How to reduce the overpay for a mortgage
How to reduce the overpay for a mortgage
Usually overpayment for a mortgage is significant. But borrowers always have the opportunity to reduce their own costs and reduce the amount of overpayment.
You will need
- - description of credit mortgage programs;
- - application for a mortgage;
- - a package of documents for obtaining a mortgage.
Instructions
1
Initially compare several loansprograms and choose the most optimal offers in terms of interest rates. It should be noted that many banks offer preferential rates for certain categories of borrowers and their salary customers.
2
It is necessary to pay attention not only tointerest rate on the loan, but also on the type of payments. More profitable are differentiated payments, which assume repayment of the principal debt on the loan simultaneously with interest. But the initial payments for such a loan will be higher than under the annuity payment scheme, which assumes repayment of the loan in equal installments. So, for a mortgage amounting to 2.5 million rubles. for a period of 15 years with an interest rate of 12.5%, under an annuity scheme, a monthly payment will be 30,813 rubles, and an overpayment of 3048337 rubles. On a differentiated basis, the monthly payment will be from 14036 to 40283 rubles, overpayment is 2357087 rubles. The profit will be about 700 thousand rubles.
3
Another way to reduce costs involves,that you yourself will be engaged in insurance and evaluation of the property. This will reduce the amount of overpayments for additional expenses, which involve the registration of a mortgage. The insurance and valuation companies recommended by banks often offer higher tariffs, which are unprofitable for the borrower.
4
Remember that you need to make a mortgage in thethe currency in which you receive the basic income. Despite the fact that the currency mortgage is characterized by lower interest rates, it may become less profitable for borrowers due to currency fluctuations.
