Refinancing a mortgage at Sberbank in 2021

2024 Author: James Gerald | [email protected]. Last modified: 2023-12-17 14:00

When material difficulties arise, banks usually make concessions to their clients. There are special programs for this. Refinancing of a mortgage loan at Sberbank in 2021 will reduce the rate and reduce overpayment.

Betting

Since January 14, 2020, Sberbank has changed the terms of the mortgage. This also affected the rate:

• for the first payment of more than 20%, it went up by 1 point;
• payments up to 20% increased by 1, 2%.

The increase did not occur in preferential programs. This applies to "Military mortgage", "Mortgages with state support for families with children." No changes were made to the mortgage on-lending program.

The rate is set at 12.9%. But you should first calculate whether refinancing will be profitable. To do this, take into account all expenses, and not only focus on the interest rate.

Client requirements

How is the refinancing of a mortgage loan at Sberbank in 2021 formalized if the mortgage is issued at Sberbank? It is important that the client meets the basic requirements:

• age - 21-75 years at the end of the term;
• work experience - more than 1 year, and in last place - from 6 months;
• Russian citizenship;
• no credit delinquency;
• confirmation of income with a 2-NDFL certificate.

If the client receives a salary on a bank card, then the second requirement does not apply to him. All information is recorded when drawing up the questionnaire.

Mortgage requirements

Refinancing is not always done. It is drawn up subject to several conditions:

1. There are no delays in mortgages throughout the year.
2. The contract is valid for at least 6 months, and until its expiration at least 3 months.
3. Refinancing was not performed before.
4. The client will take out insurance.
5. The mortgage agreement was drawn up for the primary or secondary property, and not for an object under construction.

Only if all the requirements are met, the bank approves the refinancing application. These standards are valid for all clients without exception.

Bond requirements

Refinancing of a mortgage in Sberbank in 2021 is issued subject to the requirements for the collateral object. They are as follows:

1. The purchased home must be at the buyer's disposal.
2. The borrower must show Sberbank the title deed.
3. The collateral must be the subject of the mortgage with the primary lender.
4. At Sberbank, you need to re-register real estate on bail after the encumbrance is removed and the primary loan is paid.
5. If other property, which was not registered in a mortgage, serves as a pledge, it should not have any encumbrances.

First, it is important to make sure that all the requirements are met, and then you can contact the bank. The application may be rejected even if at least one of the conditions is not met.

The benefits of refinancing

Making a mortgage at a lower percentage has its own nuances. The client is offered an insurance policy or registration costs are required. Therefore, you should first determine your benefits from this procedure.

Refinancing is usually issued in the following cases:

1. Large loan amount. Since the rate is reduced by 0.5-1%, the overpayment will be significantly reduced due to the large amount of the balance.
2. Long term loan. Interest is paid first, and then the bulk. Therefore, it is best to do early deposit with the primary lender first.
3. A large percentage. It is believed that even 1% greatly reduces overpayment.

Some borrowers get a mortgage from another bank, without considering additional expenses. But it is on them that you can save money by applying for refinancing.

Procedure order

If you are satisfied with the rates and conditions for the mortgage, then you can apply for mortgage refinancing at Sberbank. In 2021, the procedure includes the following stages:

1. First, documents and mortgage details are prepared.
2. You should draw up an application and fill out an application on the DomClick portal. It is considered for 5-10 days.
3. If a positive decision is made, documents for the object must be sent to the bank, as well as its assessment. The procedure is carried out for 3-5 days. It takes 5 days to review the documents and evaluate.
4. A loan is issued at a rate of 12, 9%. The issued mortgage is repaid, the amount received will be enough for this.
5. It is important to draw up an application for early payment of the mortgage and transfer the amount to the bank. After that, you need to take a certificate confirming the absence of obligations. It must be sent to Sberbank 60 days from the date of the loan.
6. The mortgage, which is issued at the bank, should be taken to Rosreestr in order to eliminate the encumbrances. This takes 2-3 days.
7. It is required to register the transaction and sign a mortgage agreement. In this case, the rate is reduced by 2 points.

Approval of the application

The application is considered within 5-10 days. The term is determined based on the required amount, the validity of preferential programs or credit history. The response speed depends on the loan period, salary, dependents of the borrower.

Refinancing collateral is considered an important element due to which an application may be rejected:

1. Small families are not used as collateral.
2. It is important that the floors between floors are reinforced concrete or metal.
3. Non-standard premises cannot be used as collateral.
4. The property should have a separate kitchen and bathroom, heating system and water supply.

Required documents

To apply for mortgage refinancing, documentation is required. The main list includes:

• Russian passport;
• a questionnaire;
• income papers;
• refinanced loan agreement;
• a statement of the remaining debt;
• certificate of absence of debt;
• pledge documents.

This is only an approximate list, it can be supplemented after the approval of the application. The bank may request certificates and statements that are not included in the main list.

The pros of refinancing

Main advantages:

1. A decrease in the interest rate, therefore, a decrease in the amount of overpayment. The borrower reduces the loan burden, which improves the financial situation. In this case, you need to determine the personal benefit, since a decrease in interest leads to costs.
2. You can combine all loans and mortgages to make a payment once a month.
3. With a decrease in payments, free personal funds appear.
4. You can pay a loan using Sberbank-Online, where there are no commissions.

It is thanks to these advantages that the refinancing service is chosen by many borrowers whose financial situation has worsened. By making such a deal, you can easily solve this problem.

disadvantages

It is important to consider the cons:

1. With the wrong approach, the client suffers losses even during registration. For refinancing, you need to pay for the housing appraisal procedure, purchase of insurance. You also need to take into account the time spent.
2. In some banks it is not possible to pay the mortgage ahead of schedule before a specific term. And the challenge of these norms falls on the borrower.
3. You cannot order a service for legal entities.

Refinancing also has negative aspects. Therefore, you first need to weigh not only the pros, but also the cons. This will allow you to make the right decision.

Difficulties

When registering the procedure, difficulties may arise, especially with the use of maternity capital. By law, children and parents are equal owners of the purchased housing. It turns out that after paying the mortgage, everyone should have the same shares.

The difficulty of refinancing is based on the fact that banks are exposed to greater risks due to the likely termination of parental payments. Children are considered a protected population, therefore, in case of delays, the bank has no right to confiscate property.

Maternity capital is difficult to use even after refinancing. This is due to the fact that the purpose of lending is changing. And the capital can be used to pay off a loan issued to pay off a previously received debt.

Therefore, in order to issue a mortgage refinancing at Sberbank in 2021, you first need to take into account all the nuances, analyze the pros and cons. And only then it is worth making a decision.

Summarize

1. When refinancing a mortgage, its own conditions and requirements apply.
2. First, you need to understand the personal benefits and identify the shortcomings.
3. The procedure is drawn up according to the established stages, which must be completed.
4. If any requirements are not met, the bank may reject the application.