For many Russian families, mortgage has become the only way to obtain real estate, for which you will have to pay monthly dues for many years. Due to the fact that mortgage lending is characterized by large sums, overpayment that occurs over several years and even decades, many times exceeds the amount originally issued by the bank. Mortgage lending in Bankwill significantly reduce the financial burden of the client.
When purchasing an apartment or a house, the borrower is confident in his own solvency, but no one is insured against losing his job, a different source of income, deterioration of family welfare, other reasons that negatively affect his family’s wealth. The mortgage refinancing executed at Bankwill make it possible today to solve the problem of a monthly search for funds to pay, increasing the repayment period and thereby reducing the size of the payment.
Despite the fact that in most cases, citizens are thinking about mortgage refinancing at a time when they are experiencing serious financial difficulties, a review of credit conditions will reduce overpayment without confirming the fact that it is impossible to continue paying the current creditor under the previous conditions that imply higher rates.
Mortgage refinancing guidelines
A feature of the mortgage is its target – to purchase real estate. Due to the fact that the cost of housing, as a rule, is high, the design of a credit line for a long time and a large amount entails a risk not only for the borrower, but also for the bank. For this reason, there is a mandatory registration of collateral in the form of a pledge on the acquired object. In case of non-repayment of funds, the creditor will be able to direct the collection of the debtor’s property in order to completely close the debt.
Refinancing is a program that allows you to get a loan that is directed strictly to the repayment of another loan. If we are talking about a mortgage, this program is strictly aimed at returning the debt to the first lender who has given a loan for the purchase of housing.
In fact, it is possible to call this program the assignment of the right of claim, under which the client owes the same amount that the first financial institution remained to pay, however, the deadline, interest and other conditions are revised in favor of the borrower. In the banking sector, there are two options for how to refinance debt:
- program in the same bank (internal);
- closing the debt in another bank (external).
The most common option is when a financial institution, in order to attract customers, allows refinancing of mortgages from other banks.
It is important to bear in mind that refinancing a mortgage loan in Bankis not always profitable. Situations in which the application for revision of the loan is justified include the following circumstances:
- lower interest overpayment and, accordingly, a reduction in the total cost;
- reducing the financial burden by reducing the monthly loan payment;
- improving the overall parameters of the loan.
Reduced bank rate and extended period are two main parameters implemented as part of the refinancing program.
There are limitations regarding the application of the program due to various circumstances – non-compliance with the parameters of the program or the lack of economic benefits. Each situation should be considered individually. Mortgage refinancing in Bankin 2018 also implies a number of limiting factors that must be considered when applying.
Conditions for refinancing a mortgage
Applying for a mortgage loan at Bankis preceded by preliminary preparation.
On the eve of the appeal, the mortgage borrower is advised to check whether there is a clause in the text of the current agreement with the first lender that allows you to repay the amount to the bank ahead of time without an additional penalty. If the penalty is mentioned in the clauses of the agreement, it is necessary to calculate in advance through the online calculator what amount you will have to pay. To determine the exact value will help a specialist lending financial institution. In the event that the amount of the final savings amount is exceeded, the execution of the mortgage loan refinancing program is not economically feasible and should be abandoned.
- Request a credit history from the CII. This can be done by any citizen who has ever used the services of credit institutions.
- If in the past the borrower made serious delays or has unpaid and overdue debt, you should not count on the approval of Bank, as the organization carefully checks the reliability of the future of its client.
Parameters for applying
In addition to checking the credit history and possible economic disadvantages of refinancing, there are additional conditions under which the chances of approval are high:
- current mortgage liabilities must be paid in accordance with the existing schedule – without delinquency, the presence of unpaid fines, penalties, penalties, and other claims from the former creditor;
- until the full payment of the mortgage according to the contract is more than 6 months;
- At least 6 monthly payments have passed since the start of loan repayments;
- the citizen had not been re-credited before, and the contract is a mortgage, and not its refinancing. Thus, there is a limit on how many times you can use overlending.
Compliance with these circumstances makes it possible to obtain approval of the application.
The uniqueness of the proposal lies in the fact that the mortgage is refinanced at Bankwith the consolidation of several loans within a single program and with obtaining a particularly favorable tariff not only on mortgages, but also consumer and commodity loans.
Thus, refinancing in Bankallows you to review the conditions:
- on the mortgage of another bank;
- mortgage together with other types of target and non-target loans (allowed to combine into a single loan of two and five loans).
You can take a new loan in Bankif the program necessarily included a housing loan issued for the purchase, construction, and overhaul.
The main parameters of refinancing from Bankinclude the following indicators:
- The loan amount is not less than 500 thousand rubles.
- The maximum limit depends on the type of refinanced mortgage in Bank:
- mortgage – up to 80% of the cost of mortgage housing (based on assessment data from an independent expert);
- does not exceed the total amount of total debt on refinanced debts within 1.5 million rudders and the amount requested for personal purposes in addition, not more than 1 million.
3. The repayment period is up to 30 years.
An additional advantage of cooperation with Bankis a minimum of expenses associated with servicing the loan. Any commissions are excluded from the contract.
Benefits of cooperation
A program that refinances someone else’s mortgage has a number of advantages in its favor:
- With the help of the program will combine several loans, making payments simple and understandable. The need to monitor compliance with the deadlines for all loans taken by the borrower is eliminated, since the day of the monthly transfer is one.
- Preparation for the conclusion of the contract is maximally simplified, since it does not require additional collection of certificates of the amount of residual debt from other creditors and their consent. They are not included in the mandatory list of documents for refinancing mortgages at Bank.
- Reduces the monthly amount of the cost of servicing loans.
- The client can receive an additional amount that he can spend at his discretion, without coordinating the costs with the bank, at a minimum interest rate.
- Each application is considered individually, taking into account all the circumstances.
- Allocation of credit line, registration, service, online banking online, SMS notification – all these options are provided free of charge.
In determining the current rate, it is important whether the registration of the mortgage agreement was completed. Before the registration of the mortgage takes place, the percentage will be higher, after – it will decrease by 0.5-1.0 percent.
Depending on what types of loans will be taken for on-lending, a different rate is applied. The minimum percentage can be calculated if only the mortgage loan is reissued. When consolidating multiple loan commitments, the rate is higher:
- While the mortgage agreement is not registered, the Bankrate is 11.5-12.0%.
- After the registration of the contract is confirmed, the interest rate decreases to 9.5-10.0%.
Mandatory condition for refinancing – registration of collateral from the list of the following objects:
- apartment in an apartment building, townhouse;
- private household;
- a living room or part of a residential object (apartment, house);
- housing, decorated on a plot of land.
No other encumbrances are allowed in favor of a third party. When credit obligations are transferred, the charge in favor of the previous creditor is removed and transferred to Bank’s collateral.
The order of registration
After the borrower makes a preliminary calculation of the economic benefits online and checks the compliance of the conditions with the requirements of Bank, the client contacts the branch.
It will take a little time to consider the request. The main indicator of the admissibility of cooperation is the study of the history of payments and how responsibly the payer treated the repayment of the loan in the past.
Even if the payment history is flawless, the bank has the right to refuse on any other grounds (for example, a damaged CI or a previous conviction). Only taking into account all the parameters will allow us to hope that the bank will issue a refinancing.
Having received approval, the borrower goes through the standard procedure for obtaining any other housing loan with the registration of collateral.
The only difference is in the need to confirm that the borrower has fulfilled obligations to close the debt in another financial institution and recorded a change in the lender by registering the Bankmortgage. Until the documents confirming the fulfillment of obligations are provided, the borrower pays payments using a higher percentage.
Any individual over the age of 21 can receive refinancing. It should be borne in mind that at the time of closing the debt the borrower must be younger than 75 years.
Refinancing is available to all employed citizens of Russia who have worked for at least 1 year, of which half a year is at the current place of work.
If the borrower is married, a mortgage with Bankin 2018 requires that the refinancing agreement be drawn up with the involvement of the spouse as a co-borrower.
In order to apply, you will need to collect an impressive package of documents similar to that required when you make a primary loan.
In addition to the application to be filled in the branch, the following documents are prepared for refinancing the mortgage in Bank:
- civil passports of participants in the transaction;
- proof of registration of the borrower;
- certificates of earnings, other income;
- a certificate from the employer, indicating employment and experience;
- employment record (certified copy), labor agreement;
- documentation from current creditors (certificates of debt balance, contracts, repayment schedules) is not always required, since Bankhas the opportunity to verify information on the day of consideration independently;
- mortgage (on the object of collateral).
Specify what documents will be required in a particular case, will be able to employee branch. If the borrower considers the question whether it is possible to issue a program using two documents, while observing all the parameters and requirements, the chances of arranging mortgage refinancing are high. However, before using the loan refinancing program in other banks, individuals need to first assess the possibilities of saving, making the Bankoffer advantageous in a particular situation.