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Given the volatility of the financial market, relevant to the post-crisis state Russian economy, many are asking a fair question - to take a mortgage or not in 2017? Maybe it's worth waiting a couple of years until the economy recovers, or vice versa - to issue faster, until the rates have skyrocketed?

In this article, we will reflect and argue - is it worth taking a mortgage now?

2017 and home loans

The banking sector over the past year endured many difficulties, and more than 100 players left the market at the initiative of the Central Bank. Gradually, the activities of banks are stabilizing: profitability is being restored, programs that were closed during the crisis are being opened. Many banks that were forced to cancel mortgages will resume lending in 2017.

Is it worth it to buy an apartment in a mortgage now? Still, this question requires a long-term analysis of your income. Try to simulate the situation that your employer has ceased operations and you are left without a job. Can you quickly find a similar source of income with your profession?

What will happen to the interest rate?

The interest rate on loans is tied to the key rate of the Central Bank. It is pointless to expect its sharp decline in the coming year. The maximum jump in interest rates will be 0.5%.

The budget is planned in such a way that very few funds are allocated to support mortgage lending. It is not worth waiting for help from the state.

Even if we ignore the rate of inflation and imagine that in 2-3 years banks will be able to afford a small reduction in mortgage rates, no one will cancel the refinancing of housing loans.

When is the best time to get a mortgage in 2017?

Pay attention to New Year's promotions valid until the end of January. If you didn’t have time to apply at the beginning of the year, try to do it by the end of the reporting periods (quarterly, semi-annual): at this time, banks are trying to increase their loan portfolio in order to show worthy figures in the reports.

Where to get a mortgage in 2017?

As a lender, you should choose a reliable, long-term partner who is not at risk of license revocation. Before choosing a bank, study credit ratings, performance standards. Choose a bank tuned to a development strategy.

For example, pay attention to Sberbank: this bank is aimed at record profits, and therefore he is ready to increase volumes by lowering rates. New Year's promotion surprised in earnest: mortgages from 10.7% per annum, fixed rates on consumer loans, refinancing of overdue debts - all this unique offers, noteworthy.

The state bank VTB24 has reduced the rates for resale and new construction to 12.6%. Gazprombank issues loans for a new building from 11.5%. Rosselkhoz lends housing from 10.9% per annum.

Please note: some banks reduce mortgage rates not entirely in good faith. For example, Delta loan offers only 10.9% per annum, but subject to insurance and payment of a commission of 5.5% of the loan amount! Binbank offers 11.25% under the same scheme, with a 4% commission and three types of insurance.

Aleksey Novikov, head of the Est-a-Tet mortgage center, discusses how profitable it is to get a mortgage loan now and what awaits those potential borrowers who decide to wait.

Arguments for

The main argument for taking out a mortgage now is the unprecedentedly low rates. Even earlier, from time to time, banks had special programs with a lower rate compared to the average market level, but usually such special conditions were available only to limited groups of citizens - for example, workers in industries financed from the state budget. Now every bank participating in the program with state support is trying to attract as many customers as possible, so banks are constantly playing with the rate, lowering it to 10.5% under government programs and making it possible to lend at such low interest rates for almost all categories of borrowers.

However, it is not clear whether banks will be able to keep such a rate at a dollar exchange rate of 80 rubles. With such a rate, the scenario of the end of 2014, when the Central Bank sharply raised the rate to 17%, and those who applied for approval were accredited to the new rates, could well repeat itself. People came to the deal, and they were told that they would have a rate three percentage points higher than expected, because after December 17, almost no bank had rates below 17%. There was real excitement back then. Many even refused to deal at all, someone took out a loan at 17%, because, for example, the existing housing had already been sold and there was nowhere to retreat. The only one who offered affordable loans was Sberbank of Russia with a rate of 14.5%. For the first two months of 2015, almost 95% of mortgage transactions were accounted for by this bank.

Now there are no factors that allow lowering the key rate, but it may well grow, depending on fluctuations in exchange rates, because last year currency jumps were slowed down precisely by raising the rate. Even if the rate does not rise to 17%, but, for example, to 13%, it is difficult to say whether the state will continue to subsidize rates, given that this is a temporary measure. Banks will not lend at a loss, and the market will return to 14%, as it was at the beginning of 2014.

It makes sense to wait when there is something to wait for. And lowering rates, taking into account the already low current level, is a very vague prospect. At the same time, during the waiting period, apartment prices rise. Yes, this is not such an intensive growth as in a growing market, but it exists. Once a quarter, developers are already definitely carrying out a planned price increase of 3-5%. Plus growth due to currency fluctuations, which increased the price of building materials in a number of projects - and this is another 5-7%. It should be borne in mind that as the stage of construction readiness increases, the most liquid proposals are washed out. Of course, developers are launching new pools of apartments for sale, but the further, the less rich the choice remains for buyers. From this point of view, by taking a mortgage on an apartment now, the buyer not only chooses from a larger number of objects, but also fixes the value of his property.

Arguments against

If the dollar does go down, then rates will not drop significantly, I emphasize, not significantly, because for Russian market now the rates are low. On the eve of the New Year, picking up the “crowd effect”, banks can launch New Year's programs with lower rates, but again it will be a decrease within the market, that is, for example, from 11.5% to 11%. But even now there are such rates. Compared to the risks of increasing the key rate and returning the level of mortgage loans by the beginning of 2014, this is not such a big bonus.

However, with all the "seductiveness" of lending conditions, not all potential borrowers are really able to repay the loan. Moreover, in conditions of economic instability, people need to take a more balanced approach to obtaining a loan. Of course, much depends on which category the borrower belongs to, what income he has, how stable his position at work is, whether there are any additional sources besides the main income.

Is the game worth the candle

In general, all borrowers are conditionally divided into three categories. Firstly, these are borrowers with a high level of income - over 200 thousand rubles. per month. Those who purchase expensive properties tend to realistically value their property. financial opportunities understanding how they will pay off the loan. Such clients calculate how much they will overpay on the loan if they repay it in a year, three or five years. They initially understand that they will be able to repay the loan ahead of schedule, and they will use the loan for no more than five to seven years.

The second category is people with an average income, whose income for a family of two, not counting children, ranges from 100 to 200 thousand rubles. Such clients, as a rule, have additional "gray" income, for example, from rent. Among these borrowers there are "hotheads" who want to take out a mortgage, while having other loans, and the total payments on all these loans may exceed the client's income. It is interesting to note that the issue of overpayment of such borrowers is the least of all, many understand intuitively that paying a mortgage for 20 years, you overpay twice. People are mainly concerned about what they will have the interest on the loan, because the size of the monthly payment depends on it. The planning horizon of most citizens is narrow, it does not extend beyond a couple of years, people take out loans and only think about how they will live in the next few years.

And there is a third category of borrowers whose income does not exceed 50-40 thousand rubles. Such people, as they say, count every penny, and all the time it seems to them that they will be shortchanged. Unfortunately, it is these borrowers who do not measure the cost of housing in Moscow and their income and overestimate their capabilities. Often they want to borrow, for example, 6-7 million rubles, despite the fact that their income is 40 thousand rubles. Usually, "Wishlist" ends immediately after the monthly payment for such a loan is calculated, which is at least 60-70 thousand rubles. per month.

How to get a mortgage in a crisis

"Measure seven times - cut once" - this proverb perfectly reflects the right approach to a mortgage loan. Think several times before taking a mortgage, first of all, those citizens who already have outstanding loans, and who is responsible for the maintenance of the family. If there is only one breadwinner in the family, and the spouse, for example, is on maternity leave with a small child, then you first need to think about what will happen if this breadwinner loses his job, how to support the family and pay off the loan.

The most important thing when applying for a mortgage is to understand that there are fallback routes in case the borrower loses the main source of income. Therefore, before taking out a loan, it is necessary to secure these rears. Firstly, to have a financial pillow in the amount of at least three salaries, so that while looking for a job or restoring your financial position have sources Money for life and loan payments. Secondly, to insure yourself or the co-borrower against the risk of losing your job. The amount of such insurance is on average 1% of the loan amount. If the borrower loses his main job, his monthly payment will be frozen, and the interest on the loan will be repaid Insurance Company. Thirdly, assess whether the family has additional sources of income, such as a car that can be sold in an emergency, or a cottage that can be rented out. The more such assets, the more confident the borrower can feel when applying for a loan. Fourth, get a mortgage with the lowest possible monthly payments. In the event of financial difficulties, it is easier to pull such a loan, and if things are going well, you can safely repay the loan ahead of schedule.

Despite the fact that people have begun to take a more thoughtful approach to the issue of obtaining a mortgage, realizing what serious and long-term obligations these are, the culture of credit relations with banks among our citizens still suffers, especially among people with average and below average incomes. Far from always, people provide for such rears when applying for a loan, but only if they are available, we can talk about a balanced approach to mortgages.

Alexey Novikov especially for RBC Real Estate

Welcome! Today we will talk about whether it is worth taking a mortgage at all. In fact, our readers ask it regularly, so our experts will tell you in this article when to take out a mortgage and when not, how to evaluate the pros and cons of a mortgage bank and offers, whether it is worth taking a mortgage in 2020 or better to wait.

Before applying for a mortgage, you should not only evaluate your financial capabilities, but also study the market indicators.

Market indicators

First of all, pay attention to the size of the interest rate. The lower it is, the less the overpayment will be. In our country, if the mortgage rate is less than 11-12%, the transaction is considered profitable.

If you look at the scale, then the increase in the level of interest on loans depends on the following factors:

due to the introduction of international sanctions, the inflow of investments into the Russian economy has decreased;
at the same time, export prices for oil are falling, and the ruble is depreciating;
it becomes more difficult for banks to attract new capital, as a result, interest on loans is growing.

Also take into account the current dollar exchange rate and the trend of its growth or fall. If the dollar rises against the ruble, then the Central Bank's refinancing rate will increase. This, in turn, will lead to an increase in interest rates on loans, incl. and mortgage.

For example, when in 2014 there was a jump in the exchange rate, mortgage rates rose to 17-18% per annum. It was simply scary for many borrowers to take a long-term loan at such interest rates, but there was no way out.

Therefore, if a mortgage is issued at a low interest rate, and at the same time the foreign exchange market is stable, it's time to apply for a mortgage now.

Own capabilities

When thinking about how to decide on a mortgage, evaluate the following parameters:

your income;
desired loan amount;
expected repayment period.

Based on these data, knowing the interest rate, you can calculate the amount of the monthly payment and draw conclusions about the possibility and expediency of obtaining a mortgage.

Also consider these factors:

additional income (for example, investment or from deposits, or an existing part-time job);
already having loans and other obligatory payments.

Evaluate whether you will be able to pay the bank the amount of the established payment on a monthly basis over a long period of time or not. How stable is your income, will it be enough to have enough money not only to pay off the loan, but also for everyday life.

You can find out more from our previous post.

Pros of a mortgage

Of course, such a loan is not cheap, but the positive aspects of the mortgage justify the risks:

You do not need to save a large amount for many years to buy a home. You can become the owner of an apartment or house right now. To do this, you need to have on hand only the amount of the initial contribution. And the period during which the loan is issued, as a rule, does not last more than 1-2 months.
You can move into the apartment immediately after the transaction.
When applying for a mortgage, you can use one of the state social programs, if there are grounds for that. For example, you can receive a subsidy or maternity capital funds, with which part of the debt will be repaid.
If you take out a mortgage, you can get a tax deduction.
Even if you lose your job, you can apply to the bank with an application for deferred payments.
The interest rate is lower than for a consumer loan.

If the loan rate is low, the income allows, and even more so there is an opportunity to receive a subsidy, do not be afraid to take a mortgage. Yes, with a mortgage loan, you will have to make monthly payments to the bank, but in return you will receive your own home.

When not to take out a mortgage

Before deciding to take such a responsible step, it is worth thinking carefully. Perhaps right now is the time when it is better to postpone the registration of a mortgage loan.

Market indicators

You should not make a hasty decision and apply for a mortgage if the situation on the foreign exchange market is not stable. If the dollar against the ruble is growing rapidly, then banks can raise interest rates on loans. In times of economic crisis, there were often cases when borrowers applied at one percent, and by the time it was approved, the bank set an increased rate. There was no way out, there was no way to buy housing for several million rubles, so many decided to take out a mortgage on less favorable terms for themselves.

Someone will say: "But I'm afraid!", And he will be right. Indeed, at a high rate, the overpayment even for 10 years will be more than the cost of the apartment itself.

It is also risky to draw up a mortgage agreement not in Russian rubles, but in US dollars or Euros. With an increase in the exchange rate, monthly payments in ruble terms will increase many times over.

Own risks

A responsible borrower, as a rule, is afraid to take out housing on credit if the company in which he works is unstable, there is a risk of dismissal or a change in professional field. To be sure of your solvency, evaluate the reliability of your workplace at least for the period of the mortgage agreement.

Do not take out a mortgage if you plan to move soon.

Can I get a mortgage loan with a low income? It is possible, but keep the following in mind:

how much will remain after the repayment of all mandatory payments;
will it be enough for living;
with a minimum payment, the loan term will be as long as possible (up to 30 years).

Cons of a mortgage

In order for the borrower personally and his family not to be afraid to take an apartment on credit, it is necessary to evaluate in advance all the consequences of concluding an agreement:

Housing will be pledged to the bank. Therefore, it cannot be sold until the loan is fully repaid.
The Borrower assumes long-term financial obligations to make regular payments of a substantial amount.
When concluding an agreement, the bank's client also bears additional costs for real estate appraisal and insurance. Often, when applying for a mortgage, it is customary to insure not only property, but also the life and performance of the borrower.

Mortgages in 2020

Consider whether to take out a mortgage this year. Rather, yes, because the situation on the market is now quite favorable for the conclusion of such transactions. The country's authorities, within the framework of national projects, have chosen mortgages as one of the instruments they rely on. According to government plans, the mortgage rate should fall to 8% by 2024. In 2020, it has already fallen less than 9% and will continue to decline, unless something terrible happens.

The state actively supports mortgage borrowers by stimulating them with special preferential mortgage programs. In 2020, there are several such programs:

- mortgages for families where a second child was born after January 1, 2018. Under this program, you can purchase housing in a new building from the developer at a rate even lower than 6% per annum.
for the Far East - residents Far East have the right to purchase housing at a reduced rate of only 2 percent, but are required to register in it for a period of at least 5 years.
— preferential program for residents of rural areas. With its help, you can buy housing at a rate of 0.1 to 3% per annum.

There are also support measures for mortgage borrowers who have already taken a loan:

Maternal capital. In 2020, it is indexed and amounts to 466,617 rubles. It can be used to pay off a mortgage or
If you had a third and subsequent child after January 1, 2019, then you are entitled to 450,000 rubles to pay off your mortgage. At the same time, there is no difference whether it was a secondary housing or a new building.

Do not forget about general position affairs in the country, namely

Low inflation.
The exchange rate is quite stable.
Prices in the housing market are now almost minimal.

How to make money on a mortgage

With the help of a mortgage loan, you can not only buy a home, but also earn money on it.

Method 1

If you have a main apartment for living, then having the amount of the down payment, you can take an apartment in a mortgage from the bank, and then rent it out.

The main thing is that the amount that tenants will pay is equal to or greater than the monthly loan payment. Thus, all expenses under the loan agreement will be covered by rent, and in the end you will become the owner of the home that others actually paid for. If the rent also exceeds the loan payments, then in addition to the apartment itself, you will also receive additional income.

Method 2

Having a solid amount of monthly income, you can mortgage an apartment in a new house under construction. In this case, its price will be an order of magnitude lower than the market price, compared to when the house is completed.

At the same time, a mortgage should be issued for a short period in order to pay off the loan as quickly as possible, and the overpayment was minimal. After a while, when the loan is repaid and the house is rented out for housing, this apartment can be sold at a much higher price than it was purchased taking into account the loan costs.

Method 3

Play on falling real estate prices. Now is one of the best times to buy real estate, as there is a chance to buy a resale option with a good discount. A large number of unsold apartments have accumulated on the market, if you manage to find a good deal and sell at the seller's price, then after the inevitable rise in real estate prices, you can sell the apartment already with a plus, even taking into account interest.

How to choose a bank for a mortgage deal

Having decided to take a mortgage, it is important not only to assess the situation on the real estate market and financial risks but also choose the right bank.

Why is it not always profitable to apply to the financial institution with the lowest percentage? The fact is that in addition to the annual mortgage rate, there are also other conditions. To understand where it is better to draw up a contract, pay attention to the following parameters:

The amount of fines and penalties for late payment.
Is there a commission for issuing a loan and in what amount?
Is there a possibility of early repayment and under what conditions?
Explore the options for paying monthly payments (whether you need to contact a bank for this or whether there is an option for online transfer).
Ask the bank manager to calculate the full cost of the loan for the entire repayment period. Compare this amount with offers in other banks.
Find out if the bank has any additional programs for mortgage processing. For example, for young families or for the military.

Deciding on a mortgage is not easy, but if you correctly assess all the risks and your opportunities, then this is a real way to become the owner of your own home not in the distant future, but right now. Moreover, at the time of signing the contract, the cost of the apartment is “fixed”, and many years later, by the time the payments end, this amount will be much less than the real cost of housing at the time the loan agreement was closed.

We are waiting for your questions in the comments. We will be grateful for the repost and evaluation of the article.

The opinion of experts on the question of whether it is worth taking a mortgage in 2018, presented in the article, will help all those who doubt to make the right decision for themselves and not fall into a financial trap.

The relevance of mortgage lending in Russia

Russians have long ceased to be afraid to take money on credit. For many, this option is the only way to provide themselves with everything they need. Considering that the cost of own housing is tens or even hundreds of times higher than the monthly salary, we can safely say that it will take a very long time for a person to save up for his own housing. You can do otherwise - get a mortgage, get your own home and pay to the bank borrowed funds with interest.

It is for Russians that mortgages are very relevant, while in the West, especially in Europe, people refuse not only from such forms of lending, but also from the idea of acquiring their own housing in principle. This is explained by very high real estate prices, while living in a rented apartment is much more profitable.

Rent as an alternative to mortgage lending

Many Russians dream of their own home and put this issue at the center of their desires and dreams. But is it really so beneficial? It is not always clear what will be more profitable, a mortgage or a lease. Of course, because each case is individual and should be considered privately.

The main advantage of a mortgage is that immediately after the transaction is completed, a person receives an apartment or other residential property as a property. He receives a local residence permit, which simplifies the search for work, the use social services. Renting gives only the right to reside in the owner's territory for a certain period of time. And then, for some reason, the owner can evict the tenant.

There is positive points and at rent. The most significant features include the following:

no need to have a large amount on hand;
the opportunity to rent housing in any area with right level amenities;
the rent is lower than the mortgage payment;
the tenant does not need to make repairs and furnish the apartment in most cases, the maintenance of the premises also lies on the shoulders of the tenant;
the ability to quickly change your place of residence or find a more budget option.

From all of the above, we can conclude that rent is more affordable for Russians. If a person wants to acquire his own housing, then he must decide whether to save money or borrow it from the bank right now.

Features of a mortgage loan: pros and cons

To evaluate a mortgage, it is worth weighing the pros and cons. This way of acquiring your own housing has the following advantages:

the opportunity to become the owner of housing, having on hand not the entire amount (the size of the down payment in banks varies from 10 to 50%, and in the case of social benefits, it may be absent altogether);
the possibility of living in an apartment immediately after purchase (if it is already ready for use);
short time(the full cycle of mortgage registration, as a rule, takes several months);
the possibility of obtaining a tax deduction (after the reporting year, a person receives a refund of money withheld as personal income tax from wages);
the possibility of obtaining social benefits (the state assumes part of the borrower's obligations).

But mortgage lending also has its drawbacks, which must be taken into account even before contacting the bank:

long term lending;
large amount of overpayment (the longer the term, the higher the overpayment);
the presence of additional costs (property and life insurance, housing appraisal);
additional commissions (not all banks practice this, so you should clarify the information in advance with your loan officer);
limiting actions with housing until the mortgage is repaid (since the apartment acts as a pledge, it cannot be sold, exchanged or bequeathed, or anything else without prior approval of this issue from the bank);
difficulties in obtaining (banks are far from ready to give a mortgage to every person - the presence of a residence permit, a certain work experience and official employment are not always the only requirements for a borrower).

Of course, a particular proposal may have its own characteristics, therefore, it is necessary to analyze a possible situation in advance, having studied in detail the conditions of the mortgage of a particular bank.

Mortgages today and tomorrow: what to expect?

After a severe crisis in 2015, interest rates at all banks began to skyrocket. People were given mortgages at 12-17% per annum, and sometimes even higher. But in 2016 the situation is financial market began to stabilize. On the this moment you can easily find a mortgage offer with a rate of 7 - 10%, while under the previous 15 - 17% ordinary consumer loans are issued without collateral.

The fall in interest rates on loans is associated with a decrease in inflation. Moreover, the banks themselves help the Central Bank to stabilize the situation. That's why, 2017 and 2018 are the most successful years for obtaining a mortgage.

There is one more important factor that allows people to opt for a mortgage. The cost of apartments is steadily falling. Thus, in Moscow, this figure fell by more than a quarter. A similar situation is observed in the regions. This is explained by several reasons:

decrease in the purchasing power of the population;
rising inflation and no growth wages;
oversaturation of the market with offers (across the country, construction of apartment buildings is underway);
cooperation construction companies with the largest Russian banks).

All this gives people who are able to repay the loan even greater benefits. That is why it is worth thinking about obtaining a mortgage for citizens who have a stable income and a supply of financial resources necessary to make a down payment.

Experts financial sphere, assessing the situation in the mortgage market, give citizens the following advice:

In the absence of the ability to repay the loan, you should not climb into an even greater debt hole. It is better to wait a bit, save money and find a better paying job, and only then go to the bank.
If the family has benefits ( maternal capital, the status of a young family, assistance to the military, support for low-income families), then they must be used to reduce the credit burden. Then the level of overpayment will be even less.
You should not take out a loan right now, since at the beginning of 2018, housing prices may well be even lower. The best time to make a deal is early next year.
It is worth trying to get a loan from a reliable bank offering a low interest rate. To do this, you will have to collect an impressive package of papers. The more solvent the client is, the more favorable the conditions will be for him and the greater the amount he will be able to receive for the purchase of an apartment.
It is highly recommended not to borrow money in foreign currency. It is better to issue a loan in rubles, since it is they who also issue salaries.

The main thing is not to forget that the bank will require the repayment of the loan. And if a person is not sure that he will be able to fulfill his obligations, then he should wait a little with a mortgage.

It's no secret that real estate prices in the domestic market - whether it's secondary housing or square meters in a new building - are very high. For most people, even those with a stable average income, it is almost impossible to purchase an apartment. It will take a very long time to save up for such an acquisition, and no one manages to postpone the solution of housing problems for a dozen years.

You can solve the housing problem by issuing a mortgage loan. This financial instrument was created specifically for lending real estate purchases and involves: a large loan amount and a long repayment period.

Advantages and disadvantages of a mortgage

Like any other financial instrument, an apartment loan has a number of advantages and disadvantages that should be considered before applying to financial institution for such a loan.

Pros of a mortgage - why should you take it in 2020?

To answer the question of whether or not to take housing in a mortgage, it is necessary to analyze the pros this decision. Customer reviews highlight the following positive sides:

This tool allows a person to become the owner of a home without having its full value. It is enough to accumulate a down payment (usually the amount of this contribution in different banks varies from 10% to 30% of the total cost of the selected housing).
Ability to move into your own apartment immediately after purchase. Even housing acquired with borrowed funds becomes the property of the borrower. In the bank, he draws it up as collateral in case he cannot return the loan funds.
Minimum waiting time. The waiting period for the acquisition of own real estate in this case is equal to the period of registration of a mortgage loan. This, of course, does not happen instantly - as a rule, such a process can take two to three months.
Tax deduction. After applying for a loan, the amount of income tax is calculated not from the full amount of the borrower's income, but from the balance (it is calculated by subtracting the amount of the monthly payment on the loan from the amount of monthly income).
Opportunity to issue a social mortgage. The difference from the usual one is that the state participates in paying the cost of housing - this can be a partial refund of the first installment or subsidizing the interest paid.

Cons of a mortgage loan

Before applying for a mortgage, you need to understand what negative sides she has. Among them are:

High final cost of housing and long term payments. Due to the fact that the mortgage is issued for many years (usually ten years or more), the bank's remuneration (in other words, interest) ultimately amounts to a substantial amount comparable to (and sometimes exceeding) the cost of the apartment itself. Simply put, a person takes a loan and buys one apartment, and he pays the bank two, and sometimes three times more money.
Additional payments. In addition to regular payments on the loan, the terms of the agreement oblige the borrower to take out property insurance at least annually, and the property will have to be insured against all possible risks. Some banks also issue an insurance policy for the borrower himself. It's not free, and you need to renew your insurance every year until the loan is repaid.
Commissions upon registration. When applying for this kind of loan, you need to be prepared for the fact that you will have to pay extra for almost everything: for the execution itself, for the consideration of the application, for the withdrawal of funds, for the valuation of property. This list can be very long, and the total amount of such payments sometimes reaches 10-15% of the down payment.
Until the mortgage is paid off, the borrower has no right to sell, exchange, bequeath or otherwise dispose of his property without the consent of the bank.
Strict requirements for the borrower. A credit institution imposes stringent requirements governing the need for a stable income, work experience, the age of the borrower, and much more. Such strict criteria make mortgages inaccessible to pensioners, students, and young families.

Thus, the pros and cons of mortgages should be carefully analyzed on a case-by-case basis.

What is more profitable in 2020: rent or mortgage?

Which is better: mortgage or rent? This question is being asked today by a huge number of Russian citizens. It should be understood that each case is individual. However, it is possible to make a small comparison of these options according to several criteria.

With a mortgage, the ownership of the property immediately after the execution of the contract passes to the borrower. When renting, the apartment, regardless of the length of residence, does not belong to the tenants.

But there are also advantages to renting - you can live in good housing without having absolutely no savings. At the same time, to obtain a mortgage, you will need to raise funds for making a down payment.

In addition, monthly rental payments are usually much lower. But when registering real estate on credit, payments will sooner or later stop. When renting, repair and maintenance of the apartment most often fall entirely on the shoulders of the landlord.

Some cite a high degree of mobility as an advantage of renting. That is, it is possible, if necessary, to change the place of residence much easier.

As can be seen from the comparison, an apartment with a mortgage can be a better option for those who already have certain amount savings, stable income, and in the near future does not plan to move to another locality. In all other cases, the rental option is more suitable.

Mortgage 2020 - to take or not to take?

Is it worth getting a mortgage in 2020? Those who are thinking about it should be aware that most experts agree that next year will be a good one for the mortgage lending market. It is not yet clear whether there will be a reduction in interest rates, but existing and new programs state support make this financial product more accessible.

Should I take out a mortgage this year or wait?

There is another question that worries a lot of people - is it worth taking a mortgage now this year or is it better to wait. The answer to this question should be given only on an individual basis, since it depends primarily on the stability of the income of a potential borrower and the prospects for their preservation and growth.

Real estate experts are predicting a 5 percent increase in property values over the next few years. In addition, in 2020, you can observe a decrease in mortgage rates in almost all banks. A rate of about 10% under the standard program, and 6% per annum under the mortgage program for young families - today this is a tempting offer to acquire your own housing!

Take or save?

Thus, those who decide Is it worth taking out a mortgage or is it better to save, you can advise to weigh the pros and cons. Raising that amount can be very difficult. Often when stable income much easier to get a loan. In this case, you can make monthly payments in excess of the regular payment. Most credit institutions allow partial early repayment. With it, you can reduce not only the term, but also the amount of payment. As a result, with an accelerated interest calculation scheme, the bank is paid less, and the apartment belongs to the borrower.

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