Mortgage terms can be different, and the rates on them too. Some banks remembered the floating key rate. What is it and when should it be used?
In the vast majority of cases, mortgage agreements have a fixed rate. It does not change from year to year, unless the borrower wants to refinance the loan. But there is a floating rate. It is linked to the key rate of the Central Bank of the Russian Federation and changes with it. That is, it can not only decrease, but also increase — as has been happening in Russia since last year.
“Once a year or more often, if it is fixed in the loan agreement, the bank reviews the mortgage rate,” says mortgage broker Dmitry Rakuta. — If the key rate of the Central Bank of the Russian Federation has decreased during this time, then loan payments will also be more comfortable. If it has grown, then the interest rate will also rise, and the overpayment will be higher.”
The expert believes that those borrowers who take out small loans for a short period of up to five years can use the floating mortgage rate today. In other cases, the amount of the overpayment may be significant.
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