Price for apartments constantly grow therefore much should save for years, refusing to themselves everything to save up the necessary sum. In such situation for many rescue is the mortgage which is given for several years with acceptable conditions. All this causes a hot topic – how to receive a mortgage on favorable conditions. There are different types of a mortgage which differ in conditions and rules.
How to receive a social mortgage?
The state as far as possible and to desire tries to help people who can count on certain "discounts". In that case the interest rate is about 10.6-11.1%, the first contribution makes from 10%, and loan duration up to 30 years. On receiving a social mortgage people who stand in a queue can count, by the way, some are in it from 90th years. The category also includes the families of the military personnel, state employees, veterans, people living in hazardous and small dwelling. The regional authorities define priority categories independently.
The instruction how to receive a mortgage on the apartment:
- It is necessary to visit the website of the program of social housing in your region and to look at what objects are under construction and whether they suit you.
- If everything arranges, then the application is submitted to local administration. Besides, it is necessary to submit documents which list is specified on the website.
- It is necessary to look what bank gives money as in it it is also necessary to leave the application for a mortgage.
The bank can confirm or refuse the statement only after check of solvency. Statistically the mortgage is received by families of the middle class which will be able really to pay off on the credit.
How to receive a mortgage with small official salary?
The few people can brag of the high salary, but also they have a chance to receive a mortgage. If the person has additional earnings, then it can be significant plus which will be by all means considered. In the presence of the bank account it is possible to provide the reference. As an insurance the available property which will go on the security can be used. One more decision – guarantors. Often banks reduce the sum of a monthly contribution, but at the same time increase credit duration. Each organization can have requirements therefore it is recommended to address to several different banks.
Mortgage with bad credit history and without initial contribution
It is known that many mortgage programs have a condition about introduction of initial contribution which can make from 10 to 30% of the total cost. If to consider housing prices, then the sum will leave rather big therefore information on how to receive a mortgage without originally contribution, will be as it is impossible by the way. Today there are also such programs, but they require the impressive package of documents, and still interest rates will be more usual. The bank can issue the credit on the security of the acquired real estate or under the guarantee of the third parties. At the same time the cost of the apartment cannot be more than 80% of mortgaged property or the monthly income of the guarantor.
One more hot topic – how to receive a mortgage with bad credit history. In such situation the banks to secure itself lay down many additional conditions before the client: guarantors, stable and high earnings, the raised interest rate and the first contribution, the shortened term of payments and also granting property as a deposit. If bad credit history, then is the best of all to address to small bank which can make concessions. Besides, it is worth providing as much as possible references and documents which confirm that the person improved.
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