Loan currency: how not to lose?
Before taking a loan, many are puzzled by the question of what currency to take it in, in dollars or perhaps in rubles. Most recently, this rhetorical question was one answer: “Of course in dollars.” This is beneficial if the stable rate on loans that involve a return in dollars or with a steady decline in the dollar. Most borrowers have recently preferred loans in dollars, and only recently the trend has changed slightly and most loans are issued in rubles. It is more profitable – when you make an early repayment, there is no conversion from currency to rubles when transferring. This concerns the standard bank loans, we do not take into account microloans to a bank account.
Why such a situation in the market for lending? Some attribute it to the situation that has developed in the US credit market, namely, the mortgage lending crisis, which affected the global financial system several years ago, when the dollar was not stable. But the year the year the difference increases.
The fall of the dollar against other currencies also plays a role in this situation. But in rubles, many believe that it is more profitable to take a loan, or rather it’s safer. But anyway, the borrower decides in what currency to take a loan in dollars or rubles, or what level of lending.
Mortgage. This word is familiar to every Russian from the age of 18 to 56, who was puzzled by the idea of buying a home on credit. For the first time, mortgage loans in Russia began to be issued in 2001.
Banks with great pleasure issued such loans, both in dollars and rubles, if the ruble is stable. For the past five years, the ruble has strengthened its position, and the dollar has distinguished itself by a non-persistent exchange rate, for this reason it is simply not profitable for banks to issue mortgage loans in this currency.
So nevertheless, in what currency to take money? Experts will tell you that it is better in a foreign one, since it is possible to win a little on the course races, but in a national currency it is safer.
No matter what currency will be the main one in a loan, you personally decide to take a loan, you still need to approach this as seriously as possible. For example, it is necessary to remember that advertising is an advertisement; it is imperative that you personally familiarize yourself with the conditions of lending. Exchange rates, interest rates on loans in different currencies, perhaps there are some programs, for example for young families and so on. Pre-read the terms of the mortgage lending to different banks, only then make a decision.
It is necessary to familiarize yourself with the documents that will be offered to you for signing, as some of the “underwater” lending stones can be written in the documents and then the most profitable loan can have a solid burden and large interest on repayment.