Recently, experts note that the number of applications for mortgage loans decreased significantly, and connect this fact with the level of housing prices. If the option to calculate a mortgage purchase a studio apartment costs $ 150 000 in the credit period 20 years, provided that the initial payment of 10% of the purchase price the family has, the monthly payment on this loan will be equal to $ 1,348 .. It is known that the bank insists that to pay off the mortgage did not go over 50% of revenue, therefore, the total family income must be at least U.S. $ 2,700 median income family in Moscow - $ 2000.
Anglican lending institutions are trying to solve this problem by developing new loan products. One way to reduce the monthly payment - an increase in loan period. Most banks offer to take a mortgage for up to 25-30 years. There were suggestions and for 40 years.
Longer loans of up to 40 years will reduce the monthly payment, thus reducing the burden on the family budget, as well as increase the amount of the loan in the event that the borrower's income is insufficient to obtain the necessary amounts for less time.
However, comparing loans with maturities of 30 and 40 years, experts point out that in terms of the maximum loan amount and size of the monthly payment difference will be negligible, and the total overpayment on the loan - are essential. This credit will be more expensive than the 20-25-year loan, as the period within which to be paid will be longer. Interest rates on such products because of the increased time is likely to be higher than loans for a shorter period.
The same situation arises in the case, if the borrower has a choice, get a loan for 20 or 30 years, 20 or 10 years. The logic is simple - the less time, less the overpayment. Suppose you take out a loan in the amount of 200 000 dollars, for a period of 40 years, in which case you pay the Bank interest on a loan of about 570,000 U.S. dollars, and at 10 years - 117,000 dollars.
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