Applying for a Mortgage
For registration of a mortgage for private home ownership or for a flat, you should choose a bank and go to file an application for a mortgage loan. The application must be accompanied by documents for mortgage, list of which is the standard layout. Timing of decision-making varies from bank to bank, but is now increasingly common system «express mortgage», in which the answer takes a few hours. But in the general case, the bank will decide in the next few weeks. If you have received an affirmative answer from the bank loan officers, then feel free to start to pick up an apartment or other property.
The choice of accommodation should be made in strict time; the housing is obliged to meet the mortgage terms of housing, which put forward the bank. Once the object is selected, you will provide a number of documents. They are intended to assess the property and the legal registration of deal.
Because the amount of credit provided by the bank, is limited (no more than the appraised value of housing, but often below it at 5-20%), mandatory step in processing the mortgage space becomes property appraisal. Emphasized is that this does not figure the market value, which makes selling side.
Mortgage lending involves imposing time limits, leaving the bank makes the requirement of compulsory insurance of the borrower’s risk of disability, loss of ownership of the housing or damage. Without mortgage insurance mortgages are impossible.
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