Real estate (housing, land, car, etc.) to ensure obligations to the lender is called a mortgage. And mortgage loan allows you to buy better or something else. Loan repayment obligation to the creditor. And pledge of real estate just delivers his performance.
Buying an apartment on credit is the most common solution for use . You can lay the purchased apartment or own housing. Of course only banks issue mortgages, and all have different loan terms.
In order to formalize the mortgage, you should go through several stages, including picking up documents, passing credit Commission, finding an apartment, her insurance and score and last: conclusion of the mortgage agreement.
Loan repayment time begins when the mortgage is acquired and housing have already received. Exercise can be repaid in cash or cashless form; as at the same time, and quite differently such conditions defines the Bank-creditor. He also finds out about the ability to repay the loan early.
Advantages of mortgage:
On the first place among the pros of mortgages is the possibility of a full-fledged housing in a new apartment instead of long accumulation of money as the purchased apartment immediately becomes the property of the borrower after the acquisition of the mortgage;
Registration in the apartment of the borrower and his family;
The property tax deduction, by which the borrower does not have to pay income tax;
Long term lending is not too onerous because the mortgage payment is not so great.
Disadvantages of mortgage:
A huge minus -“overpayment” for the property, the so-called mandatory interest and amount of insurance.
Payment for the services of a notary, appraisal company, Bank on consideration of loan application, loan account maintenance, etc.
Banks have a lot of requirements to borrowers: certificate of income, citizenship and registration, longer work experience, good credit history, possible provision of sureties, etc.
It is not easy to find in all of this compromise, but to date, mortgage banks can please a variety of mortgage programs.
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