The head of the analytical department of AMarkets Artyom Deev notes that in the past few years, the Central Bank has reduced the key rate. After the introduction of anti-Russian sanctions, it increased to 17%, and since March 2018 its size has been in the region of 7.25-7.75%. At a meeting of the Central Bank held in July 2020, a decision was made to reduce to 4.25%. In this regard, financial organizations began to provide more favorable conditions for mortgage loans.
Mortgage rates are falling, but the solvency of many borrowers is also falling. The consequences of the coronavirus pandemic are affecting. In such a situation, the question becomes more and more urgent: how can you reduce payments on a home loan?
You can save on mortgages by asking for a discount from the developer. It can be minimal - around 3%. You can also save on insurance. It should be noted that it is better not to apply for a policy in the first company recommended by the bank. According to real estate experts, rates in different insurance companies can vary significantly.
Also, if you're having trouble depositing the amount, refinancing is an obvious way to lower your payments. According to Aleksey Korenev, analyst of the FINAM Group of Companies, most often the mortgage will have to be refinanced at another bank. The fact is that the credit institution that originally issued the loan is not too interested in the level of interest payments to decrease. It is because of this that there has been a noticeable flow of clients from one bank to another recently.
- It must be borne in mind that refinancing a mortgage loan in another credit institution is associated with significant costs, since you will have to re-collect the entire set of documents, conduct examinations, and obtain BTI opinions, - says analyst Alexey Korenev.
According to Artem Deev, if it takes a long time to pay the mortgage, it is beneficial for the client to reduce the interest on the loan. If there are several years left, then the interest to the bank will "eat up" all the benefits of the procedure. You also need to find out what insurance the new bank requires. According to the analyst, money will also be needed to reissue the documents: to pay for an independent appraisal of real estate, to pay the state duty for a new mortgage and to buy a new insurance policy. You need to collect papers and take them from the previous bank very quickly: until the new bank receives the documents, it gives an increased rate.
Anna Bodrova, senior analyst at IAC Alpari, advises applying for a mortgage loan restructuring to reduce payments.
- Now, when the key rate of the Bank of Russia has reached 4.25% per annum, financial organizations were forced to cut rates on credit products and mortgages as well. You shouldn't expect miracles here, but it is quite possible to reduce the rate by 0.5-1.5%, - says Anna Bodrova.
In turn, expert Artyom Deev says that there are nuances in the restructuring of a mortgage loan. If the borrower previously had a good credit history, there were no delinquencies, the bank can meet him halfway by changing the payment, but this happens very rarely. According to him, documents will be required confirming the deterioration of the client's financial situation (a certificate from the hospital about the state of health, a certificate that the spouse went on maternity leave, or a certificate from work about redundancy). In this case, the amount of regular payments decreases in accordance with the fall in income.
Also, to reduce mortgage payments, the bank can provide credit holidays. He will delay the loan debt for a certain time, but at the same time he will leave only interest or change the frequency of payments.