The term of the mortgage. In the United States and Russia the term of the mortgage is about 5 to 30 years. It follows that the terms of the mortgage are the same, but the citizens of the Russian Federation, seeking to more quickly pay off a mortgage due to the fact that the average annual interest rate on it is 12%, which is two times higher than the rate offered by US banks. The Americans, in turn, are in no hurry to put out a loan charged more because they have developed a system of refinancing, that is, they have an opportunity to put out a loan on more favorable terms. Annual percentage rate. In the US, the annual interest rate depends on various conditions, so varied in the range from 3.5 to 7% per annum.
One of these conditions is the desire of a foreign citizen to take a mortgage in the US. For residents of other countries, the annual interest rate is increased by 1 to 2%. This is due to the risk of default on the mortgage. Another important condition is considered bets.
They can be floating, that is able to change every few years, and fixed - unchanged for the duration of a mortgage. Fixed rates are considered more reliable and stable, and floating profitable in monetary terms for borrowers.
In Russia, are more popular fixed rates in the US - floating.
The primary and secondary housing market. In the US, banks are willing to work with both markets, because apartments and houses sold in unfinished form, which is guaranteed to provide them with collateral. In Russia the situation is different. This is due to the fact that the primary housing market is accompanied by the risk of unfinished, so banks rarely go to such a risk. Russian buyers, in turn, benefit from the primary market, as it allows you to save up to 30% of the total cost of housing, so the citizens of the Russian Federation can not take out a mortgage at the bank, and just be the co-investors of construction. This option is more optimal for buyers.
If Americans had the opportunity to act co-investors, such option would significantly reduce the total number of mortgage loans. But mortgage lending in the United States is very popular, so lenders are no high demands associated with social class to certain strata of society. Of considerable importance is only specialization of banks that offer luxury housing, business class and economy class. Down payment. In the United States and Russia, as a rule, the initial payment of 10 to 50% of the apartment price. At the same time, you can find a bank that lends to and no down payment. Banks in the United States and the Russian loan, based on the borrower's documents confirming his residence and actual residence address, financial status, age, type of activity, marital status, credit history, bank statements on cooperation, excerpts from existing customer accounts.
You will also need a sales contract, the assessment and verification of the status of the acquired property that will reveal all its defects, the contract with the insurance company the insurance of property, documents on payment of utility bills of previous owners. If a citizen of the Russian Federation will be decided to issue mortgages in the United States consideration of the application for a loan is 30 days. Far away both countries also need to take into account, because the cost of all services to be added visa, travel and other costs, which will cost another few thousand dollars a foreigner who wants to get a mortgage in the US. Investment funds will be justified if the foreigner is going to soon move to the US for permanent residence or rent a house purchased in rent. In addition to banks, which are directly in the US,
Russia has bank branches, which make out a mortgage for the purchase of foreign real estate. Typically, in such offices for Russian citizens to obtain loans more easily.
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