Video: How To Get A Loan To Buy An Apartment
2023 Author: Douglas Hoggarth | [email protected]. Last modified: 2023-11-26 20:16
Seven steps to getting a loan to buy an apartment.
Step one. Assess your ability to repay the loan
To obtain a mortgage loan, first of all, you need to determine for yourself:
- the cost of an apartment that corresponds to personal requests and wishes;
- accumulated funds that can be used as a down payment. In fact, this point is strongly related to the previous one. The fact is that mortgage programs require that at least 30% of the cost of the apartment be paid as a down payment. Thus, if the cost of the planned housing is about 800,000 rubles, then you need to have at least 240,000 rubles on hand. In fact, even more, because when applying for a loan, additional costs arise associated with insurance, fees for obtaining a loan, for registering an apartment in ownership, etc.;
- documented family income. It should be remembered here that, as a rule, a maximum of 50% of the total family income is allocated to repay the loan.
- the number of years for which it will be possible to repay the loan.
Step two. Choose a mortgage program
Based on your requirements and capabilities, you can choose a program. There are many banks offering mortgage loans, and you can choose a program based on your capabilities. It is necessary to analyze all the main lending parameters: loan term, loan rate, accompanying fees (for loan processing, replacement underwriting, other fees..), the possibility of early loan repayment, etc.
Step three. Obtain confirmation from the bank for the possibility of obtaining a loan
You will need to collect a package of documents necessary for the bank to confirm the possibility of obtaining a loan. The list of these documents can be obtained from the bank. After you are given the go-ahead for a loan, proceed with the choice of an apartment and collecting documents
Step four. Choose an apartment
Choose an apartment that meets the requirements of the bank (the requirements can be found at the bank itself, as well as on the bank's website). It is also necessary to contact an appraiser who is trusted by the bank of your choice and to evaluate the housing. Appraiser services are paid.
Step five. Insure risks
The current legislation obliges the borrower, i.e. You, to insure housing, which is the subject of a mortgage. Therefore, you will have to insure the apartment, as well as yourself in case of loss of solvency. This will mean that if due to circumstances beyond your control you are unable to repay the loan, the insurance company will pay the loan for you.
Step six. Collect the necessary documents
Collecting documents will not be as difficult as it seems. The list, of course, is long, but if you correctly structure your actions, you can collect documents in a couple of days. It is better to check the list of documents and the number of their copies at the bank. the rules for accepting documents may change and vary from client to client. You can hire a realtor and he will help you to complete the transaction.
Step seven. Get a loan and buy an apartment
When all the previous points are completed, you can go to apply for a loan. Here you will have to draw up a contract, make the first installment, etc. Then you will be given a loan, after which you can purchase an apartment and make state registration of ownership of it. After completing settlements with the seller of the apartment, you become the full owner of the apartment.
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