How to reduce mortgage payments if a family mortgage is rejected

If there is no chance of approval for a family mortgage, the applicant still has the opportunity to bring loan payments closer to preferential rates. Tatyana Reshetnikova, deputy head of the mortgage department of the Etazhi company, told Gazeta.Ru about this.

To reduce the payment amount, Reshetnikova advises taking out a mortgage for an apartment not in a new building, but on the secondary market. So, according to the realtor’s calculations, if you take out a loan for 20 years, then the “resale” is 44 percent cheaper than the new fund. For a 30-year mortgage term, the difference is 49 percent, 15 years is 39 percent, and 10 years is 31 percent.

On average in Russia, a square meter in a new building costs 15-20 percent more than on the secondary market. In addition, owners can discount up to 10-15 percent of the original cost of the lot, Reshetnikova recalls. This way, you can partially compensate for the difference in mortgage rates. In addition, the realtor reminds you of repair costs if the apartment is sold without finishing from the developer.