postheadericon Essential Deals for the Right Mortgage for You

If a couple of decades ago the word “mortgage” seemed to many to be incomprehensible, and even frightening, then in the last number of those willing to take a loan becomes more and more. The stakes are declining. And banks give loans much easier. According to experts’ forecasts, in 2018 mortgage loans may be issued for 2.5 trillion rubles – almost one third more than in 2017. About why “getting into a mortgage” is not as scary as it might seem at first, and what should be paid attention to those who plan to apply for a loan.

History of the mortgage: interesting facts

Any mortgage loan implies the presence of collateral, and in the role of the latter can act as already existing in the property of the borrower’s property, and purchased – for example, a new apartment or house, for which the bank loan is taken. The mortgage broker Geelong gives you all the supports.

Although the birth of a modern mortgage is considered to be 1997, the year of the creation of the Agency for Housing Mortgage Lending (AHML), the story began much earlier. Even in tsarist Russia, the idea of ​​”giving away” housing and land for monthly payments and a certain interest rate was actively practiced. The first credit organizations – noble banks – appeared in the middle of the XVIII century.

And after the abolition of serfdom, the free and endowed peasants were given a loan on bail of plots – for 49 years, and under very good conditions – at 6% per annum. Mortgage on land in pre-revolutionary Russia was the most popular, also took mortgages for real estate construction, development of their own business and – in fourth place – gambling. This type of mortgage was very popular among the nobility.

What do you need for a mortgage?

The list of basic documents required for obtaining a mortgage in most countries is the same: identity card, contract for the purchase of real estate, various documents confirming the income and expenses of the borrower, his solvency. These can be bank statements, tax returns, property documents, and, of course, a certificate of employment with a salary indication.

How to get a mortgage

As a rule, with citizenship, stable work with a normal “white” salary (last at least six months), lack of a bad credit history or problems with the law, the probability that a mortgage will be approved is quite large. The biggest “plus” in the eyes of the credit institution is a confirmed and stable income, not only of the borrower, but, for example, his wife. Those who have a “second half”, and she does not sit without work, as a rule, loans are easier. And, of course, the bank should approve the housing for which a loan is issued.

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