STEP-BY-STEP instruction of mortgage
You can skip this step and start with the following. But I still recommend it.
I recommend contacting a mortgage broker who knows almost everything about a mortgage . The time to choose a bank will then take much less, the probability of obtaining a loan will increase, and in a number of banks, a loan will be available for special programs: different best conditions. The benefits of such treatment can many times exceed the cash costs of broker services.
Then, I recommend to go to a real estate firm and enter into an agreement with a realtor, so that buying an apartment in a mortgage is simple, and would not turn into an endless “tormenting”. When buying an apartment on credit, you need to take into account a lot of features: if a realtor works professionally with a mortgage, he knows all these features.
Of course, the work of both the mortgage broker and the realtor costs money, but in the case of a mortgage, it’s better not to save money.
Although – the choice is yours.
Step two. You are considering a bank.
Giving out money, the bank risks. Therefore, money is not given to everyone. Consideration takes from three to five days, up to one and a half months, depending on the bank and on the sources of your income.
Step three. Looking for an apartment.
It is easy to find an apartment: there are a lot of websites on the Internet, as well as print publications, where announcements about apartments being sold are published. But! The apartment should be checked, it is necessary to collect all the documents on it. Moreover, since there is a purchase of an apartment in a mortgage , and not for cash, the apartment should appeal not only to you, but also to the bank.
This step is done when there is a positive decision on the previous step. If the decision is negative – we are looking for another bank, and we pass the previous step with another bank.
Step Four. Evaluation.
The bank must be sure that it does not issue a loan more than the percentage of the value of the apartment, as provided by its credit program. Therefore, the apartment must be evaluated. The certificate of assessment is transmitted to the bank.
Step five. The apartment is approved by the bank.
The apartment was found, the documents were collected and sent for inspection to the bank and the insurance company. The security service of the bank, along with the legal department, as well as employees of the insurance company, consider the apartment you have chosen. If everything suits them, then you can buy this apartment.
Step Six. Loan agreement
Before the transaction you sign a loan agreement . Under this contract, the bank prepares the necessary money for you so that the seller of the apartment (in case of sale of the apartment) can receive it.
Step Seven. Money.
Depending on the bank, the money is transferred to the seller in different ways. Either through the deposit box, or at the expense of the seller. If through a deposit box, then the money is deposited in the cell before the state registration.
Money can also be transferred by letter of credit.
In the case of a new building, the bank transfers money to the developer by bank transfer.
With each method of transferring money has its own nuances.
Step Eight. Notarial ID.
From June 2, 2016, notarization for a number of transactions became mandatory. These are transactions for the alienation of shares in the right of common ownership of real estate, including the alienation by all participants of common ownership of their shares in a single transaction.
That is, if the apartment to be alienated is framed in shared ownership, for example, for a husband and wife, then such a transaction is subject to mandatory notarization, with payment of notary services, of course.
If the alienated property is registered in individual ownership, the contract is not subject to mandatory notarization. But the bank may require a notarial certificate to be. Require – will have to notarize. The bank may also require that the signatures on the mortgage be notarized. But even if the bank does not require this, a visit to the notary will still have to be done: to confirm the consent of the spouses to the transaction or vice versa: write statements that the participants in the transaction are not married.
Step Nine. State registration.
The transfer of rights occurs at the time of state registration. Registration of transactions lasts from 3 days to a month.
Step ten. Insurance.
Sometimes this step is preceded by a deal.
The bank risks and wants to reduce its risks. The bank reduces its risks, as usual, at your expense. That is, you pay with the insurance organization.
I missed a series of small steps, like “cash out of cash”. About them you will find out. Even if you are put before the fact – do not worry: the price of the issue is not great.