Mortgage refinancing - what is it and how to refinance a mortgage at a lower percentage + the best offers of banks for refinancing a mortgage loan for 2019

Hello dear readers of the magazine Rich Pro! In this article, we will talk about mortgage refinancing: what it is, how to make a mortgage loan refinancing correctly, where to find the best offers for on-lending mortgages to other banks in 2019.

After reading the article from beginning to end, you will also learn:

• Is it profitable to refinance a mortgage at all;
• What are the features of refinancing a military mortgage;
• How many times you can do a mortgage refinancing and much more.

Also at the end of the article we traditionally answer the most popular questions.

The presented publication will be useful to study not only for those who plan to refinance their mortgages, but also for everyone who wants to increase their level of financial literacy. You will find a lot of useful information in our article, so we recommend that you start reading right now.

About what mortgage refinancing is, how to refinance a mortgage loan in the same or another bank, what documents you most likely need to refinance a mortgage - read in this issue

1. What is mortgage refinancing - an overview of the concept in simple words + an example of mortgage lending

Mortgage Refinancing (or mortgage lending) - This is the registration of a new loan on more favorable terms in order to repay the received mortgage loan funds.

However, it should be understoodthat this situation has nothing to do with cases when a borrower, in the absence of money to fulfill debt obligations, draws up a new loan. The result most often becomes an even greater link in the debt hole.

A feature of the mortgage refinancing procedure is its absolute transparency. The main goal in this case is to alleviate the mortgage load. In this case, the lender knows for what purpose the borrower draws up a loan application - that is, for full repayment of the existing mortgage. At the same time, a new loan is issued on conditions that are better for the borrower than existing ones.

Mortgage Refinancing Example 📎

Let's say in 2015 the year the mortgage was issued at the rate 14% per annum AT 2019 year a refinancing program was issued in Sberbank. The rate on it was 9%. As a result, with the remaining amount of debt, the overpayment will be 5% less per year.

If in the same situation the client draws up a loan under a different program, as he cannot cope with the credit load, this is no longer refinancing. Financiers consider such behavior unreasonable. Often such actions lead to an aggravation of an already difficult situation.

In more detail about what credit refinancing is, we described in one of our articles.

2. Pitfalls of mortgage refinancing

Mortgage refinancing with a competent approach is quite beneficial not only for customers, but also for lenders. However, it should be borne in mind that this process has certain difficulties and a number of nuances.

❗ The primary risk for the borrower when refinancing a mortgage is the possibility of a negative decision on submitted applications at any stage of registration.

Sometimes a refusal comes after the initial training:

• warning to the lender issuing the primary mortgage of the intention to refinance;
• ordering a report on the valuation of a property (which, incidentally, is not cheap);
• preparation of a full package of documents.

At the same time, the bank is not obliged to inform the potential borrower what the reasons for the refusal are.

❗ The second difficulty in refinancing a mortgage is that its design is not accessible to everyone.

There are a number of circumstances under which it makes no sense to submit an application:

1. Bad credit history. Even with the timely payment of all mortgage payments, you can make many delays, for example, on microloans. As a result, there will almost certainly be a refusal on an application for refinancing.
2. A small balance of the amount and term of the current mortgage. Most banks set a minimum size of these characteristics.
3. Delinquency on a valid mortgage loan.
4. The mortgage was recently issued. More often than not, the minimum term for successful payments on a housing loan is included in the bank's claims. In most cases, a limitation of at least six months applies.
5. A mortgage loan was previously restructured.

❗The next feature concerns primarily the property deduction for mortgage loans. The fact is that often when refinancing banks offer to combine several multi-purpose loans or to receive an additional cash amount in cash. As a result, the tax can consider a new loan agreement untargeted and refuse to deduct funds.

❗Another nuance in relations with the tax arises in the case of registration refinancing. The fact is that the legislation provides for a deduction for a mortgage, as well as for refinancing. However, nothing is said in the Tax Code about re-refinancing. Theoretically, this can lead to a denial of deduction.

It is important to carefully study all the nuances of mortgage refinancing. This will help to avoid a number of problems in the future.

3. Is mortgage lending really beneficial?

Before deciding whether to refinance a mortgage, you need to understand how beneficial it is.

To do this, you need to carry out several calculations:

1. Analyze the amount of remaining interest on the current mortgage. For this purpose, you can use the payment schedule issued at the conclusion of the contract. The same information can often be clarified using Internet banking. If you yourself cannot understand how much interest will be paid yet, you can request a certificate from the bank.
2. Analysis of the amount of interest that will be paid on a new loan. To do this, first of all, you will need the basic parameters of a future mortgage. You need to know the interest rate and term. It turns out that reliable information can be obtained only if there is preliminary approval of the application for refinancing a mortgage.
3. It remains to calculate the savings. Moreover, from the current interest, it is necessary to subtract not only the overpayment in case of refinancing, but also all the costs of its execution.

When the result of the calculations is found, it is necessary to evaluate for yourself whether the cost savings are the efforts that will have to be made for re-lending.

Specialists distinguish the following cases when mortgage refinancing is likely to be beneficial:

1. The current housing loan is issued in a currency different from the one in which the salary is paid, that is, the conversion of a dollar mortgage into rubles usually brings serious savings;
2. Refinancing is carried out on preferential terms, which the bank offers to corporate and salary clients, as well as to certain categories of citizens;
3. The current mortgage has been issued for a long time, since then the conditions for housing loans have changed in favor of the borrower;
4. There is still a lot of time until the end of the mortgage agreement (if payments are almost completed, interest savings may not cover the costs incurred during refinancing);
5. In order to reduce the credit load, a decision was made to combine several loans with a mortgage.

In the process of analyzing the benefits of a refinancing procedure, it is important as carefully as possible to study the offers available in the market. Some banks do not work with certain types of real estate. If this fact is not taken into account, time for studying their conditions can be wasted.

Comprehensive Mortgage Refinancing Guide

4. How to refinance a mortgage at a lower percentage - 5 main stages of re-lending

Often, those who want to refinance a mortgage simply do not know how to do it better. In fact, it is enough to know the main stages of this procedure in order for the refinancing to be the most profitable and comfortable.

Stage 1. Decision Making

For many borrowers, the first step is the most difficult. The refinancing procedure is quite lengthy - in most cases the whole process takes about 1.5 months. That is why for some mortgage payers it can be difficult to decide on it.

In the refinancing process, serious work will have to be done. But one has only to decide and start, and then it will be much easier. How to evaluate the benefits of refinancing, we have already told. When this is done, you can safely proceed to the second stage.

Stage 2. Choosing a bank

Choosing a bank is no less important than calculating the savings from the refinancing procedure. This step requires the borrower to carefully analyze their own financial situation.

First of all, you will have to evaluate the following factors:

• on which property is a mortgage registered (most often it flat, private house or Earth);
• whether the right of ownership has been drawn up (when lending on the security of an equity agreement, the borrower does not have a certificate);
• whether maternity capital was involved for mortgages;
• type of employment - self-employed or entrepreneurship;
• whether official employment, whether there is the possibility of documentary evidence;
• how the income is confirmed - a certificate in the form of a creditor or 2-NDFL.

Most of all chances for a positive decision in almost any bank are for clients who are employed and receive an official salary, confirmed by a certificate 2-personal income tax. An additional advantage will be the availability of a certificate of ownership.

If you used maternity capital to pay off the mortgage or to get it registered, and children are registered on the acquired area, it will be practically impossible to find a bank for refinancing. Difficulties with the search arise in those cases when the mortgage is registered on a private house.

Stage 3. Contacting the Bank

When a bank is selected, it is necessary apply and package of documents for consideration. The list of required securities is best clarified directly with the lender. The fact is that each bank independently develops such a list.

Before applying, it is worthwhile to carefully analyze your own solvency. The size of monthly payments on all existing loans should not exceed half the salary. If this rule is not respected, refinancing will most likely be refused. In this situation, you can try to attract co-borrowers.

The term for consideration of applications filed for refinancing is determined by the creditor. In most cases, banks spend on decision making 2 to 5 business days. However, during the influx of customers, the terms can significantly increase (in some cases, up to two weeks).

Approval of a bank on a refinancing application usually includes the main parameters of a loan being issued - customer data, the amount, term and interest rate. In some cases, this document may be supplemented by individual conditions, egdemand to close a consumer loan.

Stage 4. Approval of the property

When the candidacy of the borrower by the bank is approved, it is necessary to go through the procedure for approving the property (often both processes take place simultaneously in order to save time).

Since real estate will act as collateral for a loan, in relation to it you will have to perform the following actions:

1. Prepare a package of documents required by the bank;
2. Assess the property and attach a report on it to the documents;
3. Contact the insurance company in order to obtain approval for the policy (this information is also sent to the lender).

For assessment and insurance, you should contact specialized organizations that have been accredited by the bank. Their list can be clarified directly with the lender.

As soon as the bank receives all the documents for the property, their consideration begins. It usually takes about 2-5 working days. If the property is approved, a refinancing transaction is executed.

Stage 5. Confirmation of repayment of the existing mortgage

Some borrowers mistakenly believe that the process of processing refinancing ends with the signing of an agreement. In fact, while the bank has not provided proof of repayment of the existing mortgage and the security has not been renewed, the rate on the new loan is set at an increased level.

To complete the process of refinancing a mortgage and reduce the interest on a new loan, you will have to take the following steps:

1. Pay off the current mortgage and get a certificate of this;
2. Pick up a mortgage at the bank where the loan was paid;
3. Register a transaction at the MFC - pay off an old mortgage, register a new one and a refinancing agreement;
4. Provide documents from Regpalat to the bank.

Usually, the day after the documents are submitted, the bank carries out a reduction in the interest rate.

For many, the procedure for refinancing a mortgage seems rather complicated. However, in fact, it is quite possible to formalize it. The instructions presented above help to cope with the task much easier and faster.

The necessary list of documents for mortgage refinancing

5. What documents are needed to refinance a mortgage - a list of required documents

Each bank independently develops internal regulations for registration of mortgage refinancing. Based on it, a list of documents necessary for the procedure is formed.

Despite this, you can select the list that all banks require.

Documents required for refinancing a mortgage:

• statement;
• passport of a citizen of the Russian Federation;
• certificates confirming employment and income level;
• documents for a real estate subject to pledging;
• agreements and other agreements confirming the transaction;
• Documents from an existing lender - a certificate of remaining debt and the absence of delay, a loan agreement, details for repaying a mortgage.

It is important to ensure that all documents are properly executed. Moreover, some banks set the validity periods of various certificates. In order not to have to redo documents, it is necessary to monitor their compliance.

Features of mortgage lending for military personnel

6. Military Mortgage Refinancing - Highlights and Nuances

Despite the fact that payments on military mortgages are fully made from the state budget, refinancing is also relevant for such housing loans. Firstly, at the end of the service, the client pays the rest of the debt. In such a situation, the desire to do this on the most favorable conditions is quite natural. Secondly, for the state, a reduction in the size of payments is also extremely important.

Meanwhile, today the average rate on the market for military mortgages is at the level of 10% per annum At the same time, literally three or four years ago, it was about 12%. In such a situation, changing loan conditions was an important problem for both the borrower and the state.

Before the beginning 2018 year refinancing of a military mortgage was not provided. Today it is possible to carry out such a procedure.However, still not everyone understands whether it makes sense to refinance a military mortgage, as well as what are the nuances of such a procedure.

6.1. Is it profitable for a participant in a military mortgage to refinance a mortgage loan?

To understand how beneficial mortgage refinancing is, it is important to know how the rate on it has changed. At the time of launching the program in 2005 for the housing loans in question, it was set at ten percent per annum. Subsequently, in the wake of the economic crisis, lower oil prices and rising dollar and euro rates, the rate was increased by several points.

In September 2017 of the year Central bank the key rate was reduced to 8,25%. The consequence of this decision, including a reduction in military mortgage rates in some banks. AHML set it to level 9%, Sberbank and Gazprombank - 9,5%, VTB 24 - 9,7%. In the same period, the maximum mortgage size for the program under consideration was increased.

Thus, those who issued a military mortgage at the very beginning of its formation - in 2005 year, it makes no sense to try to refinance it. Today's rate is about the same. If the mortgage agreement was drawn up during the years of crisis, it is worth trying to reissue it.

Refinancing military mortgages can reduce monthly payments, as well as reduce the total overpayment for the entire loan term. This procedure is an excellent insurance. It is important to remember that in case of dismissal from service, the borrower will have to pay the bank independently.

6.2. How to refinance a military mortgage - where to start

The final decision on mortgage refinancing is made by the bank. Many still do not understand why it is worth undertaking such a procedure, because payments for the borrower are paid by the state.

But do not forget that in 2015 and 2016 years, the indexation of the annual contributory contribution was not carried out. Moreover, forecasts of its level were also lowered. As a result, there is a danger that some military personnel will remain in debt at the end of the mortgage agreement.

Despite the fact that certain measures have been taken to reduce such risks, they are most likely to work for those who issued a military mortgage until 2014. The remaining borrowers still run the risk of leaving the debt service.

A huge plus in the described situation may be a reduction in mortgage rates. Today its size begins from 8.5% per annum. It is likely that in the future it will become even lower.

Take note! Unlike conventional mortgages, where refinancing has been popular for many years, such a procedure was previously impossible for military housing loans. In the standards of Rosvoenipoteka, it was simply not provided for. Only at the beginning 2018 of the year, the possibility of refinancing the loans in question was introduced.

For re-lending in order to reduce the interest rate on a military mortgage, you can apply both to the bank where it was issued, and to another lender. At the end of the refinancing process, the borrower will be given funds that will be used to repay the existing mortgage. After that, payment will be carried out on new terms and, possibly, in a new bank.

Experts recommend for refinancing a mortgage, first of all, contact the credit institution where it is registered. Often banks go towards the borrower and lower the rate 1-2 points. Today, this practice is valid in Sberbank, Gazprombank and some other credit organizations.

When applying to "your" bank for approval of refinancing, a good enough credit history is usually enough. If it comes to military mortgages, even this fact is irrelevant, as payments are made by the state.

With regard to military mortgages today central bank recommendation on the execution of contracts at a rate of 8.25% per annum. Experts advise borrowers who have a loan rate higher than the specified more than two points, contact the bank with a view to revising it.

Where to begin?

In the name of the credit institution you must write the appropriate statement. On the Internet it is easy to find a standard form. It is important to indicate in the text number and date of registration of the military mortgage agreement. It is also worth specifying as a basis fact about the rate cut by the Central Bank of the Russian Federation.

It will be useful to write that the borrower undertakes to make insurance premiums in a timely manner and provide the documents necessary for processing refinancing. If the bank refuses to reduce the interest rate, you should request a written copy of such a decision.

Thus, do not neglect the opportunity to refinance a military mortgage. Experts recommend that servicemen contact the bank not alone, but together. Such actions may push the lender to take decisive steps, as the risk of a large number of reliable clients leaving to other financial organizations will be visible.

7. The best offers on refinancing mortgages of other banks this year - an overview of the TOP-3 most profitable offers

To select the optimal mortgage refinancing program, it is important to analyze and compare the offers of several banks. Only in this case will it be possible to carry out the procedure under the most favorable conditions.

However, not everyone is able to independently study the conditions of a large number of banks and choose the best among them. A rating of banks compiled by professionals in the field of finance can come to the rescue. Below is an overviewTOP 3 proposals for refinancing mortgages of other banks.

No. 1. Sberbank

Sberbank offers mortgage refinancing with the possibility of combining it with other loans. Moreover, the total amount of loans should be no less 1 and no more 7 million rubles. The maximum maturity is 30 years.

The interest rate under the contract depends on what loans are planned to be re-credited. If only mortgages are refinanced, it starts from 9.5% per annum. If others combine with a housing loan, the minimum rate will be 10%.

Sberbank has the following requirements for customers planning to refinance:

1. Age at least 21 years;
2. At the date of the last payment, the borrower must be less than 75 years old;
3. When concluding the contract, the term of work in the last place should be more than six months.

No. 2. Gazprombank

When refinancing a mortgage, Gazprombank issues no more 85% of the estimated value of collateral. At the same time, the size of the issued loan should be in the range from 500 thousand to 45 million rubles.

The rate is set at the same time. 9,5-14,5% per annum. Its size is determined depending on the design of insurance. The maturity can be up to thirty years.

Number 3. VTB

A limit of 30 million rubles has been set for VTB refinancing programs. This restriction applies to Moscow and Moscow region, in the regions it is slightly lower. At the same time, the restriction applies - the loan amount cannot exceed 80% of the estimated value of the propertyserving as collateral. If at the same time the borrower wishes to arrange refinancing by providing a minimum package of documents, the loan amount is limited 50% of the estimated value.

The rate on loan agreements is set in the range from 9,5 before 11% per annum. The maximum repayment period may be 20-30 years. For salary clients, an increase is envisaged.

For a more convenient comparison of mortgage refinancing programs in the considered banks, their main conditions are presented in the table below.

* See current information on the official websites of banks.

8. The bank proposes a restructuring instead of refinancing a mortgage - what is the difference and what are the consequences of such a procedure

Before deciding on a choice between refinancing and restructuring, you should carefully study these two concepts. Borrowers often confuse them and agree to one procedure instead of another.

People far from finance believe that refinancing and restructuring - essentially the same thing, because their initial goal is the same. It consists in reducing the mortgage burden and improving the conditions for repaying a loan. In fact, these concepts are significantly different. To understand the difference, it is worth exploring them in terms of the final result.

Refinancing beneficial to banks primarily to attract new borrowers. This procedure allows you to drag customers who previously paid the mortgage to other credit organizations. This allows the bank to increase the portfolio of long-term loans, as well as profit, even though the interest on such loans is lower.

Restructuring credit organizations offer existing borrowers. This measure is aimed at maintaining relations with the client. However, first of all, the goal of the restructuring is to help pay disbursed debtors. Such a procedure is primarily aimed at reducing the mortgage burden in situations where the payer has financial difficulties.

Restructuring is most often used when there is a high probability of delay, or it has already occurred.

There are several options for restructuring:

1. Decrease in the rate of the loan agreement;
2. Mortgage extension;
3. Recalculation of the payment schedule, including the change of annuity payments to differentiated ones;
4. Credit holidays, when the borrower is granted a deferment either for the whole amount or for the main debt (that is, for a certain time only interest will have to be paid);
5. In some cases, writing off fines, penalties, and forfeits.

Far from always, banks use restructuring only in dealing with complex borrowers. Often, they offer such a procedure to customers who applied to them for refinancing. In order not to lose the borrower and not lose profit in the form of interest on his mortgage, the bank offers him restructuring.

What could be the consequences in this case?

Reduce the rate for the client, reduce the monthly payment. Most often, the borrower is completely satisfied with such actions. Problems arise much later if the borrower decides to refinance such a mortgage in another bank. In this case, the lender is primarily interested in whether the loan was restructured. After a positive answer to this question, a refusal to refinance usually follows.

The negative decision on the refinancing application is explained, first of all, by the main purpose of the restructuring. Since this procedure is carried out to resolve the situation with problem customers, the bank believes that the borrower had previously had difficulty making payments on the mortgage. For the lender, this means an increased risk of default on loans issued.

Thus, before agreeing to the restructuring of the mortgage, it is worth considering carefully. If you have difficulty making payments, this procedure will help you not to lose your apartment (or other property), to cope with your debt without ruining your credit history, and without contact with collectors. However, if the bank proposed a restructuring in order to prevent refinancing from another lender, it is better to refuse.

☝ More information about credit restructuring in our special publication.

9. What should I look for when deciding on a mortgage loan refinancing?

In order for the decision on mortgage refinancing to be correct, and the procedure really bring savings, it is important to pay attention to the following expert tips:

1. First of all, study the offers of banks where you are a salary or corporate client. For such borrowers, banks usually develop individual more favorable conditions.
2. Do not proceed to design based solely on advertising. Often, the real offers of banks are very different from those that they use to lure customers.
3. Pay attention to the purpose of lending, which is specified in the refinancing agreement. For a non-targeted loan, it is not possible to recover the tax deduction.
4. Learn on the security of which real estate a particular bank refinances a mortgage.
5. Before deciding on a loan, be sure to calculate the benefits. The main debt will have to be paid in any case, the savings are the sum of the difference in percentage. In this case, do not forget to take into account the costs of the procedure. If they exceed the savings, refinancing is unprofitable.

In addition to following the above recommendations, you should rely on your own situation. Some banks offer to refinance to combine the mortgage with other loans, or to issue a certain amount of cash. If this is relevant for you, you should contact these credit organizations.

10. Answers to frequently asked questions (FAQ)

Mortgage Refinancing - The topic is quite extensive, it has a number of nuances. Therefore, in the process of studying it, a large number of questions may arise. So that you do not waste time searching, we respond to the most popular of them.

Question 1. How many times can I refinance a mortgage?

The number of appeals of borrowers to credit institutions regarding the restructuring of mortgages is not limited by law. But the bank can independently limit this procedure. Also, if there are delays in payments, refuse approval at all.

Turning to a bank for refinancing purposes Mortgages obtained here, it should be borne in mind that financial institutions allow you to revise the conditions only under the primary contract. This forces borrowers to take a similar decision with maximumresponsibility.

If refinancing is planned to be carried out in another bank, it will be necessary to go through the assessment and approval process from the very beginning. This means that you have to collect a full package of documents, pay for the services of an appraiser and an insurance company.

In order not to waste time in vain, before applying for refinancing, you should carefully study the proposed conditions. Only a thorough analysis and additional calculations allow us to understand whether it makes sense to start this procedure or whether to leave the existing loan.

Question 2. What are the requirements of banks to borrowers for refinancing a mortgage without proof of income?

Requirements for the borrower when refinancing a mortgage loan without income statements

The ability to refinance a mortgage without confirming income is available only to bank customers who meet the following conditions:

• the presence of Russian citizenship;
• age over 21 years;
• good credit history;
• a term of work of at least 12 months;
• the opportunity, if necessary, to attract a co-borrower or guarantor.

Each bank independently develops requirements for borrowers. Therefore, the above list can be expanded. Most often required: availability of registration in the region of registration, provision of a package of documents.Among them: certificates of registration and divorce, birth of children, bank statements and others.

Question 3. Is there a tax deduction for refinancing a mortgage?

All citizens of the Russian Federation who have bought an apartment (or other housing) are entitled to receive a tax deduction. When applying for a mortgage for this purpose, reimbursement is considered on the value of the acquired propertyand on interest paid.

At its core, mortgage refinancing is the replacement of one loan with another. Therefore, the borrower making payments under such an agreement has the full right to receive a deduction. At the same time, you will have to submit both mortgage agreements to the tax office: the original and the new, so that the IFTS can track the change in conditions.

It is important to consider that in the refinancing agreement there should be an indication of the targeted use of funds - mortgage refinancing. If the borrower decided to combine several loans into one, you will have to forget about the tax deduction on interest paid. The fact is that for loans secured by real estate compensation does not apply.

Question 4. What mortgage can be refinanced?

The possibility of refinancing a mortgage is available only if it meets a number of requirements:

1. Banks often set limits on the duration of a mortgage agreement. In most cases, it will not be possible to refinance a housing loan that was issued less than six months ago or until the end of which less than three months remain.
2. Credit organizations may also set limits on the amount of refinancing. For the originally executed mortgage, at least 20-50% of the principal debt must be paid.
3. The presence of current arrears on refinanced mortgages is not allowed.
4. Monthly payments must be paid on time at least throughout the year. In fact, banks value a longer payout period. If delays were previously allowed, the probability of a positive decision is significantly reduced.
5. Earlier on the mortgage, no restructuring procedure was carried out.

Question 5. What are the requirements for a property when processing refinancing?

When refinancing a mortgage, banks present a number of requirements for a real estate object that acts as a pledge for a transaction. Each lender independently develops their list.

However, you can highlight the requirements for real estate, which are valid in almost all banks:

• the pledge under the refinancing agreement must be the same real estate as under the original mortgage agreement;
• ownership must be documented and registered in accordance with applicable law;
• the housing may be registered directly with the borrower, as well as his relatives;
• real estate should not have any encumbrances other than collateral for the primary mortgage;
• until the security is transferred to the new bank, the living space cannot be leased.

11. Conclusion + video on the topic

Thus, without a doubt, mortgage refinancing is an important financial procedure. Its main goal is to reduce the level of overpayment for a housing loan.

However, you should not agree to refinance mortgages without preliminary calculations. It is important to make sure that the final savings will cover all the costs of the procedure.

Some borrowers are too lazy to start refinancing, claiming that they do not have time for this. However, savings can start from a few hundred and reach millions. Such amounts will almost certainly convince everyone.

We also recommend watching a video on how to refinance a mortgage:

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Watch the video: How 90% of Homeowner Are Losing Tens of Thousands of $$$ When Refinancing Their Home (May 2024).