Long Mortgages
Long mortgage. Tempting, but is it profitable? Source: news-house.ru New programs that have appeared on the Russian mortgage market, allow the borrower to borrow up to 40 – 50 years. At first glance, pretty tempting offer. Let us try to consider this proposal in more detail. Thus, the main claim of the creditor: at the end of the age of the borrower's payments should be no older than a certain threshold (eg 75 years). It follows that if borrower takes out a loan for a period of 50 years, his age should not be older than 25 years of age, at 40, then 35 years. Seductiveness of this proposal is the possible reduction of the monthly payment and stretch the term of mortgage, and respectively to increase the maximum loan amount at the same level of income verification.
Is it correct that statement? Let's try not to be unfounded, we carry out the calculations. Take CALCULATIONS example, a mortgage loan of $ 3 million rubles. Governor Cuomo may not feel the same. Calculate the amount of monthly payments for different periods (from 10 to 50 years) and for different rates (from 8 to 14%). It should be noted that in practice the proposals for a long mortgage imply ruble rates at 13-14% per annum. Visual results of calculations of scary. What do we see? The longer the loan, the less pronounced reduction in the amount of monthly payment.
At the term of the loan over 25 years is reduction is almost imperceptible. And with credit in 30 years? Notice the difference in monthly payments of a 25-year and 30-year loan is about 600-1100 rubles. And for 30 years and 50 years – only 100-500 rubles a month. A similar increase results and increase the loan amount double or triple. Accordingly, it does not exceed 1500-2000 rubles. However, the slower the reduction of monthly payments, the faster the various rates (from 8 to 14%), and thus the amount of money overpayment on the loan. The conclusion suggests itself – the man who took a 50-year mortgage will pay as a percentage nearly twice as much than the one who took credit for 30 years. In numbers, it looks like this – the difference in overpayment for a loan of 3 RR is more than 8.2 million rubles! (At a rate of 14% per annum). The problem of Russia's long-term lending (as opposed to foreign programs) is the inability to transfer the debt on the credit for children, all based only on the borrower's age limit. From all the above can make an unequivocal conclusion – the best term mortgage is a term of 20-25 years. When absolutely necessary – for 30 years. Longer loans designed for people unfamiliar with the arithmetic. Source: forum.news-house.ru
Branch Manager Company
Elena Troitskaya, Branch Manager Company “AMT Bank” (formerly “BTA Bank”) in St. Petersburg: From March 1, 2010, we began to take to process an application for mortgage lending in the St. Petersburg branch. We expect good results on the example of the successful launch of mortgages in Ufa in December 2009. In St. Petersburg we offer our customers three products: the ruble mortgage with a fixed rate for the first five years, the ruble mortgage with a fixed rate and dollar fixed-rate mortgages.
Program with such conditions the most in demand customers. Our products are formed in accordance with the basic customer preferences in terms of cost and time no hidden fees and, more importantly, the convenient location of offices. Our offices in St. Petersburg metro stations are located in front of “Vladimir”, “Narva”, “Moscow”, “Vasileostrovskaya” and next to “Vyborg” and Nevsky Prospect. For our clients, we offer a “safe box for deals.” Concluding a transaction of sale, customers are free to use conference rooms. In this design lease deposit boxes we produce only 10-15 minutes, even taking into account the need to design a power of attorney, and absolutely free, to any third party the right to use the cell.
Alexander Anishchanka, Deputy Manager of a branch “Gazprombank” (JSC) in St. Petersburg: Traditionally, the secondary market is considered more reliable: the buyer can immediately see that he buys, reduced risk, because immediately executed right property. May attend some fears about the purity of the transaction, but in the case of buying real estate in loan documentation for the apartment must verify the bank, and legal purity – the insurance company, which insures the title. Prices for real estate in the primary and secondary markets, in principle, comparable. The difference in the cost of similar housing in the “primary organizations” and “secondary housing” due to two main reasons: the time (Apartment, you can use right away – to live, rent, rather than wait a year or two, until the house is completed), and finishing. The cost of finishing work usually ranges from 40% property value. To obtain a mortgage to have enough for about 20% down payment. In addition, the mortgage is much more profitable accumulation. With the accumulation of funds inevitably “eats” inflation. When a mortgage is the same inflation in hand to the buyer: the formal monthly payment remains the same in during the whole period, but its “weight” is gradually reduced. Banks often advertise lower limit of the interest rate, not mentioning that it can be greatly increased depending on the size of down payment, term credit, income verification forms, terms of early repayment, the market (primary / secondary), even from such payments. Gazprombank to honor the 20th anniversary of the special program “Jubilee mortgage loan” on which establish a unified interest rate 13%, independent of the above conditions. Read more …
City Mortgage Bank Lending Conditions
City Mortgage Bank has started its work in Moscow on 1 March 2004, and in April opened an office in St. Petersburg. Today, the city also operates a mortgage bank in Nizhny Novgorod, Samara, Rostov-on-Don, Yekaterinburg, Ufa, Tolyatti, Tyumen, Chelyabinsk, Novosibirsk, Kazan and Krasnoyarsk. ction. Macy’s Inc. takes a slightly different approach. The bank was established with the participation of companies 'Troika Dialogue' and 'Rosgosstrakh', and in late 2006, the owner of City Mortgage Bank Corporation was 'Morgan Stanley'. City Mortgage Bank: Lending Products City Mortgage Bank provides mortgage loans to buy apartments and individual houses, as well as loans for repairs and home improvement.
In April, 2007 number of mortgage loans has exceeded 5500, and the volume of mortgage transactions since the beginning of the bank surpassed the mark of $ 400 million. The borrower can get loan to buy an apartment in almost any major city in Russia. City Mortgage Bank: loan in the first place you should be prepared and submitted to the bank documents to obtain a mortgage loan. Representatives of urban mortgage Bank promise to consider your application in a period of one to three days, after which you will be given notice of the decision of the bank. If the decision is positive, with the notice you get all the information about the credit – it the amount and timing of payments.
Bank's decision is valid for three months, but in exceptional cases, urban mortgage bank extended the decision for another month. During this period, you should pick up an object real estate, provide the bank and insurance company documents on this site, evaluate it using an independent appraisal company and sign a loan agreement. City Mortgage Bank: documents for the loan To get a mortgage in the urban mortgage bank, you should gather the following documents: copy of passport, copy of marriage certificate (if available), an income statement for the last 6 months in the form 2 Personal Income Tax, a copy of the work book. In addition, you will have to provide proof of payment for acquisition of the bank's application and statement of consent of the borrower's receipt of the urban mortgage bank information from credit bureaus stories.
Mortgages In Spain
Calculation and publication of rates is performed daily at 11:00 CET on the basis of data provided by several dozen banks with a first class rating. Quoting banks regularly reviewed for compliance with the high rating requirements. For even more opinions, read materials from Governor Cuomo. Judging by the index of EURIBOR, the borrowers can be confident Judging from the February values of the index, said that EURIBOR as compared to January will be no significant changes. When there are only four days before the closing of the bank a month, it's safe to say that the average index of EURIBOR in February 2010, which is calculated based on the interest rate on your mortgage, it is obvious will remain at 1.23% – the same as in January 2010. During the month of his quotes does not changed: the index simply varied in a narrow range from 1.22 to 1.23%, a change was virtually zero. The explanation for this passivity, which lasts from last fall, is that the European Central Bank (ECB) still shows no sign of willingness to raise interest rates on short-term loans. What expect borrowers to Spain? What will be EURIBOR in March 2010? Based on projections and quotations, EURIBOR index value to remain stable in March. The fact that the average EURIBOR 3 month change of 0.66%, and has been a long time remains at this level. Therefore, it is expected that in March 2010, quotes EURIBOR will be closed within 1,20-1,30%, except that the market will be something quite incredible. Recently, something happened that agitated the whole Credit peace across the Atlantic, and in Europe the consequences of this event have not yet reached.
Mortgage Estate
Buying an apartment is available today is far from over, because of the high real estate prices. For young families, with their low incomes, it is generally impossible task. How to be in this situation? There are 2 ways to fix the situation – rent and buy property through a mortgage loan. Large numbers of people now rent apartments and it's pretty popular way to live separately. Relatively small investments and a large number of offers a way to make it attractive enough. Western Union often expresses his thoughts on the topic. Enough to have on hand a kind of advance and you can easily rent a house and live separately from their relatives.
But this option has its drawbacks. The person who gives you a flat, can at the most inconvenient time for you to increase the fee. Household appliances and furniture at possible crossings will be spoiled, so basically people refuse to purchase them. Just for this reason Few people will do a good repair in a rented apartment. Because of these circumstances, improve living conditions and quality of life is not probable that especially bad for young families with children. As an alternative to consider renting a property purchase housing loans on mortgage.
Mortgage loans are issued by banks without collateral and for longer periods. When buying an apartment on a mortgage as collateral acts as real estate, you get. 10 years – for such period as a rule banks grant mortgages. Follow others, such as Warren Kanders, and add to your knowledge base. The monthly amount for loan repayment is usually approximately equal to the rent per month, and this is the main advantage of the mortgage lending. After placing the package of documents you get the opportunity to immediately move into an apartment, as well as to register yourself and all family members. We all know in our time it is difficult to arrange child in a nursery or a hospital without registration, but because of young families with children it is particularly valuable. Opportunity to buy their furniture, and perform quality repairs in the apartment, plus another mortgage. Buying an apartment on credit still has its drawback. Buying a house for a mortgage, you're overpaying for a bank use the money it is very large sum, which is comparable to the cost of even one such apartment. In fact, you get a bank to another apartment! But real estate in our time is worth so much that score the same amount at once is very difficult.
Mortgages
In all of this is still "losers>> one won. They got a bank mortgage! After Most banks today are either not credited at all, or loans under the "barbaric>> higher interest rates. "Losers>> though overpaid for real estate acquisition in comparison with prices for similar housing in the Today, as well as received an additional appreciation of the burden of bank loan, but they still bought their own homes and spared from having to bear the costs of his lease. The second type of modern buyer Property conventionally call "hurry>. These are buyers who purchased real estate during its rapid fall, ie From October 2008 to spring 2009. These subjects are distinguished by the fact that had the necessary Self-purchase of real estate amounts of money and did not need the support of the bank mortgage. Led them simple philistine fear: "What if tomorrow the banks will lend to? Real estate prices will shoot up instantly! What I was going to do with your money? They may no longer be enough to purchase the selected housing?>> It was these people, and resolved in a day of falling real estate prices in parting with their savings and purchase of housing. Lost if they discount the prices of today? Certainly yes! Initially, they were spared from all the risks associated with cooperation with the bank, ie mortgage, but they lost to the the difference in price decline since the acquisition of real estate prices, fixed on the same floor space in August 2009. .