Mortgage underwater stones: what to pay attention to

Mortgage lending – for a long time not a new way to purchase your own housing. The main thing is to competently approach the choice of a bank and a mortgage program. However, as you know, any medal has two sides, and any proposal has its pros and cons of.

So, you were approved by a mortgage. But that’s not all. So that the bank is completely confident in your reliability, the loan must be insured, and this is additional costs. To find a reliable insurance company, you can contact a specialized agency or trust the partner companies. After receiving a mortgage, the surprises do not end. Often the bank reserves the right to regularly increase your credit rate. And if you disagree with a change in conditions, it may ask to repay the entire loan amount ahead of schedule. There is a way out of this situation – re -loan in another bank, with more favorable conditions.

It is also necessary to remember that in the first years you will repay not the main amount of the mortgage loan, but the interest on it. Therefore, be prepared for the fact that in receipts about payment the total loan amount remains the same. And of course, you need to remember that in case of violation of the terms of payment of the loan, penalties and penalties await you. But keep in mind that the bank does not establish the size of penalties unauthorizedly, they are regulated by the law on mortgage.