Sooner or later each full age person understands that for him time to separate from parents came and to begin own life. It is good if there is housing where it is possible to move and begin to twist there own nest where only he will be an owner. And if options to part is not present, and there is no money, then there are ways housing to get on credit. The subject about ways of acquisition of the real estate is very extensive. There are many options of purchase of the apartment: a loan in bank, payment by installments, exchange of old housing on new, etc. In the same article we will be limited to a question: how to take a mortgage on the apartment?
What is a mortgage?
Before turning to a question of how to issue a mortgage on the apartment, let's deal with concepts. The mortgage represents the credit for purchase of any real estate on the security of this real estate. In other words, at registration of a mortgage the borrower obtains the credit from bank for purchase of housing and makes out it as a deposit to bank as the guarantor of payment of a loan. From the moment of acquisition of housing the buyer becomes his full owner.
As a rule, the mortgage is provided only on a certain part of cost of the real estate. The rest is paid by the borrower from own means. It is initial contribution for the apartment. However, today there are options when banks provide a mortgage and without initial contribution. There are no uniform conditions and interest rates for a mortgage. So if you already solved for yourself I want to take the apartment in a mortgage, then it is worth applying for information in different banks to choose optimal conditions (a repayment period, an interest rate, requirements to the borrower, etc.).
Where to take a mortgage on the apartment?
Both the bank, and the individual can issue a mortgage loan. What is a mortgage? Money is on credit on the security of property. Today it is possible to issue legally the credit at the individual, and it will be considered as mortgage. At the transaction between individuals the mortgage can provide to the creditor payment of all amount of debt, a penalty fee (penalties), percent including for unauthorized use of the issued money, expenses on realization of property, etc. Often registration of a mortgage between two individuals happens much quicker, than at the address on the same question to bank. Before taking a mortgage on the apartment in bank, it is necessary to collect many papers and to find reliable guarantors.
However, the most widespread way is a mortgage through bank. Therefore before issuing the transaction, once you consider mortgage programs of all banks in your city, and after that only to decide on the choice of the creditor. The sum which to you will be provided, an opportunity or impossibility to take a mortgage and to lease the apartment, etc. will depend on its conditions.
How to issue a mortgage on the apartment?
There is a popular belief that the mortgage is connected with hassle and bustle on instances. Of course, in recent years the procedure of receiving a mortgage loan considerably became simpler, but it is necessary to run about nevertheless. For that who have on it no time there is today an opportunity to use services of the mortgage broker. This is the person who helps to choose the most favorable mortgage program, to process documents and to pick up housing according to requirements which are imposed by bank under the terms of a mortgage.
After the bank on the basis of the received documents makes the positive decision on a mortgage loan, process of execution of the transaction will begin directly. Between bank and the client the credit agreement and also contracts of purchase and sale and a mortgage will be signed. At this moment the client still can suggest bank to make changes to any clauses of the contract if formulations in the document essentially do not suit it. Then it will be already extremely difficult to refuse the transaction. Further the contract of guarantee of property rights is signed in case housing which is got on a mortgage is in the house under construction. After that contracts of purchase and sale and a real estate object mortgage are signed and also the mortgage is formed.
The next stage - opening of the current account of the borrower where the bank transfers the credit amount. The special form of calculation or, otherwise, the obligation of bank to the seller of the apartment on payment of its cost during the time stipulated by the contract opens. The first contribution for a mortgage comes to the account of the seller. The state registration of the contract on purchase and sale of the apartment and a mortgage — the last stage of the procedure. 2 weeks later the borrower hand the certificate on the property right of housing. On it the epic under the name how to take a mortgage on the apartment can be considered as finished.