How to fix a low mortgage rate before it increases
Today we will discuss about fixing a low mortgage rate before it increases. In light of the recent decisions of the Central Bank of Russia to raise the key rate, this issue is becoming increasingly relevant.
On December 15, 2023, the Board of Directors of the Bank of Russia decided to raise the key rate by 100 basis points to 16% per annum. This is the fifth rate increase in the last three months, which may lead to an increase in mortgage interest rates on the part of banks.
However, despite the increase in the key interest rate, many banks are still offering mortgage loans on the same terms. This means that if you manage to apply for a mortgage before the bank changes its terms, you will be given the opportunity to take out a loan at a lower rate.
After the mortgage application is approved, your rate will be fixed for a certain period. This means that you will have up to 90 days to find a suitable property, coordinate with the bank and prepare for the transaction, while your rate will remain unchanged.
If you are planning to purchase a home in the near future and want to take advantage of a low mortgage rate, we recommend that you pay attention to the current offers of banks and apply for purchasing as soon as possible.
The next meeting of the Board of Directors of the Bank of Russia, at which it is planned to consider the issue of the key rate level, is scheduled for February 16, 2024. Until then, you have the opportunity to take advantage of the current conditions and fix a low mortgage rate.
We hope that this information will be useful to you. Stay tuned on our blog to keep up to date with the latest mortgage news and advises.
Assistance in obtaining a mortgage – the bank will not refuse
Statistics show that when realtors provide assistance in obtaining a mortgage, in most cases the mortgage will be approved by the bank. When applying for a mortgage loan on their own, refusals occur more often. For this reason, assistance in obtaining a mortgage in St. Petersburg, the cost of which is usually included in the total price of real estate services, is required by many real estate buyers.
It is impossible to handle with mortgage without professional realtor support and recommendations to those potential borrowers who have unstable incomes or a faulty credit history. If such a buyer contacts the bank on his own, there is a high probability that he will receive a refusal. Attracting help of a «Nevsky Prostor» realtor increases the possibility of a mortgage loan being approved by the bank two to three times.
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• You can also ask our specialists online
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