Mortgage, which is worth thinking again

Crisis and Mortgages

The crisis of 2008-2009, as you know, hit the mortgage very much, reducing the volume of this type of lending to a minimum. To aggravate the financial instability in the country, banks reacted with a constant change in the conditions of mortgage lending. The stakes were on the rise, the bids were considered more closely, and even too much. Those borrowers who received approval of their loan before the crisis began, should have received it on new terms, and this had its drawbacks. So, raising rates meant for the borrower a decrease in the amount by which he could get a loan. Accordingly, the apartment, which the person expected, he could not buy, and had to look for new real estate. When she was there, the mortgage conditions could often be changed again.

In some banks during the crisis, the mortgage was purely nominal. They exposed practically impracticable conditions for obtaining a loan and interest rates that the borrower could not afford. It often happened that after a lengthy examination of documents, they simply refused.

However, many who managed to take a mortgage loan before the crisis of 2008-2009, had to regret it. Alexei Shmonov, general director of the portal on real estate Move.su said that in a difficult situation were those who took a mortgage in dollars. With the growth of his rate, the volume of payments has grown significantly and many have hit on the pocket.

Also, according to the expert, a year before the crisis, with the appearance of negative trends in the economy, banks began to look for ways to retreat and add to the mortgage agreement the clause that under certain conditions the bank has the right to raise rates on loans already granted - for example, With a decrease in the value of the pledged property. In the crisis, many borrowers re-read their contracts and were close to panic - amid rumors that the rates on mortgages by banks will indeed increase unilaterally on loans already granted. In reality, says Alexei Shmonov, we do not have information that, according to the mortgage loans already issued, the rates really increased - maybe there were only isolated cases in the regions. So the resulting panic against the background of rumors of such a turn of events was premature.

How borrowers coped with problems

However, not only rumors about a possible increase in rates on loans already issued and an increase in the dollar rate hampered the calmness of mortgage borrowers. Real problems began with those who had real problems: those borrowers who lost their jobs or for some other reason could not repay the debt to the bank for the crisis. As there was a massive reduction in people, including top managers and executives, there were not so few such borrowers.

Nevertheless, we must remember that no matter how difficult the financial situation in the country, the bank defaulted borrower is not profitable. Therefore, many banks were ready to take steps towards the borrower, if only he stayed with him and sooner or later could pay his mortgage.

Vitaly Bakhvalov, head of the marketing and advertising department of the SU 22 Group of Companies, says that indeed, during the 2008-2009 crisis, some mortgage borrowers were not able to pay their obligations. Nevertheless, the banks came to meet people and those borrowers who did not hide and did not go underground in case of problems, but honestly confessed to creditors in the difficulties encountered - received a delay in repayment or other assistance. According to the expert, the bank is always interested in having the mortgage borrower pay off to the end, and during the crisis with most banks it was always possible to agree on some supporting measures.

Sergey Lyadov, a spokesperson for the investment and development company City-XXI Century, said that the bank usually offers three options for resolving the problem: deferred payment, an extension of the loan period and, as an extreme option, debt repayment through the sale of an apartment. "It is worth noting that the bank will apply to the court in the most extreme case, mainly because of the length of the proceedings and not the predictability of the result. The court may refuse to withdraw the pledge if, for example, the mortgaged apartment is the only housing of the borrower, and if it also contains underage children, "the expert says.

So, according to the experience of the crisis of 2008-2009, the borrower had three main ways in the event of problems arising from the repayment of a loan (for example, in case of loss of employment). The first is the sale of an apartment, and due to this, the debt was paid to the bank. At a time when house prices were rising, you could even earn money on this scheme. But since they fell significantly during the crisis, it could have turned out that after the sale of the apartment the borrower was still due to the bank because the proceeds did not cover the mortgage debt.

The second option concerns those borrowers who lost their jobs or for some other reason lost the opportunity to pay the mortgage. In this case, people went to the bank and agreed on a deferred payment. In general, according to market experts, in Moscow there were very few unscrupulous borrowers whose apartments had to be sold under the hammer, there were few such units. In regions, the situation was worse, but in the capital people's income is higher, and the selection in banks was more strict. Therefore, banks have tried with all their might to negotiate with people and, in general, behaved quite loyal.

The third situation is that a person took a loan in foreign currency (for example, in dollars), and its rate sharply increased during the crisis. Banks offered in this case a refinancing program, when the borrower took out a loan in a new currency - in rubles - but also according to current conditions. In fact, it turned out to be a completely new loan, because both the interest rate and the conditions were market-oriented, and many borrowers refused refinancing, because after some calculations it turned out that in rubles, but under new conditions, it would have to pay even more than before .

Mortgage today

Today, everyone thinks about mortgages in different ways. Someone is positively positive and believes that the mortgage market has come close to the pre-crisis level, someone cautiously says that not everything is as simple as it may seem.

Konstantin Shibetsky, director of the mortgage department of the MICEX GC, is very optimistic about his assessment of the situation. According to the expert, today's mortgage market (Mortgage Moscow) lives a full-fledged dynamic life, loans are given out, objects are bought. "It is inexpedient to compare it with the pre-crisis period, as the banks gradually froze in the pre-crisis period. The conditions for granting mortgage loans changed for the better, the average hospital temperature (interest rate on the loan) of 12.4% we successfully overcome, the rates decreased, the size of the down payment also decreased on average to 15-20%, there are even offers with zero Down payment. Banks started to consider banks more carefully, "the expert says.

According to Mr. Shibetsky, today it is really possible to talk about restoring the mortgage market. The expert does the following conclusions: "The subprime category (borrowers without confirmation of income) does not need mortgage banks today, the main currency of mortgage loans is the Russian ruble, the share of dollars of loans is negligible, the volume of loans for new buildings increases every month."

Natalia Parfenova, Head of Sales Department Regions of the company "Peresvet-Invest" confirms that in the market there are really talks about the likelihood of a new crisis in Russia. Nevertheless, according to the expert, they have not affected the current demand, but the banks are gradually raising the rates and are more attentive to the issuance of loans, minimizing the degree of risk.

According to the company INCOM-Real Estate, in the autumn of 2008, banks either actively closed their mortgage programs, or sharply raised rates, setting them at a barrier level. Today, we see an increase in rates by 0.5-1.5%, mainly in banks with foreign capital, but it can not be called a leap, as it was 3 years ago. In addition, new banks continue to enter the mortgage market, this indicates the preservation of activity.

According to the forecasts of the company's experts, the pre-crisis maximum of mortgage lending will be achieved already this year.

For those who are not afraid

No matter how optimistic the situation on the mortgage brokerage market is, Alexei Shmonov advises people who are now making a decision about a mortgage, especially carefully weighing the pros and cons. Let the appendage to your arguments "for" will be that no one can give an accurate forecast of how the market will develop. No one can specify the right time when you can take a mortgage, or the time when, for example, it is best to buy an apartment. Therefore, all major transactions must be made from the conditions of today's personal need, without trying to accurately predict the situation for 5 years ahead - waiting for the best moment. Another thing, according to the expert, is that you need to understand the level of your financial stability - are you sure of your future income, your ability to work, etc. However, this also no one can know for sure, so weigh all the pros and cons, and if you think that pull - then take a mortgage. In any case, investing in your housing is better than renting.

Konstantin Shibetsky, people who decided to take a mortgage, advises the following: first of all, you need to calculate your possibilities for monthly payments soberly, whether you can not worsen the quality of life with increased monthly expenses.

Secondly, you need to have in stock the amount of "a rainy day", equal to about 6 months of monthly payments on the loan, this will protect you from the risk of losing your job and forced lack of income while you search for it. And thirdly, as this does not sound trite, we recommend that you closely monitor your health, since from the moment you receive a loan, you will have a completely different life, in "embracing your credit obligations," and they will have to be performed, and it is better to do it Able-bodied.

Sergei Lyadov is sure that personal financial security is raised if we take loans in the currency in which the main revenues come. In this case, the borrower risks foreign exchange risks to a minimum. "The advice for borrowers is not original - do not change the place of work in unstable time, saving their income, and more responsibly approach spending personal budget," - says the expert.

In the crisis, the situation was quite common when people took out mortgages, and even despite financial difficulties, they repaid it steadily, but the construction of their houses was frozen. It so happened that people paid for both the mortgage and the rented accommodation, and still do not know when their houses will be built. Natalia Parfenova recommends those who take out a loan for a new building, carefully check the developer's reputation, its current and completed projects. "Also worth paying attention to the construction phase, the higher the readiness of the house, the lower the risk of unfinished construction," the expert believes.

We hope that these recommendations will allow you to again weigh the pros and cons and take a responsible approach to entering into a mortgage transaction. Portal Move.su wishes you not to be mistaken with a choice!