In his annual message to the Federal Assembly, he stated the need to increase the volume of housing commissioned in the country from the current 80 to 120 million square meters per year. Thus, the volume of housing commissioning in Russia should increase by one and a half times.

The commissioning of such a volume of housing is one of the conditions for increasing the supply of housing to 5 million families per year. “If we want 5 million families to receive new housing a year, then we need to build 120 million,” Putin said. At the end of 2017, their living conditions were able to improve 3.1 million Russians.

It is noteworthy that in 2011, Putin, who then headed, said that the country should build 100 million square meters of residential real estate per year, although at that time these were plans for 2016. “In 2020, I proceed from the fact that the country will be able to build 140 million square meters of housing annually,” he promised.

The targets were never achieved.

Today the record figure is about 85 million square meters in 2015. “After the record-breaking year of 2015, we are still observing, albeit a slight, but still a decrease in the volume of housing commissioning. In 2017, these figures did not even reach 80 million,” noted the general director of SMU-6 Investments.

In 2016, the industry reached only 80.2 million square meters, and last year, 2017, the figure fell by 2% - 78.6 million square meters were put into operation. However, in a number of regions the decline was much more significant. Thus, according to data, in the Omsk region, 40.9% less was introduced than a year earlier. The Novgorod region, the Jewish Autonomous Region, the Republic of Karelia, and the Vologda region also lost within 30%.

“This year should become another record for the volume of mortgage sales in Russia; rates will continue to decline, but not as dynamically as they were in 2017. By the end of 2018, the market rate may drop below 9%. According to our estimates, the volume of mortgage issuance in the country could reach 2.4-2.5 trillion rubles, and the portfolio - 6 trillion rubles,” the head of the department previously predicted mortgage lending Evgeny Dyachkin.

The head of the Rusipoteka analytical center suggested that a reduction in the rate to 7% could happen no later than 2020.

Experts’ forecasts were justified: the mortgage rate in 2017 at Sberbank and other domestic banks systematically decreased. In the largest of them, in the summer it reached the historical minimum of the pre-crisis 2014.

Time to buy!

At the beginning of summer largest bank The country has made another move on the availability of mortgage lending. Then you could buy a new building at 10.7%, and if you register the transaction online, then at 10%.

On August 10, Sberbank announced a record reduction in mortgage rates in 2017. You can now buy an apartment in a new building with a loan from 7.4%, in an old building – from 8.9%. The down payment has also been reduced to 15% of the cost of the purchased square meters.

On a note! In the first half of the year, the mortgage market grew by 16%, updating the record levels of pre-crisis 2014.

Mortgage with state support – from 6.25%!

To date Agency for Housing Mortgage Lending (AHML) has launched a number of state programs that allow regions to provide loans to those wishing to take out money for housing at 6.25%. The Vladimir and Nizhny Novgorod regions have already become participants in the program.

The lowest mortgage rate of 2017 will be additionally introduced in six regions. Residents of:

Tatarstan;

• Moscow region;

  Mordovia;

  Rostov region;

  Yamalo-Nenets Autonomous Okrug.

“Delicious offer” will be made possible through funds regional budgets Therefore, local authorities will determine categories of citizens for whom housing will become even more affordable. The lucky ones may be public sector workers (doctors or teachers), young families, etc.

Important! The plans are to include Karelia, Kaliningrad and Voronezh regions in the state program.

By the way, individual regions are looking for opportunities to offer residents the maximum profitable terms. In particular, the Moscow government presented a reduction in mortgage interest rates to 7% for immigrants from Khrushchev-era buildings. The capital's authorities turned to AHML for help, but so far they have only been offered the standard 9%.

Which bank is the best to get a mortgage from?

Mortgage rates of banks for comparison are presented in the table, data from which is current as of August 10, 2017*

Bank	For new buildings	For secondary housing	With maternity capital	Military
Sberbank	7,4	8,9	8,9	10,9
VTB 24	10,7	10,7	11,4	10,9-11
Rosselkhozbank	9,75	9,75	9,75	9,75
Promsvyazbank	10,9	11,75	10,9	10,9
Alfa Bank	9,5	9,5	9,5	9,5
Binbank	9,5	9,75	9,5	11,5
Raiffeisenbank	10,4	10,5	10,4	10,4
Uralsib	10,5	11	10,5	10,9
Opening	10	10	10	10

*Information used from the official websites of banks. Bottom bar indicated interest rate.

I would like to hope that competition will force all bankers to make mortgages even more accessible. With a record decline credit interest in Sberbank, another popular bank still leaves lending conditions not the most attractive on the market - the mortgage rate in 2017 at VTB 24 is from 10.7%. But when purchasing large apartments (from 65 square meters), VTB reduces interest to 10, and the bank gives one of the largest amounts on the market - up to 60 million rubles. with a down payment of 10%.

When choosing the most attractive lending conditions, the interest rate undoubtedly plays an important role, but it is necessary to compare other positions - size of the down payment, criteria for the borrower, quantity necessary documents etc.

Forecasts and reality

In May, Prime Minister Medvedev said that the economy allows reducing mortgage rates in 2017 to 6-7%, while it was previously reported that the government was “blown away” and was not able to support 30 thousand mortgage borrowers who submitted documents for the restructuring of such loans.

On a note! The main defender of Russian entrepreneurs, Boris Titov, is convinced that if the state manages to reduce the rate to 5%, the construction market will double. In its "Growth Strategy" Russian economy he calculated that such a step would cost 150 billion rubles.

AHML predicts mortgage issuance volumes of 1.8 trillion rubles, taking into account several favorable factors:

slowdown in inflation (4.3%);

further decline key rate, on which the calculation of interest for issuing banking products directly depends;

development of refinancing mechanisms and state support.

In the first quarter, according to AHML, banks borrowed 324 billion rubles, and in March alone, 150 billion rubles, which is 10% more than the record volumes of 2014. But other figures make us think about the existence of a problem, which the reduction in mortgage rates in 2017, neither at Sberbank nor at other banks, will help solve.

Russians are not ready to spend, including buying housing on credit. According to Rosstat, with a recorded increase wages in the country by 2.5%, real incomes of citizens fell sharply by 7.6% and became the lowest in the last 5 years.

VTsIOM polls are a balm for the heart. They demonstrate, albeit insignificantly, an increase in credit confidence in the country:

in January - only 10% of respondents believed that it was a favorable time for lending;

in March – 11%;

in April – 12%.

Despite the fact that the overwhelming majority (66%) of Russians believe that “now is not the best time to spend,” travel agencies, air shows, and banks report growing indicators: for vacations, for new cars, and for other needs, Russians began borrow more often and larger amounts. And here it is appropriate to give a friend some statistics: at the end of February credit debt citizens in front of banks increased by an ominous 13%.

It is worth considering that financial organizations(banks and microfinance organizations) have become less likely to approve applications for consumer loans due to increasing non-repayment. Time will tell whether a similar situation will be repeated in the mortgage lending segment, whether Russians will take out more loans specifically for the purchase of real estate and whether the mortgage rate will break the record of summer 2017.

Significantly more favorable lending conditions are offered to special categories of borrowers. For example, young families (where at least one of the spouses is not older than 35 years) can get a mortgage from Rosselkhozbank in the amount of 3 million rubles. with a down payment of 30–50% at 5.17% per annum for housing in selected new buildings. True, for this they need to have a good credit history in a bank or be state employees or salary clients, as well as insure life and health.

“Comply with the conditions necessary to obtain the most favorable rates on promotions with developers, only an extremely small part of clients can,” adds Gordeiko. According to him, banks usually do not plan to issue more than 10% of such loans from the total.

“Clients themselves often refuse special programs banks with developers, since getting a discount from the developer here and now when buying an apartment is better than in the form of compensation extended over time to monthly payments, explains managing partner of the realtor “Metrium Group” Maria Litinetskaya. – The developer’s compensation for the bank’s rate is equal to the average discount on the Moscow mass housing market, which developers often offer during constant active shares(5–6%).”

This year, families where a second and subsequent child will be born between January 1, 2018 and December 31, 2022 have their own privileges. Under the “Family Mortgage” program with state support, they will be provided with loans for housing under construction or finished housing for primary market, as well as refinancing at a rate of no more than 6% per annum. Preferential rate is valid for three years at the birth of the second child and five years at the birth of the third. After this, the interest should not exceed the key rate of the Central Bank on the date the loan was issued plus 2 percentage points. Rates apply if there is personal and property insurance. The minimum down payment is 20%. Maximum size loan – 8 million rubles. for Moscow, Moscow region, St. Petersburg and Leningrad region, 3 million rubles. – for other regions.

VTB, Russian Capital, Levoberezhny, Sovcombank, Zenit, Absolut Bank, TKB, as well as AHML have already announced their participation in the program. The opportunity to join the program is being studied at Sberbank, said German Gref, Chairman of the Board of the Bank.

Will be cheaper

According to the forecasts of politicians, bankers and analysts, the basic mortgage rates this year will continue to fall following the key rate of the Central Bank. The economic situation in the country makes it possible to reduce mortgage rates further, President Vladimir Putin said on Wednesday. Minister of Construction and Housing and Communal Services Mikhail Men expects rates of about 6% by 2022. Gref previously stated that a mortgage rate of 5% per annum is not far off. In his opinion, in 2018, loan rates will decrease by 2 percentage points.

Yuri Gribanov, CEO of Frank Research Group, agrees that the average mortgage rate may drop to below 9% by the end of 2018. On average, by December of this year, banks will issue mortgages at 8%, Gordeiko predicts. By the summer, rates could fall by another 0.5–1 percentage point, suggests NRA managing partner Pavel Samiev.

However, in the coming years, not only mortgages, but also housing itself will become cheaper, according to real estate market experts.

After the decision to cancel shared-equity construction for three years with the participation of the population as shareholders, developers began to declare in unison that because of this, prices were about to rise. They will grow up, but after two or three years, when share building will be completely banned and construction will begin using expensive bank money (project financing), according to Oleg Repchenko, head of the Real Estate Market Indicators consulting center, and Alexander Krapin, president of the Rway analytical agency.

“Until this point, developers will try to bring to the market as many new properties as possible, even those that were not planned to be launched given the current weak solvency of the population and oversaturation of the market. Already, the volume of supply of new buildings in Moscow is at a historical maximum, and the abolition of the “top-up” will increase it even more. Therefore, we should expect a further gradual decline in housing prices in Moscow by another 20–30% in rubles over the next 2–3 years,” explains Repchenko.

But the transition to project financing will stop the fall in housing prices, continues Krapin.

If there is no great need to purchase housing right now, then you should wait 1-2 years with a mortgage, because rates and prices for both new buildings and secondary housing will decrease, he sums up: “Why buy today if it will be cheaper tomorrow?”

According to him, recently it has been more profitable to rent housing and save for your own, placing money on deposits. “Now, due to the reduction in deposit rates, this has become less profitable, but still cheaper than taking out a mortgage,” adds Krapin.

For those who are in dire need of their own housing, now is quite a favorable time to stop saving and take advantage of low rates mortgages, notes Samiev.

Already now, some developers sometimes announce price reductions for some properties by up to 30%, offering them at “tomorrow’s” prices; on the secondary market there are now also sellers who are ready to sell their existing housing at a good discount, Repchenko shares his observations, also advising buying at such prices now.

Current mortgage loan rates for the purchase of housing on the secondary market and in new buildings

Bank	Minimum bid	Maximum bet	SUPPLEMENT
Primary market (new buildings)
Sberbank	7.9% (term up to 7 years)*	10,00%	1 p.p.
VTB		10,00%	1 p.p.
Gazprombank	9% (until 02/28/2018)*	10,20%	0.5 p.p.
Raiffeisenbank	9,25% *	9,50%
Uralsib	10,75%*	10,90%	1 p.p.
Absolut Bank		10,25%	4 p.p.
Rosselkhozbank	9.0% (from RUB 3 million)*	9.3% (up to RUB 3 million)*	1 p.p.
Renaissance	9,2%*	11.8% (PNC 10-20%, with collective insurance)	3 p.p.
FC Otkritie		9.7% (MON from 15%)	2 p.p.
Deltacredit	9.75% (MON from 50%)	10.25% (MNV 15-30%)	1.5 p.p.
Svyaz-bank	10,9% ***	11,50%	1 p.p.
Unicredit	10.25% (from RUB 5 million)	10,50%	2.5 p.p.
TKB			2.5 p.p.
Zenith	9.9% (up to 7 years)	10.5% (term from 8 years)	1.5 p.p.
Rosevrobank	9.6% (from RUB 5 million)	9.75% (up to RUB 5 million)	2 p.p.
AHML	9% (MON from 50%)	9.5% (MNV 20-30%)	0.7 p.p.
Secondary market
Sberbank	9,10%	10,00%	1 p.p.
VTB	9.5% (for apartments from 65 sq.m.)	10,00%	1 p.p.
Gazprombank	9,20%	10,20%	0.5 p.p.
Raiffeisenbank	9,50%	9,50%	0.5 p.p. or 3.2 p.p. (for borrowers over 45 years old)
Uralsib	10,75%	10,90%	1 p.p.
Absolut Bank	10% (collective insurance in IC "Blagosostoyanie")	10,25%	4 p.p.
Rosselkhozbank	9% (from 3 million rubles for young families)	9.3% (up to RUB 3 million)	1 p.p.
Renaissance	9.95% (PNV 20-80%, with collective insurance)	11.7% (PNC 10-20%, with collective insurance)	3 p.p.
FC Otkritie	9.35% (PNV from 50%, period 5 years)**	9.95% (MNV from 15%)	2 p.p.
Deltacredit	9.75% (MON from 50%)	10.25% (MNV 15-30%)	1.5 p.p.
Svyaz-bank	11,50%	11,50%	1 p.p.
Unicredit	9.50% (from RUB 5 million)	10.5% (from RUB 5 million)	2.5 p.p.
TKB	9.4% (PNV from 50%, up to 12 million rubles)	10.9% (PNV 35-50%, 12-20 million rubles)	2.5 p.p.
Zenith	9.9% (up to 7 years)	10.5% term from 8 years)	1.5 p.p.
Rosevrobank	9.6% (from RUB 5 million)	9.75% (up to RUB 5 million)	2 p.p.
AHML	9.25% (MON from 50%)	9.75% (MNV 20-30%)	0.7 p.p.

Reset sorting

Hello.
I am with you, Dmitry Ovsyannikov.

Questions. But in this case, questions from our YouTube channel:
“Dmitry, hello. Can I have your advice? We want to take out a mortgage this year (Moscow). An initial fee there is 15%. We can’t decide when to take it: now (spring) or wait until the end of the year? I read that experts are predicting another slight drop in rates by the end of the year.
I'm interested in your opinion."

Well, what can I say about interest rates?

If we look at how rates have changed over a time period of 2 years (the last), we will find that interest rates are falling and the feeling sometimes arises that interest rates can only fall. But that's not true.

And to be convinced of this, it is enough to look at a longer time period, well, for example, a time period of 10 years.
What will we find? That our interest rates changed quite a lot during this time period.
And they not only fell, but also grew.

For example, in 2008, interest rates began to rise, and the rise in rates began around March, which led, as we remember, to a small crisis.
Then, in 2009, banks began cutting interest rates, and the decline (a slight decline at a rate of about half a percentage point per year) continued until about 2013.
Then, in 2013, interest rates slowly but surely began to rise again.
Peak growth occurred... well, somewhere at the end of 2014, when our wonderful Central Bank raised the key interest rate.
And after this, commercial banks increased interest rates,
(But here, it’s not clear what started first: in my opinion, the banks first began to raise interest rates, and then the Central Bank reacted. And then, commercial banks again reacted to the Central Bank’s reaction).

That is, until 2014 we had an increase in rates. And only starting in 2015, interest rates went down.

That is, when we take out a mortgage loan, this loan is quite long-term, it is taken out for more than one year.
And today the average “lifespan” mortgage loan is approximately 10 years.
(For comparison, before 2008, the average “loan life” was approximately 5 years).
That is, the “loan life” has increased.
It has become more difficult for people to repay loans.

Well, accordingly, our interest rates can not only rise, but also fall.
And not only fall, but also grow. Just like that.

Moreover, we saw two periods of growth over a time period of 10 years. And I’m not sure that this fall will not lead to further growth, that this fall will not end, and that another period of growth will not begin. It can start at any moment.
Like I said, I don't see economic reasons to reduce interest rates.
And, as I already said six months ago, the reasons for lowering interest rates are most likely political, not economic.
Well, then we look: what will we have in March?

That is, before the elections it makes sense to reduce interest rates. For what? In order for people's thoughts to be directed in a positive direction: rates are reduced - housing becomes more affordable.

But does it make sense (political sense) to lower interest rates after the elections?

I'm not sure about this.

That is, at the end of this year, rates may not fall so much as rise.

At what interest rate do banks currently issue mortgage loans?

Well, the best interest rates are at 9.5% per annum.

A bank attracts money somewhere in order to issue it later.
Attracts at one price, gives out at another.
Typically, the difference between the rate at which a bank attracts money and the rate at which it issues money is 3 percentage points.

What does this money go to?
Well, one percentage point is the bank's profit. Bank - commercial organization: He's working for something.
The second percentage point is transaction costs. To attract money and to issue it (salaries of bank employees, rent of a bank office, and so on...).
And finally, the third percent is “just in case”: in case the bank issues a loan to some borrower, and this borrower does not pay the loan.

And the difference, in most cases, between the attraction rate and the rate at which the bank issues mortgage loans is 3%. In the banking community, such a difference (such a margin) is considered normal.

That is, when a bank issues a loan at 9.5% per annum, it attracted money somewhere at 6.5% per annum. (Or maybe even at 6%).

In order for the bank to reduce the interest rate, well, let’s say, to the values ​​that our wonderful Government promised us (that is, to 6 percentage points), what is needed?
The bank needs to raise money at 3%.

Question: where can I get them?

You are about to take out a mortgage loan.

Your relatives, at the same time, keep a deposit in the bank.

Please tell me, if you offer them to deposit money at 3 percentage points: this will be a payment on your deposit (on their deposit, or rather). Tell me please, what will they tell you?
Will they take the money to the bank at 3%?

I think not.
I think that most likely they will convert this money into dollars (most likely) and hide it somewhere under the pillow... Well, for some reason it seems so to me.

That is, there comes a time when interest rates are such that depositors no longer want to take money to the bank.
We are not Europe, where bank licenses have not been revoked for centuries.
Thanks to our wonderful Central Bank, we are putting things in order banking sector", and licenses are revoked in batches. (One hundred or more pieces per year).

Accordingly, the population does not have such trust in banks (that it is reliable, that I can deposit money and not think about it anymore).

Consequently, since the population does not bring money to banks at lower interest rates, placing money on deposits, then, accordingly, the bank does not have many reserves to receive money and to issue money in the form of loans. Everything is interconnected here: a lower interest rate on a loan means a lower interest rate on deposits (and vice versa).

Today, I see no economic reasons for banks to cut rates. I just don't see it.

Because, well, imagine that you are a bank. You have a queue of borrowers.

Tell me, please, do you need to reduce the interest rate?
Need to?
For what? In order to reduce your profits?
Why, if you feel so good! If they are already coming to you in a crowd?
If in 2017 you issued more loans (twice as much) than in previous years. If the growth rate of loan issuance is a record!
Why should you reduce your interest rate?
For what?

That is, when banks reduce interest rates, for some reason they need it. After all, if interest rates are lower, the bank's income is lower.
It can be larger if our base increases, if we have more issued mortgage loans.

But when mortgage loans are already issued well at current rates, if the number of borrowers is growing, why would the bank reduce interest rates?

Therefore, I do not see any potential for lowering interest rates.

And after the elections?

And after the elections, anything can happen.

Now, if I needed to buy an apartment now, I personally would not delay this decision.

Well, it’s up to you, of course. I expressed my opinion to you.

Thank you for your attention.
I was with you, Dmitry Ovsyannikov and the project “site, About mortgages in Russian.”
If you liked the video, give it a like. Subscribe to our video channel. Well, if you have any questions, ask them.

This is very, very real today. Since the beginning of 2017, the mortgage lending market has seen a downward trend in rates against the backdrop of the stabilization of the economic situation in the country and the reduction of the Central Bank’s key rate, one of the main benchmarks for the credit sector. For all popular mortgage products in March of this year, base interest rates of leading banks fell to 10.4-12.25%. Moreover, according to forecasts of experts and representatives banking environment, by the end of the year there is a high probability that mortgage rates will reach a historical minimum, especially if the regulator continues to reduce the key rate.

Taking out a mortgage in the current conditions is quite profitable. Partly because of this, the state assistance program was curtailed mortgage borrowers through AHML. But those who took out a loan six or two years ago are more concerned about another question: is it possible to reduce the interest rate on the existing mortgage?

On the one hand, for banks the revision current conditions mortgage will actually mean a loss of profit, and a considerable one. On the other hand, the market and competition dictate their own rules that cannot be ignored. If the bank itself does not make adjustments or does not make more profitable proposition, another bank will do this - they will offer a refinancing program that the borrower is unlikely to refuse because of its obvious benefits and advantages. To retain customers, many banks are now ready to consider options for revising mortgage terms. The need to reduce interest rates is an objective necessity for the banking sector. Otherwise, you can lose customers who will go to competitors.

Banks' approaches to reviewing interest rates on existing mortgages

The main options for reducing mortgage interest:

1. Conclusion additional agreement To loan agreement against the backdrop of an agreement reached to revise the interest rate and, possibly, some other loan terms.
2. Loan refinancing is the execution of a new agreement with the repayment of the old obligations using the received loan funds.

The use of these options assumes that the borrower has regularly repaid the loan or, at least, has no debt on current obligations. What to do if you have financial problems? In this case, it is possible to apply an individually developed restructuring program, which, among other things, will provide for a reduction in the interest rate on the remaining loan amount to be repaid.

From the point of view of profitability for the borrower, refinancing or concluding an additional agreement are more preferable options. As part of the restructuring, of course, you can count on the bank to show loyalty, but it is unlikely that the rate will be reduced as much as can be done when refinancing a loan or revising its terms. This is due to the fact that a client who committed violations in the performance of obligations cannot be considered reliable, the risks are high, which means that it is necessary to compensate in some way possible losses. Traditionally, this is done by paying a higher interest rate than the base rate. At the same time, it is quite possible to claim a rate that is not minimal, but still reduced by several percentage points or at least tens of percentage points.

What does a borrower need to do to reduce the mortgage interest rate?

Today, when banks massively adjust mortgage interest rates downward, there are three possible scenarios:

1. The bank itself creates a personal offer and informs the client about it - via SMS, by phone, email, etc. Borrowers who have regularly paid their loans without committing violations can count on such an offer. But it is quite possible that the bank will turn a blind eye to some insignificant delays in the absence of an overdue debt.
2. The borrower himself turns to the bank with a request to revise the current interest rate on the loan. To do this, you do not have to wait for the bank to offer anything. You need to take the initiative into your own hands and submit a written application to the creditor.
3. The borrower studies and analyzes current offers from banks in the field of refinancing mortgage loans, and, if the conditions are suitable, an appropriate application is submitted.

If you are looking for the most profitable solution, it is worth starting the process with a general analysis of the most suitable offers on the market. That is, it is advisable to first consider the option of refinancing. Firstly, in this case you will not be limited only by the offer of your lender, and secondly, it cannot be ruled out that the new creditor bank will offer much more favorable conditions.

When refinancing:

• a new agreement is concluded;
• the current mortgage is repaid using the received loan funds;
• the borrower begins to fulfill obligations under a new loan agreement, which provides for a lower interest rate than it was on the old loan.

Applying for a refinance is similar to applying for a mortgage. You need to submit an application, wait for a decision on it, submit a package of documents to the bank and sign contracts.

Refinancing a mortgage is not always taking out a new mortgage loan. If old debt relatively small, you can take out a consumer loan and pay off the mortgage yourself. But in this case, it is unlikely that you will be able to get an interest rate that will be more profitable than what you had with the mortgage. Most likely it will be more. However, each situation requires individual consideration. For example, if you need non-targeted credit funds in excess of what is necessary to repay the mortgage, registration consumer loan may well fit.

Regardless of whether a personal offer has been received from the bank or not, the borrower has the right to submit a written application to the lender, indicating the need to revise the interest rate. The statement can refer to the general situation in the mortgage lending market, and as a more specific argument, provide an analysis and assessment of the current interest rates of the creditor bank.

Unfortunately, the bank has the right to refuse to change the terms of the mortgage loan without giving any reasons for its decision. Neither those who regularly paid their mortgages nor those who made delays are insured against this. There is little the borrower can do in this situation. The only option is to apply for refinancing to another bank and hope that the application will be approved.

If the bank nevertheless agrees to revise the interest rate, you must wait for the proposal it has formed. Do not rush to agree immediately without studying the offers of other banks. If the rate changes downward, the agreement with the bank may provide for other new or adjusted lending conditions. Everything needs to be carefully studied before making a final decision. If you are satisfied with everything, or if you do not want to change the creditor bank, you will need to draw up a contract (agreement) and, possibly, submit some additional documents at the bank's request.