How to choose a bank for a mortgage

To determine the choice of a bank for making a mortgage loan, it is necessary to formulate the selection criteria. And this instruction will help you.

First of all, find out whether your family has benefits or subsidies for the purchase of housing. You may want to use the maternal capital or a "young family" certificate. Among all the possible options, write out those banks in which you can use your benefits and subsidies.

Almost every large bank has its own official website, which sets out the requirements for borrowers for the issuance of a mortgage loan. Carefully read them and appreciate whether you approach the criteria of potential borrowers. Perhaps some options are filled.

Try to calculate a mortgage for each of the remaining banks. Determine in advance for yourself and write down the conditions of the mortgage: the cost of the apartment, for what period do you want to take a mortgage, the size of the initial contribution (note that they can be "maternity capital").

To do this, take a "Mortgage Calculator" search engine and assure the name of the bank or select it from the proposed list. Now the same conditions (exactly those that you discharged) enter each bank to the mortgage calculator.

Create a table on a piece of paper or in Excel, where each column will correspond to the bank, and the string is the value of a specific parameter, for example: rate, overpayment, monthly payment. So the picture will become clearer, butes hurry to choose a bank with the lowest interest rate. It may be more than compensated by the accompanying commissions and insurance, which is clearly or hidden included in the loan agreement.

A very important point to pay special attention to: the size of the fine for each day of delay in the monthly payment. After missing this item, then you can get seriously paid for inattention. Also consult a bank if the early repayment of the mortgage is possible, if in this case the Bank obliges to surcharge, find out what is its size.

As a result, select a bank with a good reputation, medium rates, understandable contract and debt repayment schedule. Most likely, this is the most profitable option in terms of mortgage lending.