Mortgage: when you want to have your own home

Mortgage when you want to have your own home

The demand for mortgages is growing every year. In most cases, this is the only opportunity to purchase your own home. The lending process is debugged, which cannot be said about rates. They change regularly, banks raise and lower interest depending on the situation on the market and in the world as a whole.

Therefore, a mortgage, despite the breadth of offers, requires a careful approach and assessment of the current situation.

New building or secondary?

At first glance, apartments in a new building seem more profitable to buy. Banks have a lower interest rate on them, developers regularly offer shares. The result?

First, the areas of new buildings are often deprived of developed infrastructure, including transport. You will have to spend more on the road, for decades quite a decent amount comes out. Secondly, expensive repairs will be required. And in some cases, the amount ultimately exceeds what would have come out when buying a home in the secondary market.

The advantage of the secondary market is that you can choose any convenient area, with new buildings the choice is limited.

On the other hand, the secondary is always more expensive, the payment will initially be significantly higher. Therefore, it is worth looking at the circumstances, in particular, to focus on the size of the official income.

How to save on a mortgage?

There are a few nuances you need to know. So in our country there are various programs that allow you to take a mortgage on preferential terms. For example, a low interest rate can be offered to young families or professionals, the military, borrowers suitable for other government programs. Moreover, a number of programs may differ depending on the area.

An impulsive agreement usually comes out more expensive. Often, developers resort to manipulation, offering to conclude a deal today at the best price. And then it turns out that another bank could offer more favorable conditions. Therefore, the second rule of saving is a long, thorough analysis of all proposals.

You can contact the bank to which the employer transfers the salary and ask if there are any individual conditions. Often, salary clients are provided with unique opportunities.

And, of course, you should carefully monitor the real estate market. Quite often there are profitable offers when the apartment is set below the market price due to an urgent sale.