Today mortgage loan is perhaps one of the most common ways of buying an apartment. Every Bank is trying to develop as many special programs, and many borrowers without hesitation agree to anything. Actually, its not that simple. What pitfalls can conceal a mortgage loan?
The hidden costs. Every borrower needs to remember that he will have to give the Bank not only the "body" of the loan and interest, but also the payment for account opening and insurance payments. Actions such as consideration of the application, verification of documents, cash credit amounts shall be made free of charge, however, many banks charge for this much money. All payments must be agreed before signing the contract.
The penalty for early repayment. Although this condition can be found in the treaties is not very often, you need to carefully read all the documents, as in the number of banks is still practiced. The penalty is usually 5 to 7 percent of the mortgage amount.
Unilateral rate increase. If the contract involves a variable interest rate, then you need to be prepared for the fact that the Bank may at any time to increase without the consent of the borrower. Potential borrower, not in accordance with this condition, it is better to choose another Bank, so as to challenge this item in court would be impossible.
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