According to Dmitry Leus, who has an extensive experience in the mortgage segment, when a potential client comes to the bank to arrange a mortgage, it is not just a client who is taking a close look at the bank and assessing the profitability of the deal, but the bank itself is also evaluating the credit standing of a potential borrower.
“It’s not you who are looking at the bank; it is the bank which is looking into you”
The first criterion, which draws the banks’ attention, is a stable official income. The client will have a benefit if he possesses another real estate, for example, a cottage or an apartment, a car or other property. Positive credit history of the borrower is also very important.
Many banks will be more loyal to a potential client with the officially confirmed income. But Dmitry personally does not believe that 2-NDFL form (2-НДФЛ) certificate plays a big role because he doubts that a person is able to plan their cash expenses and income for the next 10-15 years – the usual term for paying back a mortgage loan. For this reason, banks accept confirmation of earnings with the certificate according to the bank form. However, it is worth pointing out that in this case, the mortgage interest rates can be higher than normal.
As usual, the average age of people who take a mortgage credit varies from 27 to 45. Nevertheless, according to Dmitry, this range is not a limit, as he personally had experience working with clients, whose ages ranged from 21 to 60.
In addition, you should pay attention to the currency of your mortgage credit. Experts recommend to arrange a mortgage in the currency in which the client receives their wages. This will help avoid problems with the increase in the price of the loan payments, if the exchange rate rises. If we are talking about rubles, the experts unanimously state that mortgage must be taken only in rubles, as one should not hope for the fall of Euro or dollar.
Dmitry Leus completely agrees with it, and also warns about the offers associated with “floating” rates, which are usually linked to MosPrime or Labor tools or pegged to the discount rate of the Central Bank. In this case, Dmitry strongly recommends not to agree to such an offer because in the long term such rates can only rise, and any uncertainty in this issue entails discomfort for the client.
Although, admittedly, such proposals with floating rates are attractive to borrowers, based on simple calculations. Thus, the mortgage bank has a program, under which the first five years the client pays the loan at the rate of 9.75% and all subsequent – at 4.5% plus MosPrime rate.