How to get a mortgage and live in peace

Today I called a friend and complained that the bank is threatening eviction of the mortgage apartment. Demand pay arrears, and it's already half a year can not find a job after the reduction.

Every time I hear such complaints, I understand that most of the problems arise because of the frivolous approach and even irresponsible borrowers themselves. I myself - only mortgage, this is a great option to buy an apartment and live now, buy or invest for the future. Mortgage can and should take, only to approach a mortgage should be wisely and responsibly.

While working in the mortgage bank, I spent hundreds of deals, saw hundreds of family's financial history and, most importantly, how these stories develop in the first few years. And now I can share with you the main rules of safe mortgage to a new property and it was a joy, and the loan is not a burden.

So, here they are.

1. Keep an acceptable lifestyle for you

Mortgage will not be for your family yoke, if the mortgage payment will not be a significant part of your budget. That is, you will be able to pay the loan on a monthly basis and it does not radically change your lifestyle and do not infringe on the interests of family members. You may take a trip to Europe, not three, but twice, the machine to change after five years instead of three years, and so on - are the options you need to adjust a family's needs. But you will be on what to buy clothes, food, medicine, pay for the study and you will not be painful to make a choice between the "sit with friends in a cafe" and "tomorrow to buy travel on the subway."

2. Predict your income

Expecting a mortgage for 15-20 years, think of how many years you will be able to extinguish it. Your needs for 20 years of health system, and, most likely, the cost will rise. Children are born, there may be health problems and the like. Predict your income for at least 7-10 years and do not take into account bonuses and non-fixed premium. They may not be, and payments will be.

3. Keep savings payments for a year ahead

Yes, for at least a year. Because life is unpredictable. Decrees, layoffs, cuts, severe illness and injury. You must be confident in their future, not to shake like a leaf in the fear of change. Strategic financial reserve will help you sit quietly with your child or to survive difficult times. Or have any assets that you can sell quickly.

4. Evaluate their sozaomschikov

If to increase the amount of credit you drive in sozaomschiki relatives and hoping for their participation in payment, then think twice. Loss of job, change of life circumstances or worsening sozaomschikov health often involve change and plans to finance your mortgage.

5. Make life insurance

By law, necessary to insure very flat and loss of property rights risks, and life insurance is not required. Do not pay attention to is "not required", do not listen to those who say that this is unnecessary waste, and boasts it's cool to save. Insure necessarily their lives on the entire loan amount. Yes, insurance is not cheap and it is necessary to pay for it every year. But it's worth it, believe me, when you and your family mortgage in one third of the length of life. Make life insurance!

6. Take a loan in foreign currency income

The desire to save on the reduced rate and the fall of the dollar will turn a double payment with his own growth. Choose the loan currency in which you have a basic income.

7. Choose the right place

Carefully choose the area where you are buying an apartment. Especially if it is not an investment purchase, and you will live in it, to go out to work, to look near a kindergarten and a school. Never choose the area according to the principle "that had the means." You should be comfortable there! Verified, that if you vote time to get to work and back home as a "go" or "tolerance", then very soon will become intolerable. Have you already bought, made repairs, and new solutions often do not have enough money and moral strength. Discontent will accumulate and the guilty will the existing mortgage loan.

8. Calculate the area of ​​the apartment

You take a mortgage for many years, and if you are a young family, then perhaps the children will soon appear. Think about the comfortable accommodation of all family members in advance. Because buying a larger size apartments in 2-3 years it is likely to cost a rather big amount. You will pay the services of the bank to issue a new loan and real estate agents services. If you did not make early payments, you will find that all the while paying interest and owe the bank exactly the amount at which to start. And if the value of your home has dropped, you will have to pay the bank and more. As a result, often have rather big family lives in a small apartment and blames too heavy mortgage.

9. Collaborate with the bank

If you have problems do not wait until the thunder clap. Ask the bank to defer or restructure. Believe me, often the banks are going to meet. Bank is beneficial to the borrower paid on time and preferably longer. So do not hesitate to ask, and it may very well be that you will be rewarded.

10. Have a backup plan

In case things go wrong. If securely built plan was not so reliable, you need to understand how you are going to act and where to live.

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I repeat: life is unpredictable. But these simple rules will ensure you a quiet life and a good credit history.