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Many people who intend to purchase an apartment or individual house with a bank loan are often interested in what exactly the risks and pitfalls of a mortgage are . A mortgage loan involves providing the borrower with a sufficiently large amount of money to purchase residential real estate. Borrowed funds are issued to the recipient at an agreed interest rate with the requirement of full repayment of all obligations after a very long period of time established by the relevant agreement. This method of borrowing involves both enormous opportunities and significant threats for the debtor.
- Additional costs for the borrower when applying for a mortgage
- Bank commissions
- Valuation of purchased real estate
- Insurance
- Limitation of the borrower's rights when applying for a mortgage loan
- Risks of adverse changes in exchange rates
- Collateral is a risk factor for a mortgage borrower
- Threat of loss of collateral property
- Third party claims
Of course, for many Russian citizens, a mortgage is becoming the only affordable way to quickly acquire their own home , since it allows the borrower to immediately move into his apartment after receiving a targeted loan from the bank, which will subsequently be repaid in equal monthly payments over a long period of time. Meanwhile, the system itself of obtaining and subsequent repayment of a mortgage is characterized by the presence of many pitfalls for the debtor, who is the owner and user of real estate pledged to the lender until all obligations under the loan are fully paid. What does a mortgage recipient need to know about the inconvenient aspects associated with this type of bank lending? Possible risks and negative factors should be considered in more detail.
Additional costs for the borrower when applying for a mortgage
The down payment and registration fee are far from the only costs payable by the borrower directly when applying for a bank mortgage. The lending bank itself is directly interested in most of the additional expenses that a client has to face in the situation of obtaining a mortgage loan, which, in fact, makes quite good money from them. First of all, we are talking about numerous commissions that are charged by the financial institution providing the mortgage, as well as payment for the services of the insurer and the appraiser.
Mortgage is limited by strict limits
The preferential program applies only to rural areas and agglomerations that are included in the list approved by regional authorities.
These are rural settlements, workers' settlements, as well as small towns with a population of up to 30 thousand people. The program is not valid in Moscow, St. Petersburg and the Moscow region.
The Republic of Crimea is not an exception, but it is almost impossible to get a preferential mortgage there, because currently there are no branches of banks that participate in this program.
At the moment, these include Sberbank, Rosselkhozbank, Center-Invest Bank, Levoberezhny Bank and some others. But when filling out an application on their websites, it is impossible to select the Crimean region - apparently, they do not work with it.
