Mortgage without an initial contribution
Many people, wishing to acquire housing on credit, refuse this idea, only having learned about an indispensable condition of a mortgage – existence of an initial contribution which makes to 30 % from apartment cost. After all not each Russian is capable to collect such sum.
But do not hurry to refuse the dream – it appears, there is a way to receive a mortgage without an initial contribution. And it is some such options. Give them now and we will consider.
1. It is possible to use the parent capital as an initial contribution. Some banks can offer families which have the idle parent capital, the special credit program which gives them opportunity to use means of this capital.
2. A mortgage on the security of real estate available in a property. If you in a property have apartment, the house, the land lot, can use offers of banks and issue a mortgage on the security of the housing. However, pledge will be made out with some discount, that is receive a mortgage at a rate of 100 % of cost of housing you cannot. The size of the credit in such cases will make 70-80 % from market cost of the apartment, the land lot or the house. The put housing should correspond completely to requirements of the credit organization to this type of providing and be in the territory of service of office of the bank chosen by you.
3. Two mortgage loans. If at you level of the income allows and available there is own housing, it is possible to try to receive two credits. The first credit undertakes on the security of the housing which is already available in a property: further it will represent itself as primary contribution for the second mortgage. But consider what to issue in one bank at once two mortgages hardly it will turn out, therefore it is better to use offers of several banks at once.
4. To issue one consumer credit and one mortgage. It is possible as means of an initial contribution to use the means received by the usual consumer credit. And besides, it is better to address in some banks. After all some banks trace demands of the potential borrower and if you within three months took the consumer credit, a mortgage to you can refuse. When using this way of receiving debt funds on apartment purchase, it is necessary to remember that the consumer credits are more short-term, and, therefore, the monthly sums of repayment of these credits will be very considerable. Means, you should have also corresponding income.
As you can see, if very to want, desperate situations do not happen.