How To Get A Mortgage For An Apartment

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How To Get A Mortgage For An Apartment
How To Get A Mortgage For An Apartment

Video: How To Get A Mortgage For An Apartment

Video: How To Get A Mortgage For An Apartment
Video: Home Mortgages 101 (For First Time Home Buyers) 2024, March
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Nowadays, mortgages are very popular. After all, most of us are not able to pay the full amount for an apartment, and with the help of mortgage lending it becomes quite real: you get housing, and you pay for it in the future. In order for a home loan to be justified, it is necessary to take into account all the nuances of the transaction.

How to get a mortgage for an apartment
How to get a mortgage for an apartment

Instructions

Step 1

A mortgage implies a pledge of the acquired property. That is, while the loan agreement concluded between you and the bank or mortgage fund is in effect, the lender is actually the owner of the home. If you cannot pay the loan, the apartment will go to the property of the bank. Nevertheless, as a borrower, you can register in it yourself and register other family members, make repairs, with the exception of redevelopment, and also rent out an apartment.

Step 2

To obtain a mortgage loan, you need to contact the bank with an application and a full package of documents. In addition to a certificate confirming the amount of income, a passport, an employment contract and other documents characterizing you as a borrower, you must submit documents of title to the purchased housing, as well as a copy of the seller's passport. This package of documents is checked by the security service and the legal service of the bank.

Step 3

If the decision to issue a loan is positive, then you need to confirm the payment of part of the funds (down payment) on the mortgage to the seller or the availability of funds in the account. The fact of transferring money to the home seller should be recorded in a receipt, which is certified by a notary.

Step 4

After the conclusion of the loan agreement, a contract for the sale of residential premises is concluded. In addition, you need to insure the property that will be pledged by contacting an insurance company. After that, the sale and purchase agreement is registered with the state registration authorities. There you will receive after a certain time (usually 1-2 weeks) a certificate of ownership of an apartment, a sales contract with a mark from the registering authority, a note on the presence of encumbrances on housing. Some banks, after submitting mortgage documents, lower the loan rate upon a written application to the borrower.

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