In 2020, it is planned to simplify mortgage refinancing
In 2020, there is a trend in mortgage refinancing in the Russian credit legislation. The corresponding bill was submitted for consideration by Deputy Chairman of the lower house of Parliament Irina Yarova. This is the sixth interest rate cut in the past year and a half.
Today, the rate for the purchase of residential real estate in the mortgage varies from 9.5 to 7.3%, at the same time, there are programs for obtaining a family mortgage loan at 6% per annum. Payers actively re-issue loans that were received at less favorable annual rates earlier. This trend will inevitably lead to massive refinancing of existing loans over the next few years.
Refinancing is a special banking service that allows you to repay a current loan by getting a new one at a more favorable loan rate. The procedure can be carried out in your Bank, which issued the mortgage, or in any other Bank that offers more favorable conditions. Banks often do not want to lower their own rate and lose money, so it is easier for an organization to "let go" of its client than to approve refinancing.
But it is much easier to apply for refinancing in one organization. the response is received within 30 days.
In the context of a constant decline in interest rates, refinancing will become increasingly popular, but the registration procedure is now associated with some difficulties. The main one is obtaining permits from the guardianship authorities to pledge housing that was purchased with the funds of the maternity capital. The living area must be registered as the common property of the family, which is sometimes difficult to do due to conflicting requirements.
The new bill should simplify the procedure and save the borrower from unnecessary checks.
The bill will include a separate item on the inclusion of information about the expenditure of matkapital funds in the state register of real estate rights. Thus, it is planned to protect the interests of minor children and control the receipt of a share in the purchased apartment. The bill also eliminates the need to obtain the consent of the first lender who issued the mortgage, and the guardianship authorities. The new rules should simplify the refinancing procedure, reduce the number of securities required for issuing a new loan, and significantly reduce the time to get a cash loan at a preferential interest rate.
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