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    Archive for July, 2018

    To date, banks offer mortgage loans for up to 13 years. Naturally, each borrower can choose for himself a bank with the most loyal conditions. The most important factor, which should be paid attention when choosing a bank, is the amount of its interest rate.Pay special attention to the requirements and conditions that the bank puts forward. It can be: age limitation, length of service, registration, good credit history. You can take the help of the mortgage broker GeelongĀ  .

    Study the package of documents in detail. Specify, in what form it is necessary to provide references. There are two forms: the form of the bank and the standard personal income tax.

    An important factor is the quality and comfort of service

    • Today, often the choice is in favor of young banks, so they offer very attractive conditions for replenishing their client base. But someone prefers to cooperate only with large and well-established banks.
    • Everyone who wants to make a mortgage must choose the credit institution himself. In order to avoid any trouble, please read all the conditions in advance.
    • Untimely payment or full refusal to pay money on a mortgage is a credit risk. The change in interest rates due to inflation or the lack of income from mortgages for the lender means losses.

    But the change in the exchange rate directly affects the borrower. This is due to the fact that all mortgage obligations are calculated based on the dollar or euro exchange rate, and payments are made in rubles. Also, the risk is unforeseen loss of work. Due to loss of work, the borrower has no income, which means that he cannot repay the loan in time or at all. There is a risk in the loss or damage to property. To avoid this, one should insure at least the main types of risks.

    Choosing the optimal time for a mortgage

    • Banks provide a large selection of loans for the purchase of an apartment or a house. Each borrower must decide on its own terms, regardless of the terms of the loan.
    • There are two types of mortgage loans.
    • Short-term for several months and long-term up to 30 years.
    • Payments must be made every month. Therefore, in order to be optimal, choose a monthly amount and calculate the full term from it.

    For a less comfortable life, the amount should not exceed 40% of your monthly salary. When choosing the term of the mortgage, it is necessary to take into account unforeseen situations (illness, dismissal), because this can have a significant impact on payments.

    Creditors are reluctant to meet borrowers who want to take out a loan for a short time and will give 90% of their salary. After all, in cases of any trouble they will immediately fall into the number of insolvent clients. They are much more loyal to long terms, since the monthly payment is less.