Our site is not fixated only on folding money in a jug and further management with the aim of obtaining reliable income. Perhaps we should go the other way? Consider the most real alternative to the long postponement of salary to the apartment.
For most young families in Russia mortgage remains the most realistic chance of purchasing a private quality housing. It is not surprising that the number of people willing to get a mortgage is growing from year to year. Meanwhile, every potential borrower should be aware that mortgage lending can be associated with a lot of unpleasant nuances.
Usually, mortgage banks offer the lowest interest rates. However, this does not mean that the minimum will be your expenses. The interest rate is a kind of showcase, which the Bank distance a borrower, additional payments can significantly increase your costs.
How to time your mortgage payments more often than other types of lending, and a significant proportion of them shall be payable when obtaining a loan. The borrower should be ready to pay for processing credit applications, verification and evaluation of real estate, real estate services, notarization of the transaction, insurance of collateral. Collectively, these payments are usually very tangible for a young family the amount.
A number of payments, e.g., insurance payments are subject to a periodic payment during the loan term. Before signing the mortgage agreement you need to make yourself a clear idea in what amount and how often you will need to pay the Bank.
It is also important to understand that signing a mortgage agreement, you assume financial obligation for many years to come. In case of failure you can lose your housing. Today if your financial situation appears stable, it does not mean that the situation cannot change in the future.
So mortgages are among the most responsible loan. In this regard, we can recommend a very careful approach to the obtaining of foreign currency loans. The experience of late 2008 – early 2009 with a special presentation has shown how can increase expenses of borrowers in the fluctuations in exchange rates.
So, this alternative is not too happy. In General, both options (save/to harness in credit) are approximately equal in difficulty, both have advantages and disadvantages.