What is a mortgage? Source: news-house.ru essence of a mortgage is a loan to purchase real estate. If you receive this loan the borrower agrees to repay the loan on time, and ensure this commitment is mortgage borrower. With the help of a mortgage acquired various properties – cars, boats, and not just housing. Feature of a mortgage is that the borrower gets the ownership of real estate since Since its acquisition. The Russians used mainly one type of mortgage – buying an apartment on credit.
Bail is usually given to newly purchased homes. Different banks have different conditions of the loan for an apartment. In Russia has a special mortgage legislation governing mortgage. To arrange a mortgage is necessary to collect many documents to pass a credit committee to find suitable accommodation, to evaluate it, insurance and, finally, the mortgage contract. This will help you a mortgage broker or real estate agency. Terms of the loan to buy an apartment determines the bank that issued it. You can repay the loan in cash and non-cash form, usually on the days set by the bank. Many banks are allowed to repay the loan ahead of schedule.
Advantages and disadvantages of the mortgage. The main benefit of the mortgage – the opportunity to immediately live in an apartment or house that were taken on credit. There is no need for years to save money on their own housing. Also, apartment immediately becomes the property of the borrower, and he can register himself and his family members. An important benefit is the insurance of various risks, such as the risk of damage to the apartment, taken out a mortgage. Mortgage available for long term, in connection with the payments on it not a heavy burden on borrower. In addition, the borrower is given a property tax deduction, and for some people the service of social mortgage. But we must not forget the fact that there are certain mortgages disadvantages. First of all, this is a significant "overpayment" for the apartment, which consists of interest on the loan and pay an annual mandatory insurance. Second, the borrower pays a lot of additional expenses: services notary public, various fees, etc. And finally, a significant drawback is the wide variety of requirements for the borrower. To obtain a loan to buy an apartment, you must have Russian citizenship, registration, work experience, etc. Currently, anyone can choose a bank with the most favorable mortgage program and improve their living conditions. Source: forum.news-house.ru