Mortgage...everything is so simple?!"pitfalls of mortgage - news about real estate, Kiev, Kyiv region. Real Estate In Ukraine
Choosing a financial partner to obtain a mortgage loan, you should carefully examine the Bank contract, clauses of which often involve not small "hidden fees".Having decided on a mortgage, most of us are looking for the most favorable credit terms. It is often mentioned in advertising credit interest are the deciding factor when choosing a financial partner. Meanwhile, despite the decision of the National Bank of Ukraine, which requires banks to indicate in the contract the real cost of loans, many of them only advertise minimum financial liabilities future customers вЂ“ so-called "naked", and the value of the effective tax rate inclusive of all additional payments remains in the shadows.Not a single betNot every one of us can enough time, patience and knowledge to understand all the intricate subtleties of banking terminology and calculations, to objectively compare offered by different banks program and to find the best option for themselves. Usually this mission take the mortgage brokers, who in accordance with the law, must comply with the client's interests. But practice shows that many financial advisors are somehow involved in this or that Bank, and accordingly are "on their own".However, according to Maxim Gorbatyuk, Chairman of the COP Volodar, if the mortgage conditions of any Bank seem layman particularly attractive, you can be sure that they hide a lot of "gotchas". Rash to pay attention only to the size and terms of payment the interest rate. Other conditions may involve a "hidden" payments, which in the end can be much more than stated.Among the hidden costs may be one-time Bank fee, which will be a lot higher than standard, or the presence of a monthly fee, which leads to a significant increase in the cost of the loan. In terms of "loyalty program" can be increased the size standard (10-15%) down payment - up to 50% of the purchase price of the mortgage or reduced standard term loan, which greatly intensifies the situation for the client. Special attention should be paid to the conditions of repayment of the overdue payment. Nasty surprise may await client, decided to prepay the loan. If this happens within the first 1-3 years, will have to pay a fee (Commission) to the Bank in the amount of 1-3% of the loan amount.Additional complexityIn some cases, when best mortgage loan programs borrower severely limit the possibility of choice. When buying a home in the primary market reduced rates and low down payments are offered only in case of purchase of apartments by the specific partner company of the Bank. Thus, it is necessary to choose a home only in certain areas where "your" developer, to the same rates for the proposed squares can be above average.Significantly increase the cost of insurance can the object of the mortgage, which in this case is mandatory. Conditions of banks specializing in mortgages for suburban housing may vary significantly from the standard. Rural properties more exposed to risks, and therefore, payments for property insurance will also be much higher.Some banks offer loans to exotic for us currency, for example, CHF. The interest rate in figures favorably, allowing you to save money. However, you should carefully calculate, what is the cost of conversion, the conversion of hryvnia, which will be the borrower to pay in francs. We can expect that banks will make every effort to keep the cost of conversion is not to devalue the advantage in the bet. In addition, there is another risk is unknown how to behave currency in the future.Termination of a contract is not providedThe main advice that can be given to people taking long-term loans - read the contract carefully. Maxim Gorbatyuk advises special attention to all the links, "*" and the lines, small print вЂ“ that it contains the information that the Bank does not want to advertise widely. And if it is found explicitly discriminate against the borrower of the conditions, you should not sign the document.Alexander Polivodskyy, Director of law firm Sofia warns that after registration of the mortgage contract to terminate the deal will not be easy. This is possible only in case of detection of apparent fraud, and the usual carelessness of the client cannot be the cause. The terms of the contract can be revised only if such opportunity is specified in the contract between the borrower and the Bank.