Refinancing an existing mortgage under a new government program. Mortgage refinancing: refinancing program with favorable interest rates

Buying your own home is the dream of thousands of Russian families. Thanks to the active development of mortgage lending, purchasing an apartment is becoming a reality. It’s especially nice when there is an additional system of government support. However, in this case, it may be necessary to re-issue the loan.

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Basic moments

Today you can refinance your existing mortgage debt at almost any bank. This could be Gazprombank, Sberbank, Bin Bank, etc.

The process of refinancing a mortgage with government support

If the bank’s conditions and the payment amount for the received mortgage are no longer satisfactory, the borrower can use the mortgage refinancing procedure with government support.

This can be done by contacting the bank that offers the most favorable conditions.

The following items are relevant today: loan period, interest rate, maximum amount.

The necessary conditions

The main condition that makes refinancing possible is permission to repay the loan early. There is no other way to obtain refinancing.

Therefore, you must first study the terms of the mortgage agreement to make sure that refinancing is advisable.

Some banks conducting the procedure require special conditions.

These may be the following positions:

1. Mandatory guarantors.
2. Additional security deposits.
3. Confirmation .

When studying the proposed refinancing conditions, you should pay attention to fundamental points.

What conditions need to be studied:

Due to these positions, it is possible to reduce the credit load. For some, it is important to reduce the amount of monthly payments, while others are interested in a longer or shorter loan servicing period.

Features of the procedure

After collecting information about banking products in the field of mortgage refinancing with state support, you need to prepare a package of documents and draw up a document to receive a new loan.

You will definitely need certificates about the amount of the balance on the first loan, from the current account, and the payment repayment scheme.

Next steps are as follows:

Indicators	Description
Apply for a mortgage loan	in order to pay off the debt on the first loan. Wait for the decision of the credit commission
If the decision is positive	the future borrower receives a notification to the first creditor bank. This document contains a commitment to repay the existing mortgage loan early
Information about the approval of a new loan for the purpose of refinancing is submitted to the first bank	its specialists must prepare everything to pay off the existing debt - recalculate the amount of the debt, set the date for the final payment (usually the same as for the next current payment)
Bank providing refinancing	transfers funds to pay off the first mortgage debt. The possibilities of both cash and non-cash payments are discussed in advance on an individual basis
New mortgage is issued again	the transfer of rights to property must be reflected in official documents

Change of dates

The mortgage loan payment period may be changed upward. The monthly payment amount will decrease, although the total overpayment amount will be higher.

As soon as the borrower is able to pay the amounts regularly and without force majeure, the payment period may be reduced.

It is important to foresee in advance the possibility of early repayment of debt without the application of penalties and interest. Refinancing should ease the mortgage burden for citizens, not increase it.

If the refinancing is carried out by the same bank that issued the mortgage, the payment schedule may be revised.

In some cases, payment “holidays” are allowed if the reason for refinancing lies in the lack of actual ability to repay the debt (for example, due to downtime at the enterprise, etc.).

Advantages and disadvantages

Relations with a financial institution are contacts that require the utmost care.

You need to understand that the bank will never act at a loss, so any agreement with it involves a compromise.

That is why you need to soberly assess the pros and cons of refinancing.

First of all, you will have to pay real money in the form of a high commission, and the costs turn out to be very significant and are among the undoubted disadvantages:

Indicators	Description
1 or 2 percent of the total mortgage loan amount	this is the fee for issuing a loan under a refinancing scheme
The same amount will have to be paid as a mandatory payment for existing risks.	if the bank accepts a previously issued insurance policy, expenses can be avoided
Repeated procedure	market value of housing
Payment	for removing the encumbrance from the mortgaged apartment and re-registering the agreement with another bank
Possible payments to intermediary organizations	—

The undoubted disadvantages of refinancing include time expenditure - re-registration, collection of documents, approvals takes a lot of time and takes a lot of effort.

What's the advantage? A few basic points that can compensate for all the real shortcomings:

Video: mortgage with government support

Important nuances

The most profitable option for the borrower is to refinance the existing mortgage debt without resorting to the services of another bank.

In some cases, a financial institution, not wanting to lose a client, may make concessions and renegotiate the terms of the mortgage loan to lower the interest rate.

This solution is also beneficial for the borrower, as it saves him from additional payments, collecting papers and other formalities.

There are situations when a bank can refinance a mortgage taken out with government support without any problems:

Indicators	Description
Commissioning of an apartment building	in which the borrower bought housing during the period. In this case, the interest rate will be reduced based on a reduction in banking risks, and the agreement will be renegotiated
Birth of a second child	involves the accrual of a lump sum that can be used to pay off the balance of the debt. Accordingly, the loan amount will be recalculated
When concluding certain types of agreements with government agencies	Citizens of the Russian Federation may have the opportunity to receive amounts from the state budget, which can also be used to repay the debt to the bank and achieve refinancing for the remaining amount. For example, when concluding a contract between the Ministry of Defense and a military serviceman, a basis appears for using funds from the state budget under the program

If the mortgage loan is issued at 15 percent per annum, and in another bank you can reissue the balance of the debt at lower interest rates, then refinancing makes sense.

You can contact the bank that originally issued the money. However, if the amount is small, then, most likely, a refusal is inevitable - it is not profitable for the bank to lose money.

In this case, refinancing is possible in another financial institution, which agrees to lower interest rates.

If there were no late payments and the income is confirmed, then there will be no problems with refinancing the mortgage debt in another bank.

In what case will the bank that issued the first loan agree to refinance? If the borrower’s income has increased in proportion to the market value of the apartment, and the loan agreement was signed for a period of less than fifteen years.

If refinancing is carried out in order to reduce the amount of the monthly payment, you need to calculate the benefits:

Indicators	Description
The procedure is beneficial if the mortgage is issued for a short period	and the current rate has been reduced by at least two percent. If the deadline for returning the money to the bank remains the same, then there is a benefit
If the deadline for final settlement with the bank increases	then overpayment even if the interest rate decreases will make refinancing pointless
If refinancing is needed in order to reduce the amount of monthly payments	then the benefit of reducing interest is not as important as the risk of losing your home due to the inability to pay monthly installments

Obviously, refinancing is not always profitable. If the borrower has been paying off the mortgage for more than five years, then refinancing may be completely unprofitable, since most of the interest has already been paid.

It is no secret that banks charge a fee for using their funds in the first years of using a credit line. No one will return this money to the borrower.

If the debt balance is less than 500 thousand rubles, there is no point in refinancing. Over the years, the value of the loan compared to the actual cost of housing becomes less and less.

The legislative framework

Mortgage loans are issued on the basis of the Federal Law:

APPLICATIONS AND CALLS ARE ACCEPTED 24/7 and 7 days a week.

Number	Description
	“On mortgage (real estate pledge)”

Mortgage refinancing (or refinancing) is used by those borrowers who, for some reason, cannot repay their current debt or have found more favorable conditions in another bank. The essence of the procedure is to close the existing one using the funds from the new loan, and then pay off the mortgage on more favorable terms. Another option is to remove the encumbrance from the property. In any case, one of the main goals of refinancing for the borrower is to reduce the financial burden.

Vyberu.ru contains the best offers from banks in your region for the current year.

Check out the terms and conditions for mortgage refinancing.

How to choose the best refinancing option

To determine the most profitable program for yourself, you should find out what size of monthly payments will be acceptable to you. The amount of regular payments is affected by the mortgage interest rate, the size of the loan and the term of its repayment.

The card of some refinancing programs lists their main advantages:

• the ability to set your own interest rate;
• consideration of the application using a simplified package of documents;
• the ability to choose your own insurance option, etc.

The summary of each banking product necessarily contains information about the maximum and minimum amount, mortgage repayment period, and interest rate. To get complete information and see a list of requirements for the client, a package of documents that will be required to formalize the contract, click “Details”.

To see what the monthly mortgage payment will be, the amount of overpayment in interest and rubles, use the online calculator on our website. By default, annuity payments are calculated (when the loan is repaid in approximately equal shares). Set the basic calculation parameters:

• the cost of the property,
• down payment amount
• payment term.

After you click “Calculate your mortgage,” a preliminary payment schedule and basic information on refinancing the loan will appear on the screen: total cost, possible payment date, amount of interest overpayment, amount of the monthly payment.

Online application

If you are satisfied with the terms of any refinancing program, fill out an application online. You can provide all the information the bank needs in the form on its website. To proceed to filling out the online form, click “Submit an application” in the tab of the mortgage you are interested in. You will need to provide your passport details, phone number and email, salary level and other information.

If the application is approved, you will receive a response from the bank manager, with whom you can coordinate the time of your visit to the office and a package of documents that you will need to take with you to apply for a mortgage loan.

Mortgages with state support began to be issued in January 2018. The procedure for issuing preferential loans is provided for by Decree of the Government of the Russian Federation No. 1711.

The document provides that families who had a second or third child between January 1, 2018 and December 31, 2022 can buy an apartment from the developer on credit, as well as refinance the mortgage with government support. Rates in this case are provided at the level of 6-9.75% per annum.

The loan is issued in banks accredited by AHML, and the state only compensates part of the interest rate for borrowers. The down payment on such a preferential mortgage is at least 20%. The maximum loan amount (including for refinancing) is limited to 3-8 million rubles.

In banks, such programs are called “Family Mortgage” or “Mortgage at 6%”. The list of accredited banks includes almost all the leaders in mortgage lending, as well as smaller banks.

Military mortgages are provided only to participants in the savings-mortgage system, and loans with maternity capital are provided to families who have given birth to a second child and who have already received a certificate from the Pension Fund. Programs for young, large families with state subsidies are provided for borrowers under 35 years of age whose children are citizens of the Russian Federation (read more about whether it is possible to refinance mortgages for young and large families).

Is it possible to recalculate the loan?

quite possible. In this case, for the first three years there is also a 6% per annum rate at the birth of the second child and another 5 years at the birth of the third. After the end of the grace period, the interest rate is set at the key rate of the Bank of Russia on the date the loan was issued, increased by 2 percentage points.

An application for mortgage refinancing is available using a standard package of documents, provided that confirmation is provided that a second or third child was born in the family after January 1, 2018. After taking out a new loan, you can pay for it only with annuity payments.

The situation is more complicated with other loans. The mechanisms are still being developed (the programs are expected to be launched in 2018), since there are difficulties with double encumbrance in favor of Rosvoenipoteka and the bank, as well as the use of targeted housing loan funds.

As for loans with maternity capital, banks en masse refuse to refinance them due to the fact that, by law, families are required to allocate a share in real estate to minor children. An apartment with such an “encumbrance” is not the best collateral for a bank. However, loopholes are possible.

You can first refinance an existing loan at a lower rate, and then cash out maternity capital to repay the new loan early. It is possible to refinance a mortgage with government support even before the allocation of shares in real estate.

Loans to young and large families in which state subsidies were used are refinanced on a general basis (we talked about whether it is possible to refinance a mortgage loan that was taken out after the birth of the first, second or third child). Borrowers are required to have a positive credit history, official employment, and no shares in real estate allocated to children. And most importantly: the family must be recognized as in need of improved living conditions.

Important! The Young Family program has stopped working since 2018. Instead, there is the Housing program, which was launched in 2015 and will operate until 2020. It is also available specifically to young families.

When is this not possible?

It is impossible to obtain refinancing at a preferential rate if the bank to which the borrower applied does not cooperate with AHML or the client himself does not meet the program requirements. For example, the second child must be born strictly after January 1, 2018; if he appears earlier, then you don’t even have to submit an application to the bank.

Reasons for refusing refinancing:

The program applies only to mortgages issued on the primary market from January 1, 2018 to the end of 2022. Accordingly, if you apply for it in the summer of 2018, you can save a lot, because the overpayment to the bank at higher interest rates will be minimal. Considering the average rates on the mortgage market are 10-12% per annum, it turns out that you can reduce the rate by 4-6 percentage points. This will provide a significant reduction in the size of the loan payment for young families with children.

Most likely, military personnel who were dismissed for violations or who did not receive Rosvoenipoteka’s consent to such a transaction will not be able to refinance their military mortgage. For loans with maternity capital or subsidies, new lenders will check the absence of overdue debt for more than a month and the absence of shares in real estate allocated to children.

Important! In the spring of 2018, the Federal State Institution “Federal Administration of the Accumulation and Mortgage System of Housing for Military Personnel” was instructed to develop programs for refinancing and restructuring military mortgages. It is expected that the programs will be launched in banks by the end of the year.

What conditions must the borrower meet?

To refinance, you need to meet the requirements of banks. Borrowers are required to have a stable income (usually at least 15-20 thousand rubles) and no arrears on the loan. Requirements for the borrower:

The borrower must have liquid collateral purchased on the primary market. There should be no legal disputes regarding housing. Despite government support, banks strictly evaluate the ability of borrowers to repay the loan and the collateral itself.

If the borrower qualifies for the program, but the bank refuses to refinance due to low income or bad credit history, then the bank will have the final say.

In the case of a military mortgage, military service, a certain age (up to 45 years), absence of arrears and a certain lending limit will play a role. For young families and borrowers of loans with maternal capital - having a job, a good credit history, free collateral (encumbrance only in favor of the original lender), which can be sold at any time without the intervention of the guardianship and trusteeship authorities.

What conditions must be met in order to reinvest at a rate of 6% per annum?

• The borrower must, first of all, have official employment or his own registered and profitable business.
• The maximum age of the client at the date of loan repayment cannot exceed 65 years.
• The minimum length of service at your last job is six months, and the minimum experience in the market for individual entrepreneurs is several years.
• The borrower should not be overdue for more than a month. Timely repayment of debt is desirable within a whole year. It is also important that there is no restructuring of the refinanced loan for the entire period of their validity.
• You can refinance a loan under the program that has already been repaid for more than six months, that is, in mid-2018, the first borrowers should appear who will undergo the refinancing procedure at 6% per annum. Refinancing is available to employees, business owners and even pensioners (but not older than 65 years).

List of banks offering social loan refinancing

Refinancing will be available to all banks that participate in the lending project with state support. There are already fifty lending banks that are actively distributing mortgage loans at preferential interest rates. However, given that only loans issued in 2018 can be refinanced, banks are not yet in a hurry to advertise this product.

In the future, you can apply for refinancing from the following banks:

Refinancing is issued at a rate of 6% per annum for the first three to five years(depending on the number of children) for a period from 3 to 30 years. At the end of the grace period, the rate can be increased to almost 10% per annum. For regions, the maximum refinancing amount is provided for up to 3 million rubles, and in Moscow, Moscow region, St. Petersburg and Leningrad region - up to 8 million rubles.

These are the standard conditions for all borrowers who intend to apply for refinancing and banks have no right to change them. In the meantime, in most of the above banks, rates for regular refinancing (without government support) range from 9 to 12% per annum, and the loan term is from 20-30 years. The loan is issued for an amount that cannot exceed 80% of the value of the debt.

Refinancing of military mortgages will most likely be offered by Rosvoenipoteka's partner banks (Sberbank, Rosselkhozbank, DeltaCredit, Svyaz-Bank, VTB, etc.). Programs for young, large families - all leaders in mortgage lending interested in attracting good borrowers.

Mortgage refinancing is possible at a very low rate of 6% per annum. True, for this you need to meet the requirements of the mortgage program with state support and, most importantly, apply for a loan no earlier than January 1, 2018 and no later than the end of 2022. The remaining refinancing options for young families, military personnel or borrowers with maternity capital are still only in their infancy, but it is possible that they will actively earn money in the future.

If you find an error, please highlight a piece of text and click Ctrl+Enter.

Mortgage refinancing has become one of the most popular banking products of 2017. Every fifth new housing loan this year is a refinancing of an old one. For some banks this figure exceeds 40%.

Pros of refinancing mortgage loans

Benefit #1: Reduced monthly payment

When refinancing, the borrower can take out a mortgage for any period approved by the bank. This makes it possible to significantly reduce the monthly payment - both by lowering the rate and by “stretching” the lending period for several more years. But keep in mind: if the difference in rates is small, the overpayment will also increase.

Let's take this example: we bought an apartment worth 3 million rubles with a mortgage. with an initial payment of 20% for 10 years at 13.5%. We paid for a year, then refinanced at 11% for the same period.

With a saving of 4,500 rubles on a monthly payment the total savings thus amount to about a million rubles even taking into account the actual increase in the loan term by a year after refinancing. The calculation was made without taking into account additional costs, which will be discussed in the example below:

Reviews from mortgage providers

We took out a mortgage from Sberbank in 2014 for an apartment in a building under construction. At 14.25% while construction is underway and 13.25% after the house is commissioned. They paid for two years, glad that they managed to do it before the rates increased, and then they began to be sad.

By the end of 2016, our rate began to seem astronomical. We examined the mountain of bank offers and settled on Absolut Bank. Then he offered excellent conditions - 11.25% instead of our 13.25% per annum. The monthly payment was thereby reduced by 4,300 rubles, taking into account the preservation of the loan term. We grabbed a calculator and calculated that we would win more than 885 thousand over the remaining years.

But they soon realized that there would be additional expenses. With the new bank we had to insure not only the apartment, but also life and health. This is plus 10.3 thousand rubles per year. The only consolation was that Sber paid 7,600 a year for insurance, the difference is not too big. Additionally, we paid 2,500 rubles for the assessment, 300 rubles for an extract from the Unified State Register of Real Estate, and a state fee for re-registration of 668 rubles for two. But even after deducting expenses, they gained more than 830 thousand, and the monthly payment became, although not much, less stressful.

Benefit #2: Reducing loan overpayments

If you leave your monthly payment the same and shorten the term of your mortgage after refinancing, your overpayment in interest will drop sharply. Let's show with the same example:

The overpayment is thus reduced by more than 1.7 million rubles over the entire loan term.

Benefit #3: Removal of encumbrances from the property

This is possible when replacing a mortgage loan. Now the rates offered by banks already make it possible to do this, if not with profit, then at least with zero losses. The point of such refinancing is that the apartment becomes the full disposal of the borrower and ceases to be a bank collateral. It can be sold, donated, and so on without any consultation with the bank.

Let's say we took out a mortgage for the same apartment worth 3 million rubles. with an initial payment of 20% for 10 years at 13.5%, but they paid for 5 years, and for the remaining period they refinanced with a consumer loan at 12.9% per annum (the real rate of Sberbank, which is difficult, but still possible to obtain).

In total, we see that the cost of both loans, taking into account insurance and other side expenses, will be approximately the same. However, your apartment will be mortgaged for only 5 years instead of 10.

Benefit #4: Changing the loan currency

An extremely relevant opportunity for borrowers who took out a mortgage in dollars and paid for it after the rate jumped at the end of 2014. Another thing is that not every bank is ready to change the loan currency. Similar services are now provided, for example, by Gazprombank.

Benefit #5: Increased ease of loan servicing

While Sberbank, VTB24 and several other large credit institutions have reliable and more or less convenient online banks, borrowers of many other lenders have to pay through branches, ATMs and terminals.

Refinancing your mortgage may be a good opportunity to ease the burden of traveling across town to the only working ATM with a bill acceptor. It is also convenient to transfer the mortgage to the bank where you receive your salary.

Cons of refinancing a mortgage

• The disadvantage of refinancing in the second half of the loan term with annuity payments. In this case, you pay most of the interest in the first years, and refinancing only makes sense if you want additional ease of service.
• High additional costs. When refinancing your mortgage, you will have to again submit to the bank the entire package of documents for the property - including a new appraiser's opinion. You will also have to insure the collateral again.
• The need to go through all stages of lending again. If over the years of mortgage payments your income has decreased or your property situation has changed for the worse, refinancing may not be approved. However, the bank can issue a refusal or unsuitable conditions without any compelling reason - the procedure is not transparent and is carried out according to the internal standards of the credit institution.

Reviews from mortgage providers

I applied to VTB24 to refinance a mortgage loan in the amount of 1.6 million rubles. Over the phone, and then in the office, they confirmed that I fit all the parameters, so to speak, with a reserve. I have a high salary, a large stable company, and we have a salary project at VTB24. the manager promised a refinance at 9.7% per annum.

I waited a week. A girl calls and says in a cheerful voice: “You have been approved for a loan at 10% per annum in the amount of 1 million rubles.” What? What million? I asked why this decision was made. The girl promised to clarify - and... that’s it. Nobody called again. I asked a question on Banki.ru. The bank's technical support replied that these are the conditions: if you want, take it, if you don't want, go somewhere else.

Who is eligible for mortgage refinancing?

• holders of loans with an interest rate at least 1% higher than that offered by the “new” bank; for annuity payments - in the first half of the payment period;
• borrowers who find themselves in difficult life situations;
• holders of foreign currency mortgages taken out before 2015;
• clients of small banks with an undeveloped system of branches, ATMs or inconvenient Internet banking.

When is it not profitable to refinance your mortgage?

There is little point in getting into refinancing if you took out a home loan several months ago under market average conditions: rates in most banks have not dropped enough since then for refinancing to have any serious effect.

Keep in mind that you will have to re-order a real estate appraisal, extracts from registers, pay for insurance and incur other expenses.

What mortgages can be refinanced?

The loan you intend to refinance must meet the following requirements:

• The loan must be repaid on time for at least the last 12 months (in fact, throughout the entire credit history, since the presence of at least one late payment, even many years ago, significantly reduces your chances of being approved for refinancing). There must also be no current overdue debt.
• As a rule, refinancing a mortgage loan is impossible before six months of its validity. Some banks have a limit on the amount of refinancing - the client must repay the original loan from 20% to 50% of the cost of the property.
• The same applies to the expiration of the mortgage term - you cannot refinance the loan if there are less than three months left before its expiration.
• The loan must not have been previously issued.

Which bank is more profitable to refinance a mortgage?

Here are offers from 12 leading Russian banks providing mortgage loan refinancing services. They are aimed at various borrowers, and if you wish, you can find “your” bank without much difficulty.

Bank	Interest rate and amount	Loan terms	Borrower requirements and documents
Sberbank	From 9.5% to 10.5% (when consolidating other types of mortgage loans, the rate is from 10% to 11%). From 1 to 7 million rubles.	Up to 30 years old	21-75 years old, 6 months of experience. at your current place of work. Russian Federation passport with permanent or temporary registration, confirmation of income and employment (except for salary clients), loan agreement and information about real estate (provided within 90 days after approval of the application).
VTB 24	From 9.7% to 11% Up to 10 million rubles (for Moscow – up to 30 million rubles). The loan is issued for an amount of no more than 80% of the appraised value of the property (for a loan based on two documents - no more than 50%)	Up to 20 years (up to 30 years for payroll clients)	Passport (registration in the region where the bank operates is optional), SNILS, proof of income, proof of employment,),
Raiffeisenbank	9,99%. Up to 26 million rubles.	Up to 30 years old	21-65 years old, permanent or temporary registration in the region where the bank operates, residence there. Minimum income – 15,000 rubles. (20 thousand rubles for Moscow, St. Petersburg and some other cities). The minimum current work experience is from 3 months to 1 year, depending on the total experience. Passport (of any country), proof of income and employment. Loan agreement and information about real estate (including an extract from the Unified State Register or Unified State Register).
Bank opening	From 9.35% (when insuring the risks of loss, as well as the life and health of the borrower, the loan term is 5 years and the loan amount is up to 50% of the value of the property) to 13.5%. From 500 thousand rubles. up to 15 million rubles (up to 30 million rubles in Moscow and St. Petersburg)	From 5 to 30 years	18-65 years old, Russian Federation citizenship, current work experience of 3 months. Russian Federation passport with permanent or temporary registration, proof of income and employment (except for salary clients), loan agreement and real estate information
Tinkoff	From 8.5% (the bank acts as a mortgage agent, giving a discount of up to 0.5% from the rates of other banks). Up to 100 million rubles	Up to 30 years old	Passport, proof of income and employment. Loan agreement and real estate information. If necessary, other documents requested by third-party banks.
Rosbank	From 8.75% (subject to comprehensive insurance and a one-time payment of 4% of the loan amount), to 12%. From 300,000 rubles (from 600,000 rubles for Moscow and St. Petersburg)	Up to 25 years
DeltaCredit	From 9% to 15%. From 300,000 rubles (from 600,000 rubles for Moscow and St. Petersburg)	Up to 25 years	20-65 years old, citizens of the Russian Federation. Russian passport, proof of income and employment. Loan agreement and real estate information.
Alfa Bank	From 11.99% to 18% (only in combination with other loans - replacing a mortgage with a consumer loan secured by real estate). From 50 thousand rubles. up to 3 million rubles	Up to 5 years	From 21 years old. Permanent income from 10 thousand rubles, current experience from 3 months. Russian Federation passport, permanent registration in the region where the bank operates. TIN, SNILS, confirmation of income and employment or financial solvency. Availability of a landline telephone. Loan agreement and real estate information.
Gazprombank	From 9.5% (with comprehensive insurance) to 14.1%. From 500 thousand rubles. (but not less than 15% of the cost of the object) up to 45 million rubles. (no more than 85% of the cost of the object)	From 1 to 30 years	20-65 years old. Citizenship of the Russian Federation. Current experience – from 6 months, total – from 1 year. Russian Federation passport, permanent registration in the region where the bank operates. Proof of employment and income. SNILS, TIN, marriage certificate and other documents - if available or upon request. Loan agreement and real estate information.
Binbank	From 13.9% to 22.5% (only in combination with other loans - replacing a mortgage with a consumer loan secured by real estate). From 50 thousand rubles. up to 2 million rubles	From 1 to 7 years	20-65 years old, Russian citizenship. Russian passport + driver's license/TIN or other identification document. Proof of income and employment. Loan agreement or certificate of debt balance.
Promsvyazbank	From 10.5% to 14.2%. From 1 to 15 million rubles.	From 3 to 25 years	21-65 years old, Russian citizenship. Current experience – from 4 months. Russian Federation passport. SNILS. Permanent registration/actual residence/place of work in the region where the bank operates. Proof of income and employment. Availability of a landline telephone. Loan agreement and real estate information.
Uralsib	From 9.9% to 11.9%. From 300 thousand rubles. up to 50 million rubles	From 3 to 30 years	18-65 years old, Russian Federation citizenship, current work experience of 3 months. Russian Federation passport, permanent registration on the territory of the Russian Federation. It is possible to issue a loan without proof of employment and income for salary card holders. Loan agreement and real estate information.

Mortgage refinancing: step-by-step instructions

1 Contact the bank offering refinancing for advice on the conditions.

2 We collect a package of documents, which includes:

• Application form in the form of the bank (you can either directly from the manager).
• Passports (most often of the Russian Federation, Sberbank allows passports of other countries) of the borrower and co-borrowers, if available. Please note: the borrower's spouse is a co-borrower by default, regardless of income or employment level.
• Proof of income. These can be certificates, 3-NDFL, a certificate in the form of a bank, an extract from a personal account, certificates of additional part-time income, etc.
• Confirmation of employment (irrelevant for payroll clients of any bank). Usually this is a copy of the work book or civil contract.
• and (VTB24 requires it without fail, Alfa Bank requires it as an optional document, and all other credit organizations enter the number of the pension insurance certificate in the application form, if available).
• Documents for the current mortgage (loan agreement, certificate of debt balance, some banks require a certificate of quality of loan repayment - a monthly payment schedule and a statement of the flow of funds in the mortgage account).

3 If the bank is satisfied with the submitted documents, then a positive decision is made within 2-5 days. The period can be extended both for objective (additional study of documents and credit history) and for subjective reasons (the manager, having accepted the package of your papers, went on vacation without transferring the case to anyone).

Refinancing approval is valid for 90-120 days - during this period you must settle relations with the bank where you have the original mortgage.

4 We obtain permission from the original bank to transfer the collateral or refuse such permission. We clarify the procedure for early repayment (whether you need to write an application).

5 We collect a package of documents for a mortgaged property. It includes:

• extract from the Unified State Register of Real Estate
• cadastral passport
• extract from the house register
• certificate of absence of debt on utility bills

We submit a package of documents to the bank, which will refinance the loan.

6 Signing the loan agreement. Issuance of a loan: the “new” bank transfers by non-cash payment to the account of the old one. The refinanced loan is repaid (do not forget to take a certificate of no claims against you from the original bank - it will be issued free of charge within 28 days, for a fee - within three days, cost - 500-1000 rubles, depending on the bank; this document must be submitted to the “new "bank).

7 Change of mortgagee. This procedure is carried out differently in different banks. Somewhere, a credit institution takes on the responsibility of working with the original mortgage holder, while Raiffeisenbank, for example, requires the borrower to pick up and deliver the mortgage himself.

One way or another, the process lasts from 1 to 4 months, during which your new loan is considered unsecured and has an increased rate of 1-3%. It is impossible to avoid these expenses; take them into account initially when calculating the benefits of refinancing.

8 We insure the collateral against the risk of loss. These are also mandatory expenses. In some cases, it is possible to maintain insurance when transferring a loan from one bank to another. However, more often than not, insurance companies cooperate with banks to one degree or another and refuse to continue insurance when the mortgagee changes.

9 We begin to pay on the new loan.

Reviews from mortgage providers

The refinancing saga lasted about two months. On August 1, I submitted documents to Sberbank. The application form was considered for 3 days, in the evening they called and said that there was preliminary approval.

They asked for a cadastral passport for the apartment (they had to do it, the old one was no longer valid, it cost 1,700 rubles, it took 5 days), an extract from the house register, a certificate stating that there were no debts on utilities, gas and electricity. Another extract from the Unified State Register of Real Estate (paid 500 rubles). The apartment was appraised by a company recommended by the bank, which cost 5,000 rubles. From the previous bank I got a certificate about the loan balance (cost 200 rubles).

Another 4 days passed - they invited me to sign a loan agreement. The manager persuaded me to take out life insurance (10,000 rubles), and did not object. In general, I signed, the previous loan was repaid, and circulation began. According to the regulations, the bank where the loan was repaid is prepared and issued within 15 days and only in one branch in the whole of Moscow.

I waited 13 days, then I started calling, they came to their senses and somehow made it by the evening of the 15th day. We made some mistakes and had to quickly re-register. They offered a loan closure certificate either in 3 days and for 1000 rubles, or free of charge, but in a month. I went to the head of the department, swore loudly, and the certificate was issued on the same day.

I submitted documents to remove the encumbrance - another 10 days (through the MFC). I brought the documents to Sberbank, where they will review for another 10 days. I picked up the contract registered with Rosreestr on October 25th. Another day for property insurance (mandatory). It turned out to be two months without two working days.

Requirements for a property when refinancing

When refinancing a mortgage on an apartment, room, house or any other premises that are pledged, several general requirements apply:

• the collateral for the new loan must be the same property as the original one;
• the property cannot have any encumbrance other than from the lender under the original mortgage agreement;
• ownership must be legally formalized and registered;
• until the process of transferring the collateral from one bank to another is completed, the apartment cannot be rented out (under contract);
• Only the borrower himself and his relatives can be registered on the premises.

FAQ

Let's not forget that in addition to the difference in the interest rate, when calculating the effect of refinancing, additional processing costs should be taken into account. Not every borrower can quickly navigate the bank’s offers, so we offer you a formula from the BankInformService portal that can simplify the calculations.

Benefit from refinancing= (difference in monthly payment * number of months of loan) – funds already paid on the loan – cost of insurance – one-time costs for refinancing.

An example of using this formula:

In 2016, a married couple bought an apartment they really liked from the accredited developer VTB24 at 13.8% per annum.

A month later (one payment, 21,000 rubles) they began to arrange refinancing in their “salary” Raiffeisenbank at 10.9% per annum. The difference in monthly payment is 5800 rubles. The loan term is 10 years. The cost of insurance at VTB24 was 36,000 for the entire loan term (34,000 was returned), at Raiffeisen - 34,000 rubles. One-time expenses – 3500 rub. for assessment + 1200 rub. for inquiries.

We calculate: 696,000 (difference in monthly payments for 10 years) – 21,000 (amount paid to the original bank) – 2,000 (insurance cost in the original bank) – 34,000 (insurance cost in the new bank) – 3,500 (apartment appraisal cost) – 1,200 (cost of transaction certificates) = 634,300 rubles. (net benefit).

What is the state support program for mortgage refinancing?

Officially, this product is called the “Program for Assistance to Mortgage Borrowers” ​​(adopted by Decree of the Government of the Russian Federation of April 20, 2015 No. 373). This is rather not a refinancing, but in the same bank where it was issued.

One way or another, as part of the program, since the beginning of 2016, over 22 thousand borrowers have been able to reduce their loan burden by up to 200 thousand rubles (mortgage holders whose income has fallen by 30% or more since taking out the loan were covered by state support). There were many more applicants, but banks, according to their own algorithm, delayed the consideration of applications for some and let others through.

Since August 2017, the emphasis in the program has shifted to holders of foreign currency mortgages, the cost of servicing which has increased by more than 30% due to the depreciation of the ruble. It is planned to restructure about 1,300 such loans.

The high demand for mortgage loans in 2017 was caused by a sharp decline in real estate prices in 2016. At the moment, mortgage interest rates are quite attractive and fluctuate around 7-10%, but there was a period when citizens bought apartments at 14% and even 16% per annum.

It turns out a little unfair, don’t you agree? The temporary difference in loans is only about a year, and the difference in interest sometimes reaches 6-7 points. What should those who already have a mortgage at a high interest rate do? There is a way out in 2019 – mortgage refinancing.

Mortgage refinancing is the transfer of a mortgage loan to another bank in order to reduce the interest rate. At the moment, almost all major banking organizations offer their clients various refinancing programs. At the same time, in conditions of enormous competition, banking products in the field of mortgage lending are constantly changing, attracting borrowers with ever lower interest rates.

Before deciding to transfer your mortgage loan to another bank, carefully consider the pros and cons, taking into account the following features of this procedure:

1. Submitting an application with a new package of documents. You will again have to go through all the stages of submitting an application with all that it entails: collecting and submitting documents, filling out a questionnaire, agonizingly waiting for the bank’s decision;
2. Keep in mind that not every borrower will benefit from a mortgage refinance. For example, the current mortgage agreement may provide for a large commission for switching to another credit institution;
3. Be prepared for the fact that your current bank may prevent the transfer of collateral for the mortgaged apartment to a new lender;
4. A lower percentage does not always mean savings. Often, when converted to rubles, taking into account the full cost of the mortgage loan, approximately the same amount is obtained;
5. Be prepared for additional costs (re-evaluation of real estate, costs for state registration of a new contract, payment for insurance in a company that is accredited by a new bank, etc.)

But don’t be alarmed; if you choose the right new bank, taking into account all the conditions, refinancing your current mortgage can be very profitable. Many borrowers, moving to another bank, received after refinancing not only minus a few points in the interest rate, but also a significantly smaller overpayment on the mortgage loan.

When is refinancing really beneficial?

When will refinancing really be profitable? Let's look at a few possible options:

1. Difficult financial situation in the family. Let's say you took out a mortgage for 15 years with a monthly annuity payment of 30,000 rubles, but it so happened that your income fell sharply, and paying such an amount seems like an unbearable burden to you. In this situation, two options are possible: recalculating the mortgage for a longer period or refinancing with another bank at a more favorable interest rate. In both cases, your monthly payment will decrease. The manager of the credit institution will make the necessary calculations and help you make the right choice.
2. The mortgage interest rate must be at least 1% lower than the current one. In this case, even taking into account all the costs, a mortgage from a new bank will most likely turn out to be much more profitable.
3. No need for life insurance or reinsurance with another company for the new bank. Insurance will entail the expenditure of additional funds, and this will significantly reduce the benefits of transferring the mortgage to another bank, and the benefits of the refinancing procedure will be questionable.
4. No more than half of the loan term has passed since the current mortgage was issued. The whole secret lies in the annuity payments. With this form of payment, the monthly payment is the same throughout the entire mortgage term, but in the first temporary part of the loan, most of the amount is interest, and the rest of the time, on the contrary, the principal amount of the debt. It turns out that by the end of the mortgage payments, you have already paid almost all the interest, only the principal amount remains. Agree, there is no point in refinancing anything in this situation.
5. In the current loan agreement there are no fees for full early repayment of the mortgage and no fees for switching to another bank as part of the refinancing program. Please read your current mortgage agreement carefully or contact your bank for clarification. If the above commissions are absent, then in most cases switching to another banking organization will be beneficial for the client.
6. Refinancing will be beneficial for those who have 2 or more mortgage loans (yes, yes, this happens). In such a situation, the borrower has the opportunity to combine two loans into one. Such a merger will entail not only ease of payment, but also financial benefits.
7. The right bank and refinancing program. Don’t be lazy and spend enough time analyzing the terms of on-lending in various banking organizations. Your benefit directly depends on this.

Pay special attention to the following points:

• Interest rate;
• The full cost of the loan;
• Opportunities to stay with your insurance;
• Availability of additional commissions;
• The need for a new assessment of collateral real estate.

Make a decision only after you are sure that you will not spend more than you save.

Expert opinion

Alexander Nikolaevich Grigoriev

Mortgage expert with 10 years of experience. He is the head of the mortgage department in a large bank, with more than 500 successfully approved mortgage loans.

Remember that any refinancing program, no matter how attractive, requires careful analysis to determine whether "pitfalls" . Approach your choice responsibly and then re-issuing a mortgage in another bank will bring you really good benefits.

What difficulties may arise when refinancing?

Refinancing a mortgage is profitable, but time-consuming. In 2019, the borrower needs to make a lot of effort for everything to work out successfully. And there can be plenty of difficulties when transferring a mortgage from one bank to another. These could include unforeseen costs for appraisals, life insurance, commissions, or more serious problems associated with real estate collateral.

So, for example, when refinancing a mortgage, the current mortgagee (i.e. the bank where you have your mortgage) may refuse to transfer your collateral. In this case, you should ask this credit institution to give you a reasoned written refusal and appeal it.

Another problem may be the amount approved by the new bank. It may be that the amount approved is less than what you owe on your current mortgage. Here, experts advise either attracting co-borrowers to increase income, or trying your chances of refinancing with other credit institutions.

Don’t forget about the loan renewal procedure itself. When you switch to another bank, you will again have to go through all the stages, from submitting an application to registering a new agreement with Rosreestr.

Conditions for successful refinancing

The key to successful mortgage refinancing is compliance with all the conditions that the new lending bank sets for you, as a future borrower. Based on general banking practice, we can highlight following conditions , which will not be possible to bypass in 2019:

1. Approval of the application by the bank, i.e. if the banking organization to which you submitted the application refused to reissue your mortgage, then you will no longer be able to refinance the mortgage in a specific banking organization.
2. The loan amount approved from the new lender must be equal to or greater than your principal amount. You can request a certificate of the outstanding balance on your current mortgage from your bank.
3. Obtaining approval to transfer the invoice to the newly selected bank. This means that all three parties involved in the refinancing must agree to the transaction.
4. Correctly completed documents. Be sure to ensure that all necessary documents for a mortgage are completed correctly. Otherwise, even the most basic mistake in a word or number can play a cruel joke on you. The deal will be broken.
5. Competent choice of a new bank and program.

Refinancing a mortgage loan will be successful and profitable if:

• The interest rate on the new mortgage will be at least 1% lower;
• The amount of the principal debt exceeds 1 million rubles;
• At the time you decide to refinance, you have more than 10 years of mortgage payments remaining.

Refinance in 7 steps

The refinancing process as a whole is very similar to the process of applying for a mortgage itself, with the exception of a couple of points. In general, we can highlight the following 7 stages transferring a mortgage from one bank to another:

1. Collecting documents and submitting an application. If you have already chosen a suitable bank for refinancing and the appropriate program, then it’s time to start collecting documents. The list of documents is similar to the list when applying for a mortgage with minor additions.

Most lenders will ask you:

• passport;
• certificate of income received. (2-NDFL or certificate according to the bank’s sample);
• a certified photocopy of your work record book or a copy of the employment contract;
• if there is temporary registration - a certificate in the appropriate form;
• certificate of outstanding balance on the current mortgage;
• complete information about the refinanced mortgage (interest, term, closing date, monthly payment, etc.).

After the documents have been collected, you can go to the bank to fill out a form and submit an application.

2. Waiting for the bank's decision. Typically, the bank reviews applications for refinancing within 2-3 business days. But this is not at all necessary. The answer may come within half an hour, everything depends on the portrait of the borrower and the position of the bank. Although if you received a refusal and you received it too quickly, then you should think about it, since usually in such cases a negative decision is caused by errors in the documents or some inaccuracies.

3. Positive decision. So, a positive decision from the bank has been received. We go to the credit institution where the current mortgage loan is issued and notify your lender that you intend to pay off the mortgage early. We take a certificate about the balance of the debt and the details where the balance of the debt will be transferred.

4. Real estate valuation. If a new bank requires a real estate appraisal, we call an appraiser who will make an appropriate conclusion and submit it to the bank.

5. Signing the contract. Next we go to the new bank to sign the agreement. Don't forget about insurance. Let us remind you that you must first find out whether your current insurance company is accredited with the new bank. If not, you will have to get new insurance from a new company. Otherwise, you risk receiving a plus of 1 to 1.5% on your interest rate.

6. Paying off old debt. Within a couple of days after signing the agreement, the new lender, using the details you provided, transfers an amount equal to the balance of the debt to the bank where the mortgage was previously issued.

After the full receipt of funds, you go to this bank, take a certificate of loan repayment, as well as a mortgage note. Please note that the mortgage must necessarily contain a note indicating its transfer to a new mortgagor.

7. Final stage – registration of a new agreement and the fact of a change of mortgagor in Rosreestr.

As we can see, the procedure for refinancing a previously granted loan is in many ways similar to the procedure for applying for a mortgage and in itself is not so complicated if you understand everything first.

TOP 17 banks for profitable mortgage refinancing in 2019

We present to you the best offers from banks that have one of the most favorable mortgage refinancing rates for 2019.

Bank	Min. bid, %	Amount, rub.	Duration, months	Age, years
Transcapitalbank	8.7	from 300,000 to 9,500,000	from 12 to 300	from 21 to 75
Tinkoff Bank	9.7	from 500,000 to 100,000,000	from 12 to 300	from 18 to 64
Svyazbank	9.75	from 400,000 to 30,000,000	from 36 to 360	from 21 to 65
Opening	9.8	from 500,000 to 30,000,000	from 60 to 360	from 18 to 65
Alfa Bank	9.99	from 1,000,000 to 50,000,000	from 36 to 360	from 21 to 70
Raiffeisenbank	9.99	from 500,000 to 26,000,000	from 12 to 360	from 21 to 65
VTB	10.1	up to 30,000,000	up to 360	from 21
Bank "Revival	10.1	from 300,000 to 30,000,000	from 36 to 360	from 21 to 65
UniCredit Bank	10.45	from 250,000 to 30,000,000	from 12 to 300	from 21 to 65
Zenith	10.45	from 300,000 to 25,000,000	from 12 to 360	from 22 to 65
DOM.RF	10.5	from 500,000 to 30,000,000	from 36 to 360	from 21 to 65
Gazprombank	10.5	from 500,000 to 45,000,000	from 42 to 360	from 20 to 65
Rosselkhozbank	10.5	from 100,000 to 20,000,000	from 12 to 360	from 21 to 65
AK Bars	10.8	from 500000	from 12 to 300	from 18 to 70
Sberbank	10.9	from 300,000 to 7,000,000	from 12 to 360	from 21 to 75
Uralsib	10.9	from 300,000 to 50,000,000	from 36 to 360	from 18 to 70
DeltaCredit	11.5	from 300,000 to 120,000,000	from 12 to 300	from 20 to 65

More detailed information about 5 popular banks is presented in the table below.

Bank's name	Requirements for the borrower	Conditions and features
"Sberbank"	1. Age of the future borrower: at least 21 years and not older than 75 years. 2. The borrower must have worked at his last job for more than six months. The total continuous work experience over the previous 5 years is at least 12 months. 3. Registration in the subject of the Russian Federation where the bank branch is located.	* Percentage: from 10.9%. * You do not need the consent of the first bank to transfer the mortgage. * Mortgage size: from 1 to 7 million rubles. * Period: up to 30 years. * It is possible to combine mortgages and consumer loans. *No commissions.
"VTB 24"	1. Age range from 21 years until reaching retirement age. 2. Standard requirements for the borrower’s work experience. 3. Registration information is not required	* Percentage: from 10.1%. * Privileges for salary clients. * Mortgage size: up to 30 million rubles. * Period: up to 30 years. *Additional bonuses from the bank that can be exchanged for gifts. *No commissions.
"Gazprombank"	1. Age range from 20 to 65 years. 2. 6 months continuous work experience at the last place of employment. 3. At least 12 months. continuous experience for the previous 5 years. 4. Citizenship of the Russian Federation.	* Percentage: from 10.5% (subject to personal insurance). * Discount of 0.25% for refinancing from 2 million. For Moscow, St. Petersburg and Leningrad region. – from 5 million * Mortgage size: from 500 thousand to 45 million rubles. *Period: up to 30 years. *No commissions.
"Tinkoff"	The application can be left on the website. For the initial application, only passport data, contact mobile number and e-mail are required. Next, bank employees will contact you and request all the necessary information.	* Percentage: from 9.7% * Period: up to 25 years. *No commissions. *The possibility of combining a mortgage with another loan or the opportunity to receive an additional amount on credit, for example, for repairs.
"FC Otkritie"	1. Age: from 18 to 65 years. 2. At least 3 months of work experience at the last place of employment. At least 12 months. total experience for 5 years. 3. Citizenship of the Russian Federation.	* Percentage: from 9.8% * Mortgage size: up to 100 million rubles * Period: from 5 to 30 years. * Commissions for issuing a loan according to bank tariffs. *There are no early repayment fees. * When paying a one-time fee, the interest rate is reduced by several points.

It is impossible to say with 100% certainty that refinancing a mortgage is a deal that benefits everyone. In each specific case, a careful calculation of the expected costs and benefits received is required. Before transferring your mortgage to a new bank, thoroughly study the program you have chosen and all the conditions. Sometimes, you have to pay a fairly high price for a low interest rate. But in skillful hands, it is a fairly effective tool, through which you can save a lot of money.