Buying a home. How does this work?
Coming to the realization that you are ready to buy an apartment or house is in itself an important step on the path to owning your own home. Next, You need to weigh whether You have enough free funds to buy real estate. If enough, that’s great, it means You know how to plan and accumulate savings. If not, bank financing can help.
Usually, TBB pank finances up to 80% of the purchased property, and in the case of a KredEx guarantee or additional collateral, the amount of financing can be higher. Therefore, You should make sure that You have enough money to ensure self-financing. Keep in mind that the larger the share of self-financing, the lower will be credit obligations.
You can use a loan calculator to calculate the approximate monthly costs of upcoming obligations. This is necessary to assess whether You are able to allocate such an amount from family income. It is also necessary to take into account the associated costs, for example, the cost of the valuation act of the object, the payment of notary services and state fees, the contract fee, and the costs associated with establishing and insuring the collateral. If in doubt about the amount You can count on when choosing a home, contact the loan manager to ask him all Your questions. TBB pank is guided by the principles of responsible lending and we are always happy to help the client to determine the financial burden that will correspond to his financial capabilities in order to avoid difficulties when repaying a loan in the future.
The most pleasant part is the search for a future apartment, or house. Take your time and don’t rush for making decisions guided by emotions and first impressions. Carefully study all the nuances, weigh the pros and cons and, if necessary, consult with a specialist.
Finally, when the choice is made, complete the loan application. In most cases, the Bank also requests additional documents, such as confirmation of income for the last 6 months, an appraisal report of the purchased object, or collateral. Bank uses collected information to make decision about whether or not to grant a loan. Further, the terms of the loan agreement are agreed upon and the agreement is signed.
The last stage is a notarial act during which a contract of sale is concluded and a mortgage is established. After that, the loan amount is transferred to Your account in order to further enter the account of the real estate seller.
Now it remains only to agree on the date of transfer of the real estate and you can start packing for the move!