So, all this mortgage. And all of these Loans refer to mortgages, because as collateral (security) serves real estate acquired or already owned. Gain insight and clarity with Danny Meyer. Why a mortgage? What are its advantages and disadvantages. The main advantage is that the housing problem can be solved now, and fairly quickly. Can you imagine how many years should be to save money to buy a home? I suggest you an example. A young couple, we assume that they are in 24 years, decided to create a family.
Accordingly, the question arises – where to live? With parents? Not really. Want independence. And the conditions in the father’s house is not always possible. Rent an apartment? It is to live in a strange house with a constant caution and not be asked whether I move out tomorrow, and a significant portion of the budget will go into the pocket of someone else’s uncle. So let’s say that our young couple earns 60,000 rubles a month. How much they can defer to accumulate on housing. I think that no more than 40 000 rubles per month. If we take into account that one-bedroom apartment costs 2,000,000 rubles, they have to save about 4 years.
And this is the best scenario. And given the steady increase in housing prices, the period accumulation may take up to 15-20 years. Again, not a fact that it happens. After all, there is still life. And children should be delivered, and on its feet, and put on shoes, dress up and go on vacation and the car you want, etc. And spend all youth to hoarding and a complete rejection of all wealth in the pursuit of elusive dream of your own home miserable. Here’s a mortgage and gives such a chance. With an income of 60 000 rubles, you can count on a loan sufficient to purchase a one-room apartment. And the price is already fixed, because they’ve already bought it and have it live. Of course, have to pay monthly on the loan. And return not only the principal debt, but also interest, but already have their homes. But the shortcomings include, what you would pay on a monthly basis. And no matter what. You can not forget, postpone or reschedule the payment. You can not make a part payment. Another minus – it’s overpayment on the loan. Overpayment formed from the interest accrued during the loan use. Depending on loan term and interest rate, the overpayment can reach 150% of the amount of loan taken and even more. There is also a drawback mortgages can be attributed sufficiently serious demands of banks to the borrowers. These include requirements for experience, age, marital status, employment, income, citizenship, credit history, as well as certain requirements for the acquiree or the underlying property. Compromise between the conditions and requirements you must have to look for yourself. Now dozens of banks offer different loan programs. If you add up all the mortgage lending food banks, the list does not stretch to one hundred. Choose to eat from what. Of course, you can apply to professional market participants that they have picked up your program.