|How much is a mortgage?|
For many, it is no secret that when buying a home loan borrower carries many costs that are not always obvious. Studying credit conditions in brochures and on banking sites, a potential customer first pays attention to such things as interest rate, loan term, the minimum and maximum amount, eligibility requirements and collateral.
However, in addition to the repayment of principal and interest that you will make over the life of the loan (usually monthly) mortgage involves at least another three types of mandatory spending, namely:
1. Services in search of real estate, its assessment and other collateral, the registration of the contract of sale, mortgage, property rights, and other expenses directly related to the purchased housing.
2. Insurance of the borrower and the property.
3. Commission of the Bank Loan servicing and other operations.
Without dwelling on the first two types of costs in this article we will examine in detail the latter to assess the real value of the mortgage.
As a source we take the information published on the official web sites of banks included in the top twenty most mortgage banks in Russia in the first half of 2006.
Common costs of the loan (for those banks that they indicate):
Commission for opening a loan account
Sometimes it is called "Commission for account maintenance", "Commission for opening and maintaining accounts", "fee for processing the loan agreement", "fee for registration of documents" (not to be confused with the Commission for consideration of the application or expenditure group 1!).
This is a one-time payment to, usually carried out after the application, together with all the documents reviewed and the positive decision to grant a loan.
The amount of payment varies from bank to bank - often it is 1% of the loan amount, but meets and 1.5%. Sometimes the amount fixed in rubles or US dollars. Most often, in the first and in the second case it is in the range of from 3 to 45 thousand or their equivalent.
Commission for consideration of the application
Most often is called, sometimes appears as "solvency analysis", "conclusion of the credit committee," etc.
One-time payment, which is brought to potential customers before consideration of the application by the bank. Sometimes the fee is charged as for reconsideration or amendment of the initial application.
The usual amount - 1000-1800 rubles, but we met a bank where the amount can be up to 4700 rubles. Some banks consideration of the application is free of charge.
Fee for cash withdrawal
It must be taken into account when payment is made in cash to the seller. Strictly speaking, this commission is not specific just for credit - some banks charge their clients a percentage of the amount of cash withdrawn from your checking account at bank or ATM. Others have no such commission, but the most popular option - when the commission is charged from a certain large enough amounts. It is available by examining the rates of the bank on servicing current accounts of individuals.
The most common rate of 0.5%.
The fee for wire transfers
The board also for ordinary operations of the Bank, which may arise in the event that the seller made clearing. It is for this reason that it often does not come to the attention of the borrower. However, if you are going to transfer the loan amount to open a loan account to the seller's account in another bank (or a branch of the same bank), be sure to ask about the size of the commission.
It is usually a fixed percentage of the amount transferred and is in the range of 30 to 5000 rubles. For transfers within the branch committee, usually absent.
Fee for rental of safe deposit box
When cash settlements often requires rental of safe deposit box at the bank that issued the credit. The most common is in the case where the selection of property occurs after the loan.
Rents can range from 500 to 4500 rubles, depending on the bank and the cell.
Thus, in order to minimize your costs, you need to carefully examine the rates of the bank and you choose the most comfortable option payments to the seller. And do it preferably before filing.