A person who decides to make a mortgage deal must be aware that this is a serious burden, which is likely to be carried for decades. Not to lose the joy of life and overpay the bank, it is important to properly select the program and avoid typical mistakes of borrowers. Follow these simple rules to choose the best offer.

STEP 1. Find an Apartment and Consult a Specialist

First, you need to find the house in which you want to buy an apartment. If this is a new building, find out in which banks it is accredited and what conditions are proposed in each of them. When it comes to the secondary market of housing, you need to look which credit organizations have the appropriate banking products. If looking for loans online, you can visit cashspotusa and check the possibilities provided to the customers.

Realtors advise consulting with several experts. As a rule, they are always present at sales offices of development companies and real estate agencies. They can share the info about current promotions and other nuances. If you have a family, children, etc., find out if the selected banks have special programs with smaller interest rates.

STEP 2. Choose the Object of Purchase and Calculate the Loan Conditions

At this stage, you have to primarily choose an apartment, and then get an approval for it. Keep it in mind that sellers and banks can provide certain preferences in relation to individual lots in a residential complex. When choosing a property, you need to clearly compare its price and the total cost of the loan with its solvency. The monthly payment should not exceed 60% of the family income.

It’s important to choose a comfortable payment period so that the monthly payment is not too burdensome. You need to understand that the longer the term – the greater the overpayment for interest.

When calculating the loan conditions, the following parameters are taken into account:

– amount of the first installment;

– credit period;

– amount and type of income;

– age of the potential borrower.

STEP 3. Submission of the Application

Apply to several banks. It will help to save time in case of a refusal, as well as choose the best option offered by banks. The reasons for refusing may be:

– lack of officially confirmed income;

– negative credit history;

– the presence of unpaid loans or credit cards;

– age.

Make sure that you do not have current loans, even small ones, no debts on previously issued loans, and no credit cards issued in your name. It would be good to close credit cards in advance, before applying for a mortgage loan. If the bank agrees to give the loan in full, when applying for a mortgage, a special bank account will be opened, to which the money will be transferred.

In any case, loans are useful for people requiring money to buy dwelling. It is only important to be careful while choosing the service to sign a contract with.

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