If you can pay, can take an additional consumer credit and use it as a down payment. If owned by the borrower already has a property, you can choose a program with a delay of payment of initial contribution: there are programs that allow to buy a new home without paying a down payment, and within 6 months to sell existing apartment / room. Although, if you have owned property, the bank may issue a mortgage for a new apartment on the security available in ownership of housing with a minimum initial payment. Misconception 3. If the bank gives the borrower to permit a certain amount, then the client will receive exactly it, even if the price of the apartment will be less than this amount if the bank has borrower authorization for a loan, say, 3 million rubles.
The borrower expects it to this amount. However, the bank stipulates that a credit will not exceed 80% (or 70% – depending on the bank) of the purchase price. Then Thus, if the borrower has found an apartment worth 3 million rubles. The bank will give him no promise of 3 million rubles. and only 2,4 mln.
(80% of the purchase price). It must be remembered that the bank specifies the maximum amount, but the chosen mortgage program puts this amount limitations. Misconception 4. Getting credit is worthless When making a mortgage and registration of the acquired property, the borrower must be ready for significant lump sum payments, some of which are the bank, others – valuation and insurance companies, as well as real estate agencies.