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Business / Finance

#dangerprone: how to refinance a mortgage at a reduced rate

Banki.ru: themes of the day 19.06.2019 at 21:02

Banking and financial news on the website Banki.ru

Since April for families, where, after 1 January 2018 born second or subsequent child are the new terms of the program of preferential mortgage. Early in three, five or eight years the rate of 6% increased to the level of the Central Bank rate plus 2 percentage points (equivalent to 9.5% as of 18 June 2019). Therefore, the program had little success: since the beginning of 2018 took just over 4 thousand families. Under the new conditions of preferential rate applies for the entire term of the mortgage. It has already greatly increased the demand for the program. According to the government, now it can use about 600 thousand people.

the Banks.ru often interested in the opportunity to refinance on favorable terms or to extend the validity of the 6-percent rate for the entire period of the mortgage. Suppose in 2016 the couple Igor and Tatiana, who at that time had no children, took a Bank mortgage of 12.6% per annum. In 2017 in the family had the first child, and at the beginning of 2019 — the second. Now the family can calculate the reduced rate and arrange refinancing in your Bank or in another Bank. To take another example. Boris and Anna, who in 2018 immediately gave birth to twins, has managed to arrange a mortgage at 6% per annum on the old terms, according to which after three years, their rate will increase. Now they rightly want to benefit acted the entire term of the mortgage. The family can also refinance or enter into a supplementary agreement with the Bank that issued the mortgage loan.

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Who can count on a preferential mortgage?

1. If earlier in the program can participate in only of the family, where from 1 January 2018 to 31 December 2022 th had a second or third child, but now the exemption applies at the birth of the fourth child and subsequent children in this period.

2. The borrower, co-borrower and children, with the birth of which came right to the benefit must have Russian citizenship.

3. The borrower must be one of the parents is a co — applicant is optional.

4. Apartment mortgage loan you want to refinance at 6%, initially had to be purchased from a legal entity in the primary market (under contract POS or sales). On the secondary real estate preferential mortgage does not apply. The Exception Is The Far East. The people of the region can be issued discounted mortgages on the secondary market, but provided that the property is in a rural location.

What is the mortgage can be refinanced at preferential terms?

At a reduced rate, you can refinance that mortgage, which had been previously refinanced. For example, the family took out a mortgage in 2016, and in 2018-m received the right to benefit in connection with the birth of her second child and has reborrowed at 6% per annum. Now she can submit a new application for refinancing, for the extension of preferential rates before the end of the term of the contract.

When you make a reduced mortgage down payment shall not be less than 20% of the cost of the apartment. When you refinance, the logic is the same — the debt on the old mortgage should not exceed 80% of the cost of housing.

the Maximum size of loan that you can get at 6% per annum to 12 million rubles for Moscow, the Moscow region, St. Petersburg and the Leningrad region and 6 million for other regions. The apartment may cost more, but the difference family must pay for themselves. Maternity capital, which you can pay the initial fee, included in the maximum loan amount. Under the old conditions it was not included.

Can the Bank refuse to refinance?

If the family meets all the parameters of the program of preferential mortgage lending, this does not mean that any Bank is obliged to issue mortgages at 6% per annum or refinance old ones. First, not all banks offer preferential mortgage lending, despite the fact that the state subsidizes the difference in rates. Second, not all banks refinance their own loans. And even if the Bank offers this possibility, the final decision is always with him: he determines your requirements to the borrower and could deny even its own client in the refinancing at a reduced rate. Usually when refinancing, the Bank looks at whether current mortgage late payments, not restrukturirovaniya whether the credit the borrower more than three months in last place and sufficient income.

How does refinancing a family mortgage?

When you refinance the Bank regardless, did you take initially mortgage loan or another credit institution, may request again all the documents. You as the borrower will have to again undergo the entire approval procedure. Standard procedure for any refinancing: a borrower takes a new loan agreement, which debt old.

In some cases, the mortgage contract can be reissued, only by signing an additional agreement to it. It is possible, for example, from the borrowers HOUSE.Russia, which issued in this family the mortgage on the old terms and now want to establish a preferential rate for the entire term. VTB is not possible to re-register the mortgage agreement with the supplementary agreement, but, as noted in the press service of the Bank, the function will appear in the near future.

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