Mortgage 2021 – loan features, rate, preferential programs

A mortgage is a chance for many to purchase their own home. Today, potential borrowers are interested in the conditions under which they can get a mortgage loan and what the interest rate will be in 2021.

Features of the mortgage:

• Required collateral. This is the meaning of a mortgage, that money is issued against the property being purchased as collateral.
• Mandatory down payment.
• Mandatory real estate insurance.
• Affordable rates.
• Loyal attitude towards borrowers.
• Possibility to obtain a mortgage for a long term.

Registration of a mortgage

It’s simple: a person finds housing (including in a new building), applies for a mortgage. If the bank is satisfied with the client’s solvency, then it approves the amount. And after the first payment, the borrower already receives a loan for the purchase of real estate. The housing will be pledged to the bank until the loan is fully repaid.

Not everyone has the money for a down payment. Therefore, they can try to find a special program that does not require a down payment. However, it’s not that simple. Most likely, you will need to provide expensive property as collateral, for example, other owned real estate. Also, in most cases, lending conditions here are less favorable.

Problems with repaying loans in the past will be reflected in a person’s credit history. If such “spots” exist, then problems may arise with obtaining a mortgage, since for the bank such a borrower is a priori insolvent.

However, getting a loan with a bad CI is quite possible. In this case, you will have to make a large down payment or provide security (guarantors, collateral). Possible increased interest rate.

Preferential programs 2021:

1. Mortgage against capital

Today, maternity capital is given for the first child. The amount is quite large, and it can be used for a down payment on a mortgage, or for early repayment of an existing loan, including partial early repayment.

The big plus is that to use maternity capital when applying for a mortgage, there is no need to wait until the child turns 3 years old.

2. “Young Family”

This is another preferential program. Here there will be strict requirements for the borrower. Namely:

• The maximum age of spouses is no more than 35 years (or one of the spouses if the family is single-parent).
• The family must be married (or have children if the family is single-parent).
• Applicants must be officially recognized as in need of improved housing conditions.

The difficulty is not in proving that the family is actually in need. The point is to then wait for the certificate, since there is a queue. Sometimes you have to wait several years. If the family still waits for its turn, it will receive 30% of the average cost of the minimum required housing area in a particular region.

3. Mortgage at 6%

This is another government support program. A family has the right to take out a mortgage at 6% if a second child was born after January 1, 2018. An important condition is that the loan is issued only to citizens of the Russian Federation for the purchase of housing in a new building.

4. Mortgage in the Far East

Mortgages at such a low interest rate can be taken out by young families (where both spouses are under 35 years old) and owners of a Far Eastern hectare. Conditions:

• Interest rate – from 2%.
• Duration – up to 20 years.
• Loan amount – up to 6 million rubles.

It is possible to buy housing in a new building or on the secondary market, but only in rural areas. The main condition is that housing can be purchased only in one of the regions in the Far East. In this case, the borrower must be registered in the purchased housing.

5. Money from the state to pay off the mortgage.

After the birth of a third child in the family, the family can receive 450,000 rubles from the state free of charge if it already has a mortgage. This money can only be used for partial or full early repayment of the loan.

You can view current preferential programs and calculate your mortgage using this link.

Mortgage rate in 2021

Today (the first half of 2021), if you analyze the offers of banks from the top 10, it is quite possible to get a mortgage at 8-9%. If we are talking about a mortgage on a new building, the rate will be even lower.

To see the current rates, just use the 2021 mortgage calculator link.

It is impossible to accurately predict the interest rate, since it depends on the key refinancing rate. It is worth saying that today the mortgage interest rate is already the smallest. If the Central Bank takes a course towards further reducing the key rate, then in the second half of 2021 interest rates on loans will fall.

Calculate your mortgage

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