- Mortgage for spouses: options
- List of documents for a mortgage and execution of notarized consent
- Is it possible to take out a mortgage without the consent of a spouse: specific situations
- How to get a mortgage if your spouse has unofficial income
- Who pays for the mortgage in a divorce?
If only one of the spouses wants to take out a mortgage, the bank will require the consent of the other, certified by a notary. This document will confirm the official status of the transaction and the absence of conflict situations in the family (for example, that the spouse taking out the mortgage is hiding savings). Consent also serves as an additional guarantee that the loan will be repaid. If the debtor is insolvent, contributions will be required from the spouse who agreed to the mortgage.
Refinancing - what is it?
Refinancing is a refinancing process in which the borrower of a loan draws up a new loan agreement to repay the previous mortgage loan early. If the interest rate on the mortgage services market decreases, then it is more profitable to close the old loan with a new one, obtained on more favorable terms for the borrower (in particular, at a lower interest rate).
To refinance, it is permissible to contact either another (new) financial institution or resolve this issue with an existing (old) mortgage lender. In the first option, a new mortgage loan is issued, which covers loan obligations to the old lender. In the second option, the existing mortgage lender reduces the rate under the existing mortgage agreement, using its discretion.
Note that banks are interested in retaining borrowers, especially if they service loan obligations without delays. Therefore, credit institutions usually agree to lower the rate of the existing loan, meeting the borrower halfway.
But other banking institutions often offer more interesting refinancing programs for borrowers financed by other banks. Such a loan often turns out to be more profitable than the existing one. Please note that the mortgage borrower does not need consent from the current lender to repay the loan by refinancing.
When mortgage permission is not needed
And yet, a mortgage without the consent of one of the spouses can be issued within the framework of the law. But only if a marriage contract was previously drawn up, which settled the issue of ownership of property and division of debts (). The text of the document is submitted to banking lawyers for legal evaluation. If they consider that additional permission for a mortgage is not required, they can enter into a deal. Otherwise, you will still have to spend money on notary services.
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Practice shows that banks very rarely agree to formalize a transaction without the consent of one of the spouses. Even if there is an amicable agreement on the separate ownership of property, there are legal risks. Therefore, most often, when obtaining a mortgage, credit institutions still require consent and have it certified by a notary.
If you categorically do not want to involve your other half in the transaction, but do not have a prenuptial agreement, there is only one way out - to file for divorce. Is consent required for a purchase with a mortgage in this case? After the dissolution of the relationship, the spouses become strangers, which means permission for a housing loan will not be required.
There is another way not to notify your spouse about the upcoming mortgage. A housing loan can be issued to another person, for example, a father or mother, and you yourself can act as a co-borrower. In such a transaction, permission from the other half is not required.
Is the spouse’s consent required for a mortgage if there is a power of attorney to complete the purchase and sale? To begin with, the absent family member must act as a co-borrower or guarantor. But loan documents cannot be signed by power of attorney, so he must be personally present when the transaction is completed at the bank’s office. In this case, nothing prevents him from going to the notary and drawing up the required paper. Moreover, from the point of view of the law, a power of attorney is not identical to it.
How is refinancing different from restructuring?
The first financial term is defined above. And restructuring consists of changing the terms of the loan in relation to one or more financial obligations of the borrower (the amount of the interest rate and/or monthly payment), as well as revising the contractual terms (validity period, conditions for calculating penalties, etc.).
According to the legislation of the Russian Federation, restructuring implies a change in the terms of the previous loan agreement in relation to the fulfillment of obligations under this agreement and the signing of a new (with changed content) agreement between the borrower and the lender (Article 105 of the Budget Code).
Thus, refinancing
can be discussed with different financial institutions, and
restructuring
- only with the existing creditor bank.
By the way, certain categories of borrowers have the right to apply for state support for mortgages as part of restructuring.
How to get a loan secured by a share in an apartment in 2021
- filling out an application online at a bank branch;
- choosing a loan program;
- consideration of the application by the bank and making a decision, of which you will be immediately notified;
- conclusion and signing of an agreement with the provision of documents for collateral real estate;
- issuance of credit.
However, careful consideration is required when choosing a reliable lender. When choosing a bank, we recommend evaluating and comparing current lending programs so that if you are unable to pay the loan, you do not lose your property.
How beneficial is it to lower interest rates?
Even if the rate decreases by only 0.5%, this is beneficial to the borrower. Refinancing has two positive factors for the mortgage recipient: a reduction in the monthly payment (annuity); reducing the total amount of overpayment under the loan.
Let's look at an example: let's say that the rate is reduced by 3 percentage points. (from 12% to 9%), which results in a decrease in housing loans by approximately 23%. Then, if the loan size is 3.5 million rubles. and the term of its closure is 15 years, the amount of the monthly annuity payment will decrease from 42 thousand to 35.5 thousand rubles (numbers are rounded), which gives 6,500 rubles in savings every month, and over many years of paying the mortgage. Not extra money, you agree.
Answered by lawyer, K. Yu. n. Yulia Verbitskaya:
Since the cost of an apartment acquired by spouses is made up of a combination of funds, that is, in addition to maternity capital, both their own funds (joint property of the spouses) and a mortgage (joint obligations of the spouses) are used, then the husband will have the right to receive a share in the apartment regardless of the person to whom this apartment will be registered.
Exceptions are cases of notarized renunciation of one’s property rights in favor of a spouse or child (less often, third parties). For this reason, you should carefully read the notarial documents that will be presented to you for signing.
The main thing about maternity capital for buying a home
Can an ex-husband claim a share in an apartment purchased with maternal capital?
What are the costs of refinancing
Its registration consists of the costs of assessing collateral for a mortgage loan (about 3-4.5 thousand rubles), insurance and payment of state fees (at the time of publication of the article - 1000 rubles) for registering a new mortgage. These costs will be fully offset within six months by the money saved on the smaller annuity. The former lender must issue certificates regarding the balance of the mortgage debt, the nature of the loan repayment and the details of the repayment of the debt obligation free of charge.
After drawing up a new mortgage insurance contract, the borrower has the right to partially return the insurance premium upon early termination of the insurance agreement under the previous contract. Therefore, the new insurance will not differ much from the insurance premiums paid under the terms of the old contract.
It should be taken into account that during the period of registration of a mortgage encumbrance on an apartment, the new mortgage lender will have increased interest rates on loan servicing - usually 1.5-2 percentage points. above the contract rate. Re-registration of collateral takes up to 2 months; accordingly, the increased rate will also be applied for no longer than a two-month period.
Registration of consent from a notary
You can agree to purchase an apartment with a mortgage at any notary office. The party that gives permission can approach the specialist independently. The presence of the main borrower is not required.
What documents do you need to take with you:
- Passport. Please note that there must be a corresponding check mark on the marital status page.
- Marriage registration certificate.
- Data on the planned mortgage agreement and the property.
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have a notary who will certify this document. Its text must necessarily contain the permission of the husband or wife to purchase and pledge property. You can prepare the text of the paper yourself, but if you do not have sufficient legal knowledge, you should not do this. It is better to use the current form of the spouse’s consent to the mortgage, available from the notary, because the bank may refuse to accept a different wording. Or take a sample drawn up by banking lawyers and taking into account all the risks of a financial organization.
What should be contained in the notarized consent of the spouse for a mortgage:
- personal details of the husband or wife on whose behalf the document is being drawn up;
- name of the lender and information about the mortgage agreement. The bank must inform you of the reserved document number and the expected date of execution;
- details of the marriage certificate;
- characteristics of the property you are purchasing, including the exact address.
The spouse's consent to a mortgage from a notary
is signed with his own hand in the presence of a specialist who certifies the document. It is not possible to draw up a document by power of attorney.
The cost of notarization of a mortgage permit depends on the region where you apply for the service. On average, you will have to pay from 500 to 2 thousand rubles for it. The cost is set by law at the level of the constituent entity of the Russian Federation.
Possible reasons for refusal to refinance
The banks that the borrower contacted to refinance the mortgage will closely examine his solvency. If a decrease in income is discovered in recent months, or it is not enough for monthly loan payments (the size of the annuity, by law, cannot be more than 60% of the borrower’s monthly family income), the mortgage loan will most likely be denied.
The bank will definitely check the housing offered as loan collateral. If the apartment has fallen into disrepair or is located in a dilapidated high-rise building, then a loan will not be given.
Credit department specialists will check whether there are any current overdue debts and whether restructuring has been carried out. If they find what they are looking for, they will refuse the loan. Finally, many banking institutions do not refinance housing loans for high-rise buildings under construction.
The procedure for obtaining a mortgage with the consent of the spouse
Often the other half becomes a co-borrower or guarantor for a home loan. But this fact does not negate the need for the spouse’s consent to purchase real estate with a mortgage. The document is valid for an unlimited time, but, as a rule, it is used immediately. By default, a notarial permit is valid for three years.
How to apply for a mortgage with the consent of the spouse to purchase living space:
- Obtain the bank's consent to lending for the purpose of purchasing a specific apartment.
- Agree with a specialist on the date of signing the loan agreement, specify the number reserved for it.
- Draw up an agreement for a subsequent mortgage at a notary's office and submit it to the mortgage manager (the concept of a subsequent mortgage is defined in).
- Complete loan documentation at the bank, including collateral for the purchased property. The mortgage agreement is signed by the borrowers and guarantors. If the spouse is not one of the listed parties to the transaction, his presence and signature are not required. A notarized mortgage permit will be sufficient.
- Submit the package of papers for registration to Rosreestr. This can be done at a bank branch, if they have an electronic transaction service, or at the MFC.
- Receive a completed statement containing information about the presence of collateral in favor of the bank.
The notarial consent of the spouse remains with the bank and is transferred with the credit dossier to the archives of the credit institution. If you decide to refuse to complete the transaction after completing the document, no one will return its cost to you, as well as other expenses incurred.
Often mortgage borrowers turn to other banks for refinancing on more attractive terms. Will you need consent to refinance your mortgage? Yes, because the transaction is processed similarly to a primary home loan. You will have to complete the same documents, but the cost structure will not change.
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When refinancing, do you need the consent of the husband or wife for the mortgage if there is a prenuptial agreement? Again, at the discretion of the bank's legal department. If, in the opinion of experts, the text is compiled in violation of the law or does not take into account the issue of lending and the subsequent division of debts, you will have to contact a notary.
Banks are wary
For future debtors, unlike current ones, the interpretation of the Supreme Court will most likely add difficulties when applying for a loan.
The requirements of the credit institution will change not for the better for the borrower. Credit institutions will be forced to tighten requirements for borrowers. As Lipatov notes, when applying for a car or consumer loan, the written consent of the 2nd spouse may be required. According to Alexander Kopeiko, 1st Deputy Chairman of the Board of Svyaz-Bank, there will be no tightening of requirements for borrowers. The Supreme Court simply clarified the interpretation of the norm of the Family Code: but essentially nothing has changed. And since nothing has changed, why do banks need to revise their rules for issuing loans? Vladislav Kotelnikov, Deputy Director of the Troubled Assets Department at VTB24, is considering the possibility of requiring written consent from the 2nd spouse to apply for any loan.
