10 facts you need to know about mortgages

Fact #8. The seller will not receive his money until the transaction is registered with the registrar’s office.

This is possible thanks to the service “Secure Payment”. The seller receives the money only after the bank has been informed by Rosreestr that the transfer has taken place.

And if for some reason the transaction does not take place, the money will be returned to your account in full. The cost of such a service is comparable to that of other means of payment: a safe deposit box or a letter of credit. But it is much less complicated, and you can be sure that you will not lose money.

Fact #9. it is possible to register property without attending.

refinance my mortage

When you register your title to a property, you officially confirm your ownership of the property to the Federal Central Register Office. And with electronic registration, it is possible to register your title without having to visit an office. The entire process takes place at the bank – in a single visit.

What does the electronic registration service include?

  • Payment of the state fee for the registration of transfer of ownership
  • Issuance of an extended qualified electronic signature for all parties involved in the transaction
  • Electronic transmission of documents to the Federal Register Office.
  • Interaction and registration support
  • Advice and assistance from a personal manager

You can register your title electronically at mortgage centers at the same time as you buy the property. You do not have to go to the bank several times.

Fact #10. In the event of financial difficulties, mortgage payments may be temporarily reduced

If circumstances arise that make it difficult to repay your loan, you can always apply to your bank for a debt restructuring. Restructuring is a change in the original terms of the loan agreement. It is used to reduce your monthly payment.

You can apply for rescheduling a loan online on the website from the comfort of your home. The most important thing is to do it in time and in direct contact with the bank staff. Do not be afraid to apply if you have financial difficulties – the bank’s professionals will carefully examine your problem and certainly find a solution.

The reason for rescheduling a loan can be any circumstance related to a change in financial situation or a significant increase in mandatory expenses.