Roskachestvo knows how to reduce mortgage rates

Vyalshina offers several methods for reducing the rate on housing loans. Individually, the rate reduction may be small when the conditions are met, but in most banks the discounts are summed up. The total discount will be individual in each case and will depend on the bank, region, type of housing and the borrower.

First, the borrower can provide a guarantor or collateral, which can be other real estate, a car, securities, or other valuable property. The borrower must be prepared that the collateral cannot be sold, and in the event of non-payment of the mortgage, it will be transferred to the bank. A solvent citizen of the Russian Federation with a good credit history under 70 years of age can act as a guarantor. The bank determines the size of the discount in each specific case.

The second method suggested by the expert is that the borrower can become a salary client of the bank. To do this, it is necessary, preferably in advance, to submit an application to the employer to transfer the salary to the account of the bank where the mortgage will be taken. The discount will be individual for each client, depending on solvency and credit history.

However, you shouldn’t count on a too big reduction in the rate: banks are unlikely to offer a discount of more than 1%warns the head of the Center for Financial Expertise.

Vyalshina notes that banks are also interested in borrowers quickly applying for housing loans. Usually, this is a period of up to 30 days. In this case, the bank can reduce the rate to 0.5%. In this case, you can get additional discounts for electronic registration.

In addition, some banks have a commission purchase service: the borrower pays a one-time fee of 1% to 4% of the loan, and the bank provides a reduced rate.

Here it is important to calculate whether such a commission will be profitable for you, — the expert points out.

Another way to reduce the rate on a housing loan is to take out additional insurance. For example, a bank may offer the borrower to take out life insurance and title insurance (for apartments on the secondary market). If the borrower agrees to take out the insurance, the bank will give a discount of several percentage points.

Some banks are willing to lower the mortgage rate if the borrower makes a large down payment. A number of them offer a discount of up to 1.5% depending on the down payment amount.

However, it is important to remember that you should not take out multiple consumer loans for a down payment. This can lead to a high debt load, late payments, and a worsening credit history, — Vyalshina reminds.

Finally, the head of the Center for Financial Expertise suggests using a subsidy from the developer. In this case, the rate is reduced due to the fact that the developer himself pays part of the mortgage loan to the bank. However, the downside of this method is that the cost of housing increases by the amount of the commission to the bank that the developer pays. To understand whether this method is profitable, you can request information from the bank comparing the cost of a mortgage with and without a subsidy.