Financier Pereslavsky: partial repayment and refinancing reduce mortgage payment
Nikolai Pereslavsky, an employee of the Department of Economic and Financial Studies of the CMS Institute, in an interview with the agency “Prime” revealed to Russians ways to cut mortgage payments.
According to the specialist, one of these methods is early partial repayment, in which the amount of the payment is reduced, and not the term of the loan. This is less profitable, but it will help reduce the burden on the borrower’s wallet right away, Pereslavsky noted.
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Another way to reduce your mortgage payment is to refinance your loan. However, this method is relevant if the rate is at least 1.5 percent lower than the current one, and no more than three years have passed since the loan was received. The third option is to revise the terms of the loan by the bank. “If the borrower is conscientious, “goes” for a year or two without delay, then the bank, at the request of the borrower, can revise the terms of the contract in favor of lowering the interest rate,” the financier explained.
Earlier, Russian Prime Minister Mikhail Mishustin announced that the government would launch preferential industrial mortgages at a rate of five percent per annum in the fall of 2022. This is a preferential program that will allow enterprises to take loans at a reduced rate to purchase real estate directly from an industrial developer.
For the first time, the intention to launch industrial mortgages in Russia at a reduced rate became known on June 6. Mikhail Mishustin instructed the Ministry of Industry and Trade, the Ministry of Finance, and the Ministry of Economic Development to study the issue of introducing a new type of preferential loans with the participation of the heads of some regions.
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