nowadays it is difficult to find a person who doesn’t have a mortgage. Alone designed it, others pay the first year. Meanwhile, over the past five years rates for mortgages decreased 1.5 times. If in 2015 the weighted average wager was about 12-14%, now the average rate on the market — 8,5-9% per annum. The decrease in interest on loans — a great reason for processing the refinancing.
Refinancing is a loan that allows you to pay off the mortgage of another Bank with the help of loan taken in the new Bank on more favorable terms.
the Main interest in refinancing is manifested in people’s desire to reduce the burden on interest. However, not everyone knows what this beneficial tool can reduce not only the interest rate but also help to redistribute the monthly payment, making it smaller, and to reduce the term of the mortgage for a few years. Anyway, the refinancing in the first place will help reduce the total amount of the overpayment. The savings can be up to half a million rubles, depending on the amount and rate of the original mortgage. The larger the percentage of refinanced, the better.
to refinance your mortgage, you must examine the actual rates and conditions. To make it easier to define and understand what is available to you, you can seek advice from the contact centre or office are interested in the Bank.
After submitting the application and its approval need to collect all the necessary documents for housing. The new Bank buys an apartment from its predecessor, and you extinguish the debt under the new, more favorable terms.
To refinance was clear to you and best procedure at the time of registration, you should do several things:
to determine the goal of lowering the interest rate, term, possibility of preschedule payment, reducing the monthly payment; specify only accurate information to the Bank faster considered your request and approved it; mandatory PRto borrow from to pay your current mortgage on schedule amounts established initially; to take the Bank that originally provided you with a mortgage certificate of full repayment of the debt. It is necessary to secure a legal protection and guarantee that all obligations to the first lender has been fully executed; calculate the cost of processing the transaction, such as valuation, re-registration of certain documents, and the like. If they exceed benefits, refinance mortgage no sense.
Arrange refinancing of the mortgage of another Bank you can Bank Acceptance at the best rate — 8.4% per annum.