Ready to take a mortgage? Ask ourselves 11 questions to check
Mortgage for many – almost the only opportunity to acquire their own housing. True, she is not very favorable. People are afraid that the bank takes an apartment or because of any problems will have to go to bread and water to make payments.
So can really happen to those who are solved on credit quickly and mindlessly, without preparation. Here are 11 questions for reflection, which will help to understand, to what extent will this financial project will be successful for you.
1. How applicable is your income and stable?
The first of these parameters is important for the approval of the loan and the amount that the bank will be ready to provide you. Obviously, if you have a big white salary, you can qualify for a larger loan and give it out more. However, if you get money in the envelope, it does not mean that you will refuse to make a mortgage. Just conditions are usually less profitable. For example, the bank may increase the interest rate.
However, income stability is even more important. Mortgage – long-playing project. He will defier at least for years, or even for decades. All this time, so that there are no problems, you must give the bank monthly to the bank. And well now know if you can do it. To understand, you will have to ask yourself a lot of clarifying issues, for example:
- How valuable employee? If tomorrow in the company will abbreviations, what will be fired by you?
- Your company is engaged in important and demanded? It is stable or is on the verge of liquidation? Profitable or is about to declare himself bankrupt?
- If you lose work, how fast you will find a new one?
- How many sources of income? If one disappears, whether there will be others enough to have enough for life and mortgage?
- If you get money in an envelope, what is the risk that the employer once starts to pay less or stop at all?
Ideal if you work in a stable company, where you love and pay you well. At the same time, you have excellent reputation, so in case of problems in the old place you will quickly be taken to a new. You still have several sources of income, and in the family it works not one person.
If you fastened somewhere weak, it is not a reason to despair. Rather, it gives you the opportunity to calculate risks in advance and raise straws. Even if you are a freelance season, who is empty in his pocket, then thick, not everything is lost. Just need to attach a little more effort to take care of financial unsuccessful months.
However, if you have very irregular income and you risk at any time to stay without work, with a mortgage it is better to wait.
2. How much money you need per month for life?
It is better to calculate the budget for several scenarios: from basic survival to a very significant existence. Amounts will need to understand what monthly payment amount is suitable for you. So that the mortgage does not turn into a torture, after paying a credit contribution you should remain a part of the salary, which is enough for a comfortable life.
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Sometimes people hurry and choose too big monthly payment. This is in some sense logical: the mortgage period becomes less as overpayment. But what will happen for life if you have to constantly bare ends meet? You can tighten the pins for a year, and not on 10.
The amount required for life is not taken from the ceiling. For some time you have to fix costs to understand how things are in reality. And this should be a long period of observations. Because expenses from month to month can differ significantly. For example, in April, it is necessary to pay taxes, in November – insurance for a car, in winter because of heating communal more expensive than in summer. Without understanding the structure of your spect, you are not very ready for mortgage.
The hypothesis relative to a comfortable payment size can always be tested. Just postpone the amount and evaluate what you can do without it. At the same time increase the initial contribution.
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3. Do you have an initial contribution?
Usually banks want you to make at least 10-20% of the cost of the apartment. Accordingly, from the amount you have, depends on which housing you can apply. For example, if you have 200 thousand, you will choose from apartments worth up to 2 million, if 500 – up to 5 million.
But it’s not just a choice. The more your money you can make, the less you have to take into debt by the bank. And this logically affects the amount of overpayment and the loan period. So the more money you have, the higher your readiness for the mortgage.
4. Which apartment you need?
Mortgage is associated with those or other restrictions that will last several years. It is so not easy, but it will be even harder if the apartment quickly bursts. Therefore, the search need to be suitable with full responsibility.
The best option is to make a list of criteria that the future of housing must match. And then choose from them those for whom you are not ready to make a compromise. As a result, you will receive a check list that will help make the right choice.
5. What apartment you can afford?
Well, if desires coincide with reality, but it happens not always. And the point is not at all in the cost – it is logical that you are watching housing by pocket. But there are still criteria that matter.
For example, a big member is not only an advantage, but also a flaw. Payments for the content of housing, heating is calculated in square meters. And it can quite dramatically increase the amount. Are you ready to give 10 thousand dollars for the LCK from September to May for an apartment in 80 square meters and can you afford it – the question. It is possible that it is worth seeing to housing a little less.
Separately, it is worth talking about the content of housing, depending on its "elios". Buy an apartment – half. But monthly deductions for cleaning, concierge and similar waste can vary significantly from home to home. All this must be taken into account in order not to encounter unexpected expenses, which will be forced to go into rigid savings mode.
6. How much money you need to repair housing and when?
You can choose an apartment in good condition in the secondary market and do not think about repair until you pay a mortgage. But, for example, in a new building with bare walls, it will not work. It means you will need extra money to enter.
A good option is to accumulate the necessary amount for repairs or reduce the initial contribution due to this money. Bad – take another loan. Better a little longer to pay a mortgage than not to cope at once with two loans.
7. Do you have a reserve fund?
You can lose the job, and in search of the next time you will need time. However, the bank will expect payments from you monthly. In the case of such a development of events and other force majeures, it is good to have an inviolable snack.
Ideally, it must be the amount that is enough for three months of payments and a normal life. In practice, it is worth having in stock at least two pay plus money for food and communal to indelicate. This is the minimum set, without it to see the mortgage is extremely risky.
eight. Do you plan to start children?
Not only sad, but also joyful events contribute their adjustments to the mortgage plan. The appearance of children increases costs and reduces revenues due to the care of the child’s care of one of the parents. So if you are planning replenishment in the coming years, it should be considered.
There are good news: now the maternity capital is already allowed for the first child. They can pay off a mortgage.
nine. On which bonuses and benefits from the state you can claim?
In some cases, you can easily facilitate mortgage burden at the expense of state support. For example, every our has the right to take advantage of tax deduction for the purchase of an apartment and interest on a housing loan. The maximum amount that can be returned is 260 and 390 thousand, respectively.
But this is not all. There is also a reduced rate and payments to the mortgage mortgage, the "Young Family" program and other friendships. Learn about your capabilities before you take a loan.
ten. Do you have a chance to repay the loan ahead?
This is what it is worth striving for: early repayment of the loan will save on overpayment. You can hope for a lottery win, but the most reliable way to do it is to increase the income.
Increased earnings are not a case of case, but the result of painstaking work. Therefore, time to think about what you do for this: you work on a personal brand, learn, pump skills. If you make a strategy in advance, nothing bad happens, but good – it can easily.
eleven. Who you see yourself in five years?
If the previous questions, one way or another concerned the finance, now it’s time to add some philosophical fabrications. At the beginning, we have already said that mortgage is a long-term project. Of course, theoretically, an apartment at any time can be sold out from under the guarantee.
But why now not to ask yourself a simple question, who and where you want to be in five years. Do you see yourself in this city, in this apartment, together with a person with whom we are in credit?
Mortgage imposes its obligations. For example, you can stay on the unloved job, because you have a debt, or tolerate something else that makes you unhappy. Therefore, it is worth hard to think about it, do you really want to try this epic. If not, you are not ready for mortgages. But if the loan makes you a step closer to the dream, you will succeed.