It is customary to understand a mortgage as a loan that a bank provides you specifically for purchasing real estate. Moreover, the acquired real estate is the collateral. It is necessary to carefully consider the study of all documentation on mortgage lending, according to the program offered to you by the bank, in order to know your rights and obligations in advance, as well as to be prepared for all associated costs.
Instructions
Step 1
Pick up an apartment and choose a bank. Choose a bank that issues mortgage loans for the purchase of an apartment in Russia with the most acceptable conditions for you. You need to familiarize yourself with all the offers from leading real estate agencies for the sale of an apartment and choose the most suitable one for yourself.
Step 2
Calculate the loan amount using a mortgage calculator. With the help of the calculator, you will be able to determine the approximate loan amount and the suitable loan program.
Step 3
Fill out the online application posted on the bank's website. Fill out an application on the bank's website and as a result, you will receive a preliminary decision on the provision of a mortgage loan.
Step 4
You need to prepare and correctly draw up documents for obtaining a mortgage for an apartment. The bank will consider the documents you provided and make a final decision on the possibility of providing you with a loan. The insurance company will check the title deeds for the apartment, and an independent appraisal company will help determine the market value.
Step 5
The final stage. The bank is ready to conduct a transaction with you - to sign a loan agreement, an apartment purchase and sale agreement should be drawn up.
Step 6
Another point to pay attention to is the additional costs of the mortgage, in addition to the annual interest on the loan. This is the consideration of an application for a loan, when the bank finds out the creditworthiness of the client, the assessment of the premises intended for the mortgage, on which the amount of the loan issued by the bank depends, as well as the verification of the apartment that you decided to purchase under the mortgage lending program. The latter costs can be either fixed or depend on the loan amount. Do not forget also about the amounts that will have to be paid for bank services, such as opening an account, providing a loan, using a safe deposit box, and so on. In addition, some banks require notarization of the mortgage agreement, which will also require additional costs.
