How to decide which bank is more profitable to take a mortgage

Let's immediately separate the grain from the chaff. If you choose which bank is more profitable to take a mortgage, then you should bear in mind that the usual criteria that we use when opening a deposit account , card or current account, are not applicable here. In particular, sympathy for the brand and other factors of the emotional plan should be immediately thrown aside.

Today, apartments for mortgages are offered by more than six hundred (!) Banking institutions throughout Russia. And the task of every citizen who decided to acquire housing is to make a competent choice. As you understand, the loan period in this case is from 10 to 30 years. That is, the 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 exclusively by the amount of credit interest. Like, the lower it is, the better. It's right. But only partly. It would be more correct to pay attention to the basic conditions of such programs. This, for example, the loan currency, the maximum period for the provision of funds, the type of collateral. That's from them, and will depend on the interest rate, and the amount of funds issued and much more.

What should be the borrower?

A person who thinks about how to get a mortgage, should understand that one desire and high income is not enough. Credit and financial institutions present to their potential borrowers a number of requirements. Among them:

• age;
• availability of liquid property;
• the possibility of attracting a co-borrower or even several to the transaction.

In addition, the income, which has already been mentioned, should be not only high, but also official. And here, too, has its own subtlety. Its size should allow servicing the borrowed loan without any difficulties. And it's not just about making monthly payments here. In addition, they will need to pay a commission for reviewing the application (if any), notary and appraiser services, insurance. In this regard, figuring out in which bank it is more profitable to take a mortgage, it is necessary to clarify such a point as the effective interest rate. Put simply, this is the sum total of the borrower's expenses, which he will incur throughout the entire term of the loan.

What should be the creditor?

And now, in fact, in more detail about the bank. Rather, about how it should be.

What questions arise first when we think about which bank is more profitable to take a mortgage? First of all, we are interested in its size, fame, territorial affiliation (Russian or "daughter" of a foreign financial organization). And here there is no clear answer to the questions posed.

But, as analysis of actual proposals on the market shows, a larger institution is rarely characterized by excessively soft requirements for borrowers and low interest rates. In this regard, newcomers in the field of housing lending are more interesting.

One of the most important points is the clarity of the information. On the conditions and everything else. The vague story about the loan, which is planned to pay off a couple of decades, should alert. After all, it's about serious money and timing. Therefore, in all must be unambiguous judgments.

Finally, during the consultation you should be treated with respect. Not as a supplicant, but as an equal partner. If the client is not particularly considered at this stage, it is worthwhile to think hard, but are the other advantages of such cooperation really great?