We never approach the mortgage process mechanically. Behind every application is a customer's desire to improve their life; real estate is not just property. It's a home where you and your family live, a space of happiness," said Daniela Rotaru, Head of the maib Mortgage Center, in a conversation with journalist Pavel Zingan. Discover the views of Daniela, one of the maib people.
Hello, Daniela. When exactly was the maib Mortgage Center opened?
July 5, 2021.
How many mortgages have you granted to date?
On our anniversary, we already had around 1,000 customers, 980 to be specific. But we have granted another 500-600 loans in the last six months. We have already made at least 1,500 families happier by helping them find a home they like.
Why do customers choose maib Mortgage Center?
Don't take it as praise, but when you focus on one thing, you inevitably start doing things quicker and better.
How do customers reach you?
Most come with our partners. We have partnership agreements with many real estate companies, and 15-20 companies are our frequent guests. That's about 80% of our customers. However, a lot of customers come directly to us. Even more so, we can extend ourselves beyond just mortgage services.
And what more?
Actually, we can offer three services in one. Starting from flat search, for this purpose, we have our online platform, CasaHub.md. It is the first real estate ecosystem in Moldova, which has gathered offers from the largest developers real estate agencies, and ads from individuals. With our help, you can quickly order the professional evaluation of the property necessary for the sale-purchase transaction. And finally, get a loan. We helped the client with the search for the apartment and accompanied both the notary and the ASP, adding confidence and support.
It is important to note that anyone can consult remotely beforehand, check their credit potential and only then come to us.
Ordering an assessment report through the maib Mortgage Center is also possible.
What are the terms and conditions for getting a mortgage now?
Maib offers are always top-of-the-line in terms and conditions.
However, in both cases, the customer is guided by two main factors, the interest rate and the mortgage term?
The procedure for obtaining a mortgage is very simple. All that is needed to issue it is the identity card and the valuation report of the property. We ask our partners for information about the valuation. The maximum time for the appraisal is 8 working hours from when the appraiser inspects the property. We receive the appraisal, the client writes a request, and we go to the notary the next day. After submitting the documents to the Land Registry, we issue the loan the same day. Moreover, we have had a pilot program for a year now, where we can grant the loan money even when the documents are submitted to the Cadastre on an emergency basis. At that time, a Mortgage Center employee is with the client. We came back together and released the loan.
The most important thing to remember is that we guarantee your mortgage approval within one business day when we receive the complete set of documents.
Without a doubt, the terms are great. Now, let's move on to the interest rate...
The mortgage interest rate is 8.98 to 9.50% per year. This is the annual interest rate, to which no additional fees are added. I want to point out that the interest rate is floating. It is revised twice a year.
Our working principle is to offer a transparent interest rate, clearly explaining when it changes and why it changes.
When can the rate be revalued?
The interest rate changes twice a year on existing loans: on July 1 and January 1 each year.
Interest rates for new loans are set according to economic and market conditions.
And why is there such a difference? The range is from 8.98 to 9.50.
Several factors determine the difference in rate level. Whether or not the customer has a credit history. Whether the customer receives their salary on a maib bank card or another bank or whether the customer buys their property on the maib ecosystem - CasaHub, www.casahub.md.
Is there an age restriction for getting a mortgage?
The minimum age to apply for a mortgage loan is 21 - and the last payment date must not be later than 70. In other words, if you apply for a mortgage at 55, the maximum mortgage term is 15 years. This does not affect the interest rate, but it does affect the amount of the monthly payment - the shorter the term of the loan, the higher the monthly payment.
Also, during the Mortgage Center's work, we have concluded that expanding the segments of customers who can apply for a mortgage loan is necessary. Now, people who have a salary in the country or abroad, people without a monthly salary but who officially receive income from dividends, rent or royalties, legal professionals (lawyers, notaries, bailiffs), people who regularly receive remittances from first-degree relatives can apply for a mortgage loan.
What about the first rate?
We are starting at twenty per cent of the property value. But we can be flexible about this. If you don't have a down payment available, we can give you a consumer loan in the amount you need, or you can pledge another property, whether you own it or not.
I think I've got it all figured out. Didn't I miss something?
We discussed the basics. Except I left out the part about emotions. We never approach the mortgage process mechanically. Behind every application is the customer's desire and hope to improve their life, and real estate is not just property. It's a home where you and your family live, a place where your life story begins.
Are you also a maib Mortgage Center customer?
Of course. I already had a mortgage, but I refinanced it, and now I can evaluate the quality of our center from both sides, as a manager and a customer.
Last question. What are the trends in the mortgage market at the moment? Is it growing or slowing down? I think it's one of the best indicators of the state of the economy.....
Lately, there has been an insignificant increase in sale/purchase transactions via mortgage loans. The market has developed positively, especially after the significant interest rate decrease on new and existing loans. So, if you are still paying rent instead of a mortgage, think about it, do the math, and come to the maib Mortgage Center.
