10 myths about mortgages

Buying on credit is expensive, which generates around a lot of rumors and unverified information. Portal Bank.ru dispel all the myths mortgage. Myth number 1 - if you have difficulty with payments on a mortgage loan, the bank will choose an apartment and all payments will be wasted. This is a mistake. The Bank provides only part of the amount necessary to purchase an apartment. If you have any difficulties lender will negotiate. Only in extreme cases can the courts. Apartment can be sold, but the bank will take a balance of existing debt, which means that funds will still come back to the borrower. Myth number 2 - if the bank is destroyed, the debt need not be repaid. In fact, it is not. Your mortgage debt will go to creditors of the bank assets, ie change only the recipient of the money. Myth number 3 - a mortgage loan fully insured. In fact, many banks are obliged to insure the title to the property and the borrower. Should take into account that in this case, reserved only risks of the bank, the insurance directly to the borrower must pay extra. Myth number 4 - banks do not give money for a down payment on the mortgage. There is often a desire to buy an apartment on credit, but there is no money even for a down payment. The problem is easily solved, if you will take these funds with the help of consumer credit, which is given without specifying the purpose. Myth number 5 - mortgages issued free of charge. A typical mistake. Many banks in the advertisement did not mention the additional charges. Therefore, in addition to the cost of credit in some cases will have to pay heavily for the consideration of the application, opening accounts and credit insurance. Myth number 6 - Mortgage apartment belongs to the bank. In fact, real estate becomes the property of the buyer, but has an encumbrance in the form of collateral. Full ownership comes from the owner only after payment of the mortgage loan. Myth number 7 - a real estate agency selling apartments on credit. In fact, the mortgage may be issued only at the bank. Real Estate Agents to provide a mediation service: consulting, selection of Bank assistance in collecting documents, etc. Myth number 8 - the banks do not risk their money, because the purchase apartments remain in their pledge. The purpose of the bank to earn a mortgage loan, so he plans his profits for years to come. If the client is unable to cope with their responsibilities and have to sell the apartment, the bank may lose the benefit of interest payments in future years. Myth number 9 - the mortgage is only available to very rich. Indeed, mortgages in Russia is expensive, but it does not mean impossible. Young family of qualified professionals able to save up for a down payment and pay for taking a loan for 15-20 years. Over 2010 mortgages have issued nearly 300 thousand Russian families. Myth number 10. Mortgages do not allow single people. Often a factor taken into account the availability of family bankers, but it is far from conclusive. Much more important for the lender - paying customers.