What you need to arrange a mortgage: a list of documents, insurance, processing time

Have your own apartment - a dream, perhaps, of every young family. However, not everyone can afford such a luxury: the value of real estate is currently breaking all records. But do not get upset! Thanks to the recently appeared kind of lending - mortgages - this desire of the youth became feasible!

The essence of the mortgage

Mortgage is nothing more than a loan for the purchase of a property (an apartment or a house). Unlike other types of loans, this offer is long-term, issued for approximately 10-15 years. And this is quite understandable: not everyone will be able to draw huge payments in case of granting mortgages for a short time. And if you divide this amount for a long 120 or more months, you get a very real value.

The second feature of the mortgage is the mandatory pledge of the acquired real estate property as collateral for the loan. This is necessary for the bank to gain confidence in the next day. After all, if even the client does not pay all the debts on time, the creditor will remain only in the black: the apartment / house will become his property.

The third distinctive feature of the type of lending in question (this is what is needed for mortgage registration without fail) is the availability of an initial installment. If no one asks for the availability of their own funds when they receive a consumer loan, then they can not do without them. Usually the minimum value of the first installment is 10-20% of the value of the property.

Stages of mortgage registration

If you want to get a loan to buy an apartment / house, you need to do the following basic steps:

• Find the desired property. It is worth noting that new buildings are more preferable for the bank. So, often when buying an apartment in a newly built house, the lender issues a loan at more attractive interest rates.
• Prepare the required package of documents.
• Apply to the bank for mortgage registration. It is best to contact several organizations at once. Perhaps one of them will approve the loan.
• If the answer to the submitted application is positive, contact the branch of the financial institution for drawing up a loan agreement.
• If necessary, formalize the insurance of real estate, life and health of the borrower.

Apparently, getting a loan for real estate is not so simple, this process will take a lot of time. But nothing in the future can be compared with the outcome of such a case - living in your apartment. Moreover, knowing the basic stages of mortgage registration, everything can be turned much faster.

Mortgage: conditions for obtaining

Now most financial institutions offer their services in the issue of a loan for the purchase of a property. All their products have their own distinctive features, their own criteria and requirements. But we can distinguish several basic conditions, which are practically identical in many companies. They are as follows:

• Currency of the mortgage. In our country, most loans are issued in Russian rubles, but there are cases of a loan for housing in dollars and euros.
• The value of interest rates in this type of lending usually takes values from 10 to 16% per annum. Accurate information about this can not be given by any bank, since it depends on many factors (borrower's income, mortgage term, etc.).
• An initial fee. According to the requirements of most banks, the client must have at least 10% of the real estate value in order to receive a mortgage.
• Loan terms. This item is chosen based on the solvency of the borrower and his own wishes.
• Repayment of the debt in the form of monthly payments to the bank account. The values of all amounts are stipulated in advance in the loan agreement.
• As collateral for the loan, the mandatory registration of the collateral of the property being acquired.
• In most cases, the insurance is required: the subject of credit, life, health and working capacity of the borrower.
• Conducting evaluation works. This is done by independent valuation agencies. It is required for the bank to make sure of the reality of the named apartment / house price.
• Providing income statements. This will allow the creditor not to doubt the solvency of the borrower.

Required package of documents

Speaking about the need for a particular package of securities, it should be noted that this list can be reduced or supplemented in a single company. Below is the main list of documents for mortgage registration, which banks most often request:

• Application for a loan
• The document proving the identity. Most often, he is a passport of a citizen of the Russian Federation.
• Second additional document for identification: military ticket, passport, driver's license or pension book.
• Inquiries about incomes.

Requirements for borrowers

Having a good income is not enough to get a mortgage. Banks make some demands on their borrowers. Of course, depending on the organization, they can be slightly modified, but their essence is approximately this:

• Presence of Russian citizenship. Proof of this is the passport of a Russian citizen.
• Age at the time of application from 21 years and by the end of the mortgage period to 60 years.
• Absence of a "black" credit history.
• Permanent residence in the region of loan registration.
• Employment in the last place of work is no less than six months, the total length of service should be more than a year.

Offers of leading banks

To facilitate a potential borrower's choice of flour, you should provide the following table, which indicates the interest rate on mortgages in the banks of the country.

Mortgage in the Savings Bank

It's no secret that Sberbank of Russia is one of the most reliable banks in the country. This is what explains the choice of many clients of this institution. And the services of lending in real estate are quite in demand here. Potential borrowers will not stop to find out what is needed to arrange a mortgage with this creditor.

First of all, this compliance with the requirements of the bank. In relation to customers, they are:

• Citizenship of the Russian Federation.
• Age from 18 to 75 years.
• Presence of permanent and official place of work.

There is the same registration of a mortgage in the Savings Bank on such terms:

• Interest rates range from 11.4% per annum.
• The availability of own funds - from 20% of the value of real estate.
• Term of registration of the mortgage is up to 30 years.

It is important to note that before the state registration of ownership, the interest rate is increased by 1 percentage point. An increase in this figure threatens and with the refusal to formalize the insurance of the acquired real estate, life and health of the borrower.

Mortgage in the "VTB 24"

"VTB 24" ranks second in terms of financial performance in the rating of the banks of the Russian Federation. Therefore, there is also a description within the framework of this article of what is needed to make a mortgage from this company. Moreover, their product is characterized by more attractive conditions and accessibility for a huge part of the population.

So, for starters, it will be correct to write down the mortgage terms in "VTB 24". They are as follows:

• Interest rate - from 11.9% per annum (in the proposal with state support);
• Availability of own funds - from 20% of the value of the property;
• The available loan amount is from 600 to 8000 thousand rubles;
• The loan term is up to 30 years.

Next, we should mention the main requirements for borrowers. "VTB 24" puts forward such:

• Age not less than 21 years at the time of applying for a loan and not more than 70 years at the time of loan repayment;
• Total length of service - at least one year.

Insurance and mortgages

When applying for a mortgage, you are always required to provide insurance policy for the property you are purchasing. This is done to protect both the borrower and the bank from unforeseen situations: fires, earthquakes, etc. It is known that the duration of such insurance is equal in most cases to one year. But this does not mean that after this time you can forget about real estate insurance! The subject of lending should be protected from risks until the financial institution's client fully repays loan payments.

The real estate insurance policy is not the only required document from the UK. So, very often a lender needs another insurance when making a mortgage. Namely: the policy of life and health insurance, the working capacity of the borrower. Of course, according to Russian legislation, banks have no right to force a client to register this type of insurance. Financial organizations, in principle, and do, but they make a reservation that if you abandon it, the interest rate will rise by 1 percentage point.

It is worth noting that not always the bank's customer can buy the required policy in any insurance company. Most often, the lender puts forward his own requirements for choosing the latter, and sometimes provides a list of accredited companies, among which you can choose the most suitable.

Now, having learned that it is necessary for registration of the mortgage, potential borrowers should not doubt of necessity of reception of such credit. Do not say anything, but your own house will not be replaced!

Apparently, this mortgage is not so terrible: the conditions for obtaining and requirements to borrowers should not frighten the potential borrower. The main thing is not to be afraid of difficulties and go to your goal.