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The famous saying "my house is my fortress" will remain relevant for all time, but in the modern world, buying your own home is quite a difficult task. Everyone is faced with the need to save a certain amount of money to purchase large purchases, such as household appliances, a modern smartphone or a car. Sometimes the need to set aside money for such purchases causes difficulty, which then speaks of the possibility of accumulating funds for one's own living space, where the sums are disproportionately larger. This is where the potential client comes to the rescue mortgage center. For a more detailed acquaintance with this quite convenient resource, it is necessary to consider what it is initially.
As many mistakenly believe, a mortgage is a loan issued by a bank to a borrower for the purchase of a residential area, in fact, this is a somewhat inaccurate definition. The fuller meaning of mortgage is as follows: "Mortgage is a monetary loan issued to a borrower for the purchase of ready-made housing, the construction of a new one, as well as for the security of an existing one." In this way, it is possible to get the necessary amount of money even if you mortgage the previously purchased housing, however, this method will not be considered in this article, the main emphasis will be on the possibility of purchasing a new housing.
Initially, for the bank to approve the loan, the borrower must clarify that the credit organization will not provide him with the entire sum for housing. Only a very limited number of banks provide a loan without a down payment. Most credit institutions require a certain amount of money "on hand" as a down payment for the purchase of housing. Moreover, the amount is not fixed, but determined as a minimum percentage of the cost of the purchased object, usually 30% of the total required cash. Thus, it becomes clear that you will have to save up some minimum amount yourself, if this is not possible, then there is always a chance to get a consumer loan. However, this increases the risk of mortgage loan rejection, as the bank checks potential borrowers for outstanding loans, and it is best to communicate this information immediately and in full.
Now it is necessary to find out what documents need to be provided to the bank in order to receive a positive decision on the loan. So, let's first consider the borrower himself. As a rule, this is a working citizen over the age of 21, and at the time of repayment of the loan, the age of the borrower must be less than the retirement age. If the loan is received by a person of pre-retirement age, the term of the loan will be determined not by the borrower's desire, but by the onset of retirement age. As it becomes clear, the minimum monthly payment also largely depends on the term of the loan. At the time of receiving a loan, a citizen must have a total work experience of at least three years, and the experience at the last place of work must be more than one year. If the job changed not long ago, and no matter how highly paid it was, then it is still worth forgetting about the dream of owning a house for a while. It is also necessary to mention that all income of the borrower must be documented, this should be done by the personnel department of the enterprise and the accounting department. For men under the age of 27, the mandatory condition of providing a military ID is added. Here are the main requirements that banks set for home loan applicants.
