors should be immediately put aside.
Today, more than six hundred (!) Banking institutions throughout Russia offer mortgaged apartments. And the task of every citizen who has decided to acquire housing is to make a competent choice. As you understand, the loan term in this case ranges from 10 to 30 years. That is, a mistake made at the stage of choosing acceptable conditions can be too expensive.
Determining which bank is more profitable to take a mortgage, some borrowers are guided solely by the size of the loan interest. Like, the lower it is, the better. It's right. But only partly. It would be much more correct to pay attention to the basic conditions of such programs. This is, for example, the loan currency,the maximum term for the provision of funds, the type of collateral. And the interest rate, the amount of the amount of funds issued and much more will depend on them.
What kind of borrower should I be? on how to get a mortgage loan, you must understand that desire and high income alone are not enough. Financial institutions impose a number of requirements on their potential borrowers. Among them:
• age;
• availability of liquid property;
• the possibility of involving a co-borrower or even several co-borrowers in the transaction.
In addition, the income already mentioned must be not only high, but also official. And here, too, there is a subtlety. Its size should allow servicing the loan taken without any difficulties. And it's not just about making monthly payments. In addition to them, you will need to pay a commission for considering an application (if any), notary and appraiser services, and insurance. In this regard, when considering which bank is more profitable to take a mortgage, one should definitely clarify such a moment as the effective interest rate. In simpler terms, this is the total of all the borrower's expenses that he will incur during the entire loan term.
What should a lender be like? about the bank. Or rather, about how it should be.
What are the first questions that arise when we think about which bank is more profitable to take a mortgage? We are primarily interested insize, fame, territorial affiliation (Russian or is it a "daughter" of a foreign financial organization). And here there is no unequivocal answer to the questions posed.
But, as the analysis of current offers on the market shows, a larger institution is rarely characterized by excessively soft requirements for borrowers and a low interest rate. In this regard, newcomers to home lending are more interesting.
One of the most important points is the clarity of information provided. About conditions and everything else. An indistinct story about a loan that is planned to be repaid for a couple of decades should alert. After all, we are talking about serious money and time. Therefore, there must be unambiguous judgments in everything. Finally, during the consultation, you must be treated with respect. Not as a petitioner, but as an equal partner. If the client is not particularly considered already at this stage, then it is worth thinking carefully about whether the other advantages of such cooperation are really great?
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