Table of contents:
- What is more profitable: take a mortgage or rent an apartment
- What are loans and what can you buy with them?
- What you need to know about interest on a loan
- How to take out a mortgage and not suffer
- How to pay off a mortgage ahead of schedule
- How to apply for a tax deduction
- How to reduce or write off loan debts
- Bonus: what was the mortgage like in different historical eras
2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44
Everything about how to get a loan, how to repay it and where to run if you run out of money.
What is more profitable: take a mortgage or rent an apartment
An urgent question for everyone who has the opportunity to make an initial payment and become the owner of real estate. But it will not be possible to answer it unequivocally. You will have to calculate a lot, taking into account factors that are almost impossible to predict. And yet, the results of even such inaccurate calculations will allow you to understand how to proceed specifically in your case.
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What are loans and what can you buy with them?
Not a single mortgage: money for the purchase of housing can be taken in the form of another loan. Much depends on the amount you are missing: no one will give you a few million without collateral. Each type of loan has its own pros and cons.
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What you need to know about interest on a loan
It is on the interest that the bank will earn, so it is not so simple with them. You need to understand how they are charged and how much the overpayment will be in order to ultimately choose a profitable offer.
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How to take out a mortgage and not suffer
Long-term credit is not always associated with suffering. It is necessary to carry out preparatory work, sensibly assess the risks and inconveniences in order to live a normal life, and not make ends meet.
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How to pay off a mortgage ahead of schedule
If you have the opportunity to pay off your mortgage ahead of schedule, be sure to do it. Interest is charged on the balance of the principal debt. The faster it shrinks, the less you overpay. Hundreds of thousands can be saved this way. To keep things going according to plan, choose the right strategy.
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How to apply for a tax deduction
A tax deduction helps a lot to pay off your mortgage ahead of schedule. In total, you can get up to 260 thousand rubles (and even up to 520 thousand if you buy a married home). But it is important to correctly draw up all the documents.
Keep in mind: now you can file a 3-NDFL declaration directly on the tax office's website.
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How to reduce or write off loan debts
If something gets out of control and there is nothing to pay on the mortgage, the most unsuccessful strategy is to pretend that nothing is happening. It's best not to wait until the bank decides that the only way to get the money back is to pick up and sell the apartment. Cooperate with him and look for a compromise solution.
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Bonus: what was the mortgage like in different historical eras
Mortgages are not a modern invention. Find out what people went to for their own homes from the Paleolithic to the present day.
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