The most common mistakes mortgage borrowers

20.02.2012 12:47
Articles about real estate | The most common mistakes mortgage borrowers In order to become a mortgage is not for you in heavy bondage for years to come, make sure you have not done any of the following errors.

Error first - carelessness. It sometimes happens that two or three years of residence in the apartment, purchased in a mortgage, she suddenly announced, "the rightful owner." The trial will drag on for years and can hardly lead to the desired result. Your bank to repay the debt of an insurance company, but the money invested will return you to no one. To prevent this, carefully check the legal purity of the property.

Related article: Who will receive the first «cheap» mortgages?

Second error - deceit
. Do not try to cheat the bank - all the same credit committee will take you to clean water. There sit the real professionals, and besides, great psychologists. They see through your deception immediately. In addition, restrictions on the part of income that goes to pay off the mortgage payments are justified. You yourself may not be able to pay more than 50% of the salary without having to greatly injure their own interests and to deprive his family of many essential features.

Third error - self-confidence. Today you have an excellent relationship with the second half and with the administration of the company where you work. And tomorrow it may be that marital happiness "bursting at the seams," and your firm on the brink of bankruptcy. It should be in advance, before signing the mortgage contract, to provide a probable conflict of life together, and the ability to quickly find another job with a good income - enough to pay off the mortgage.

Also, the point is doubtful, and hope that you will be able to quickly find an apartment that will meet your requirements (and the requirements of the bank!). What is proposed for a mortgage, usually worse for the full payment options. And realtors usually prefer to sell good housing for real money, without getting involved in mortgage vanity. Do not rely on cheapness as well. Buy a mortgage five-storey apartment in the panel you can not - the bank will not do, since his plans do not include problems with housing, which could potentially go under demolition.

Fourth error - inattention. Before you sign a mortgage contract, carefully review all of its items, determine their rights and responsibilities, including - terms of early repayment, penalties for late payment, the circumstances of the immediate repayment of the loan, interest rate changes, etc. Ideal - examination of the contract an experienced lawyer.

Error Five - forgetfulness. Be careful about the timing of monthly payments, do not delay. For each day of delay Bank charges a penalty. And if the client is regularly abusing the trust of the bank, it may be face to face with the stringent requirement of early repayment of the loan in full, together with accrued interest, penalties and interest. Will not find it ... On the other hand, punctuality in paying a mortgage may further do a good job. First, if there are real problems - the bank will go forward, and secondly, it is useful to create a credit history.

Error sixth - greed. As experience shows (and advise "seasoned" borrowers) should always have in stock a couple of thousand dollars. Mortgage is full of pitfalls. It is possible that the bank "impose" specific services to you or the insurance company's valuation, and their prices will be much higher than average. There may be surprises from the seller or estate agent. So it is better to have a "zagashnik" to the decisive moment "does not sit in the overshoe."

Error seventh - haste. Favorable conditions are at first glance, a detailed study of the mortgage may not be so attractive to a potential applicant's credit. Promoting lower interest rate, banks often conceal information about the prohibitive fees for the loan, fees for account maintenance, etc. In addition, be aware that the interest rate you will be much higher if you get a salary in an envelope ....

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