To buy real estate today, many people take out a mortgage loan, but not everyone who wants to become the owner of their own real estate decides to go to the bank. Some people are stopped by the need to make a down payment. In most cases, financial organizations actually want about 20-30% of the cost of the object to be paid by the borrower, but this is not always the case.
This year, everyone can try to get a mortgage without a down payment. Such a real estate loan is not issued in all banks, but if you want to find a bank that agrees to such transactions, there should be no difficulties. Such loans are a real salvation for young families who need their own real estate, but who have not yet had time to save money to pay the down payment. Before deciding on such a deal, you should get acquainted with the features of such a mortgage.
There are several such options. For example, you can use the parent capital. In such mortgage programs, a down payment is provided, but it will not be noticeable for borrowers, because it will be paid with budget money. To take advantage of this offer, borrowers need to have a certificate of maternity capital. Without a down payment, the military can get a real estate loan, but not everyone, but only participants in the accumulative mortgage system. In this case, you will not have to pay in cash, and the mandatory first payment will be deducted from your savings. There are certain categories of citizens who can get a mortgage without having to pay a down payment from their own savings. They can take advantage of the housing certificate.
Tips for borrowers
It is not so difficult to find a bank that will agree to issue a real estate loan if the borrower does not have savings, but at the same time, he receives a stable and fairly high monthly income. You need to take a responsible approach to such actions and first get acquainted with the recommendations of specialists.
Experts advise that before entering into a transaction, always engage in calculations of different options for obtaining a mortgage loan. For borrowers without a down payment, some lenders may raise annual rates. Perhaps, in this situation, it will be even more profitable to issue a consumer loan to receive the amount necessary for making a down payment and registering a mortgage on standard terms with a favorable annual rate.
Attracting a guarantor with a positive credit history and a sufficient salary helps to significantly simplify obtaining such a real estate loan. It is very important to correctly determine the terms of lending. Long-term mortgages are good because the payments are small, but the rates for such programs are usually higher than for mortgages issued for up to 10 years. A real estate loan should only be issued in verified banks. The loan agreement should be studied before signing and it is better to do it with a professional lawyer, so as not to get into trouble.