Refinancing (or simply refinancing) allows you to reduce the interest rate on a mortgage, that is, to make it more profitable. This procedure has long been known in Russia, but it has only been widely used in recent years. The latest news about mortgage refinancing at Sberbank - conditions in 2019, to whom it is available, can be found in this article.
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Mortgage refinancing
The procedure for refinancing a mortgage at Sberbank in 2019 is the receipt of new favorable conditions for an existing loan. Refinancing will be profitable if the rate of the newly received loan is at least 2-3 percent lower than the original one. Reason: there are always associated costs (for example, you have to pay a property appraisal) that can neutralize the benefit with a small difference in interest rates.
In this segment of lending, one of the leaders is the largest domestic bank - Sberbank. Although this financial institution resumed refinancing only in the spring of 2017, it provides one of the most favorable conditions. For example, the rate of Sberbank is significantly lower than that of other major banks: VTB24, Rosselkhozbank.
Conditions for refinancing a mortgage in 2019 at Sberbank
refinance a mortgage at Sberbank on the following terms:
- The rate is from 9.5%. This indicates that such a procedure will be most beneficial for borrowers who bought housing in 2015. Then the rates reached 14 percent or more.
- The refinancing period is up to 30 years.
- The amount should not be less than a million rubles.
It should also be noted that Sberbank is ready to provide money for:
- mortgage refinancing and consumer credit at the same time. In this case, the percentage will be higher;
- refinancing mortgages, consumer loans and additionally provide money for any consumer purposes.
You also need to consider that the interest rate will be higher until the old loan is repaid. Another 1% will have to pay more before the day of registration of the mortgage. Sberbank will raise the rate by the same amount until the report on the repayment of old consumer loans is submitted and if insurance is cancelled.
Citizens of Russia over the age of 21 are entitled to refinance at Sberbank, the maximum age is 75 years.
Mortgage refinancing
At its core, refinancing is similar to a conventional mortgage.
To refinance, follow these steps:
- Gather the required documents. These include a passport, a 2-NDFL certificate (it confirms the availability of income), a copy of the work book. It also provides information about loans (including payment details) that need to be closed.
- Submit an application for this procedure. This can be done online or at a bank branch. After initial approval, previously collected documents are submitted.
- Wait for the final approval of the lender.
- Sign a refinancing agreement.
Further, Sberbank will transfer the necessary amount of funds to repay the loan taken from the original lender. The borrower has the right to use maternity capital, use various preferential programs (for example, "Young Family").
Refinance calculator
If there is a desire or need to reduce the cost of your loan, then you should contact the bank representatives at the nearest branch of Sberbank . Also, the necessary information can be obtained by calling the Contact Center .
It is impossible to make a calculation online, because. the section of the Sberbank website dedicated to refinancing is not equipped with a calculator. Also, it should be noted that the calculation of the rate during refinancing is not as difficult as with a conventional mortgage, and interest is most often fixed (their sizes can be found above). Therefore, anyone can do the calculations on their own, especially since Sberbank assures that there are no hidden fees.
It should be remembered that the legal status of this type of loan is no different from a traditional mortgage. You can reduce the cost of servicing a loan by using a property tax deduction or using some other preferential state program.
Reviews on mortgage refinancing at Sberbank
Numerous reviews of borrowers indicate that Sberbank, by offering to refinance, is trying to lure reliable customers to itself. It follows from this that only an employed person with sufficient and stable income can count refinancing On-lending should not be confused with emergency financial assistance - this Sberbank program is intended only to reduce the cost of previously taken loans.
Feedback from numerous borrowers suggests that one should not wait until short-term or long-term delays begin to occur. This will exclude the possibility of on-lending at Sberbank, since the largest domestic lender does not take risks and is traditionally scrupulous when selecting clients.
At the same time, a big plus is the ability to consolidate all loans in one bank (and at one of the most favorable interest rates among Russian banks) and receive additional money for consumer needs. According to reviews, this often relieves the tension that has arisen due to lack of finance.
Sberbank is convenient in that it has a wide network of representative offices, ATMs, terminals - this makes it easy to service your loan. Although the reviews indicate that technical problems sometimes occur in Sberbank, in most cases they are not fundamental. You don't have to make your monthly payment on the last day.