Lenders are quite willing to lend money on an apartment , a private home and other valuable real estate. At the same time – under relatively good conditions, which are significantly better than those for which pledge various movable property. Because, first, mortgage housing is a fairly liquid commodity that can be sold relatively quickly on the market. And secondly, borrowers, at the risk of losing their home, repay mortgage loans in a much more disciplined way. At the same time, it is obvious that on bail not to get online credit and to make it should be in the banking department.
And another advantage of a mortgage loan is that there is no need to look for guarantors, and often to confirm the solvency of the borrower. The availability of liquid mortgage property in the property is often a comprehensive and sufficient condition for obtaining a large amount of money on credit at once.
What to do before applying for a mortgage loan ?
So, you decided on a mortgage loan . But one determination is not enough. The difficult equation “how to get money secured by an apartment with good or better conditions?”
- First of all, make sure that you have sufficient ownership to put your apartment in the bank. First of all, it is necessary to settle the issue with all other existing right holders (if any), having received written consent to pledge them.
- Do you have all the necessary documents confirming your ownership of the apartment? The issue is money, very serious, and if the documents for the apartment is not in order (for example, there is no written consent of one spouse, made repairs, changes the internal planning, documented not agreed with the building and architectural inspection, etc.), then it is better not to even take it.
- Do you have arrears on utility bills at the mortgaged home address? If so, it is better to eliminate the existing debts in advance, otherwise when making a loan with a pledge of the apartment there will be natural problems.
- The money secured by the apartment can be obtained: a) at one of the network banks, if it provides real estate lending services; b) in financial companies (FCs) specializing in this type of lending; c) in the private individual, but this is a very slippery issue, on the verge of legality, which should be contacted only as a last resort, if for any reason other ways of obtaining money secured by the apartment are unavailable. Choosing between banks and financial companies, it is necessary to first assess the benefits of their lending conditions: interest rate, including hidden (if any, in the form of various commissions), available credit terms, loan repayment scheme: annuity (most uniform), classic ( the most economical), only by interest, the body of the loan at the end (beneficial if you need to “collect”).
How to go to the bank or FC to get a loan with a pledge of an apartment?
Today, banking services are rapidly progressing and changing. To go to the bank to get money on the security of the apartment, you can in the old way, take the necessary documents and visit the office of the chosen bank. There, the bank clerk will take all care of managing the clearance process, the applicant will need to follow his instructions and instructions. Alternatively, you can submit an online loan application online by registering it yourself on the credit institution’s website. Fortunately, today many not only specialized companies, but also network banks support the service of applying for an online loan loan . After submitting the application online, the bank clerk will contact the applicant by telephone and agree on further actions (different credit institutions may have differences in the procedure for applying for a loan).
In any case, the next step will be to examine the information on the applicant and his mortgage property by the bank or FC. In the course of it, the clerks will examine the documents submitted, certifying the identity of the applicant and confirm his ownership of the mortgaged apartment. An examination of the applicant’s real solvency may also be required to assess its ability to repay the loan. After all, the bank and the FC, by and large, do not really need your Mortgage Apartment, care for its removal in the account of debt, further implementation. A credit institution needs live money from a disciplined payer to repay the loan.
Course of studying the object of the mortgaged property
Its monetary valuation will be conducted by a bank expert appraiser. This is a fundamental point, banks and FC services of “left” experts do not use, only their own. You should also be prepared that the monetary valuation of the mortgaged apartment by a bank appraiser will be slightly lower than its expected market price. This is a feature of the work of bank assessors, who set the credit risks of the bank to the maximum wherever possible. Based on the monetary valuation of the mortgaged apartment, the maximum available loan amount will be determined with a mortgage amounting to about 75-85 percent of the valuation amount.
the last but one stage of obtaining a loan with a pledge of an apartment – signing a loan agreement. The loan amount is planned to be relatively large, and it will usually not work through the Internet. This can be done at a bank or FC office, and some financial institutions may send their clerk home for a contract.
Next, it takes time to make a decision to issue a loan to the management of a banking institution. In different cases, it may take 3 to 14 days. So you should put this term in your financial plans. One thing can be said with certainty – in specialized FCs, by simplifying and improving the procedures, money on the security of an apartment can be obtained much faster than at a bank.
Positive decision of a credit institution to issue a loan
With a pledge of an apartment (and the probability is quite high) is obtained, it is already possible to discuss with the bank clerk the procedure for obtaining the borrower credit money. This can be both the issuance of the entire amount of cash and crediting electronic money to a bank card, possible combinations thereof. Money secured by the apartment received, they have to spend, disciplined to pay the loan to stay with the tasks and problems (problems), and with his apartment.