The main mistakes in the early repayment of the mortgage

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They often try to close a housing loan ahead of time. But if it's not done correctly, it won't do any good. jpg” />

Mortgage has been and remains the main way to solve the housing problem. Last year, this method again showed itself well as an anti-crisis tool. In 2022, the number of mortgage transactions decreased, as did the demand for housing in general. But not as much as expected. In Moscow, Rosreestr registered 108.4 thousand housing loan agreements, which is 15.1% less than a year earlier. Demand fell by 13.9% in the primary market, to 85 thousand DDUs, and by 22.4% in the secondary market, to 132.6 thousand transactions. At the same time, in new buildings in the Moscow region, the share of mortgage transactions, according to Cyan.Analytics, reached a record 73%.

Due to rising prices, buyers are forced to take out mortgages for a longer period. At the end of 2022, the average term in the “primary” was 4 years longer than at the end of 2021, and 6-7 years longer than at the end of 2020. This is almost 26 years in the old borders and region, and even more in New Moscow. Mortgages are usually closed early. It is difficult to do this right away, so more often we are talking about partial early repayment. However, there are many subtleties, not taking into account which, you can make a number of mistakes. Experts of the Elitnoye.ru portal, based on data from the Metrium company, spoke about the most common of them.

Do not notify the bank of early repayment

If you are going to make an extraordinary mortgage payment, you must notify the bank. Otherwise, if you simply put money into the account, the bank will write off the standard monthly amount, and the remaining funds will lie there until the next payment. In order for the money to go specifically for early repayment, you need to make an application. It can be issued in the personal account of the application or at the bank office. Please note that due to sanctions, the applications of some banks may not work correctly.

Incorrect calculation of the amount and date of payment

Before early repayment, it is worthwhile to find out in advance the details of the procedure and the requirements for the minimum early payment, which is set by almost all banks (there is no maximum). And do not forget that early repayment does not cancel the payment according to the schedule. Therefore, on the due date, the account must have the money required to write off the monthly amount.

So, in VTB, an early payment cannot be less than the amount of interest that must be paid in the current month. For example, a borrower in each billing period pays 30 thousand rubles on a loan in the first days, part of which goes to repay the principal debt, and the rest – interest. At the end of December, having received, say, an annual bonus, he decides to partially repay the loan ahead of schedule, depositing 50 thousand rubles into his account. But the bank won't pay the full amount. Of the money received, first of all, the interest accrued from December 1 to December 25 will be written off, and only the remaining amount will go to repay the body of the loan. Thus, the bank will make an early repayment not for the amount that the borrower planned, but for 50 thousand rubles minus interest on them as of the current write-off date. But if you make the same 50 thousand on the date of the monthly payment (for example, on the first business day of January), then the amount will be completely spent on reducing the loan body, already without interest.

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Collect a large amount for early repayment

Often they seek to accumulate funds in order to immediately pay a significant part of the debt. This is a mistake, because you won't be able to save much. Most loans involve annuity payments, which have their own characteristics that are beneficial to the bank. At the beginning of the loan term, they mainly pay interest on it, and only then – the amount of the principal debt. The longer the repayment period, the higher the interest. It is not necessary to collect a large amount in order to deposit it for early repayment of the loan. It is more profitable to regularly deposit small amounts. And the bank has no right to limit the number of early payments, they can come at least every month.

Choose size reduction instead of term reduction at the beginning of the pay period < p>When a borrower applies for a partial repayment, the bank offers to choose what will change in the credit history after the write-off: the amount of the monthly payment or the term of the loan. With each redemption, you can choose the same option or alternate them. The first is preferable only if at the moment there are financial difficulties or an unstable financial situation. But then it is generally worth postponing early repayment. The second option is more profitable. The monthly amount to be paid to the bank consists of part of the principal debt and accrued interest. In the graph, you can see that in the early years, the monthly payment goes almost entirely to paying off interest.

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For example, a borrower took out a mortgage for 5 million rubles for a period of 20 years at a rate of 8% per annum. The monthly payment will be 41.8 thousand rubles. In the first year, about 33 thousand rubles go to pay interest, and only 8-9 thousand rubles go to repay the loan itself. That is, the balance of the debt will practically not decrease in the first 11 years, and only after this period will the proportion change in favor of the amount that will be spent on repaying the principal debt. By depositing an additional 10 thousand rubles and choosing to reduce the loan term, you can significantly reduce both the amount of the overpayment and the mortgage term: from 20 to 13 years. The benefit of early repayment depends on the remaining term of the loan. The closer to the end, the less profitable it is to repay the mortgage ahead of schedule, because the interest has already been paid to the bank.

It is wrong to issue a full early repayment of the loan balance

Suppose the borrower owes the bank 60 thousand rubles, and this amount fits into two months of payments. At the same time, the deadline for the next insurance premium is approaching, after which the bank, according to the terms of the agreement, will raise the rate. To prevent this, a decision is made to pay 60 thousand rubles ahead of schedule and close the mortgage completely. Then you should not rely on the application in the application, it is better to come to the bank in person, write an application for closing the loan and ask to calculate the full amount of the debt down to kopecks.

You can easily make mistakes when doing the calculations yourself. After all, not only the balance of the debt is taken into account, but also the amount of interest for the current month, which will run up to the date of full early repayment specified by the borrower. If you deposit an amount insufficient to close the debt, the bank will continue to accrue interest, and you may not even know about this delay. At the same time, during a personal visit to the bank, you can request a certificate of full repayment of the mortgage and a mortgage on housing, if it was drawn up at the conclusion of the contract (it is better to clarify this issue on the spot). These documents will be needed to remove the deposit from the apartment. The procedure can be completed at the MFC at the place of registration.

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