Welcome! At first glance, a mortgage is a rather complicated process. In this post, we will tell you about the stages of applying for a mortgage so that you have a clear picture of the entire transaction. Step-by-step instructions for buying an apartment with a mortgage will help you understand what needs to be done at each stage and what you need to pay special attention to.

So, a mortgage from scratch. Let's start looking into this issue.

Recently, more and more Russians are deciding to purchase a home using a mortgage loan. This scheme has its advantages: you do not need to borrow money from family and friends, you immediately register ownership of the apartment, and you can pay off the loan in accordance with your needs.

Unlike a consumer loan, where the collateral is a guarantee from an individual or is completely absent, in mortgage lending the collateral is the real estate that the bank client buys. This means that an encumbrance is placed on the apartment (without the consent of the bank - the creditor it will be impossible to sell, donate, re-register square meters), but you can live in it, make repairs, etc. Once the obligations are repaid, the encumbrance is removed.

Since in most cases an individual does not have enough own funds, mortgage loans are characterized by a significant loan amount (from 300,000 rubles to several million) and a long loan term (up to 30 years).

When applying for a mortgage loan, you can choose a debt repayment scheme: annuity payments or differentiated payments. In the first case, payments are always the same size, interest is distributed over the entire loan period. With differentiated payments, the amounts decrease: at first, the contributions are maximum, then they gradually decrease, and interest is charged on the balance. Which type of payment is more profitable? With differentiated payments, especially with a maximum term, the amount of overpayment will be less, but the income of the borrower (or family) should be higher.

You can learn more about housing costs from our previous post.

Let's begin to understand how a mortgage is issued step by step.

Step by step instructions

In general, we can highlight the main stages of a mortgage transaction:

• searching for a lender (determining the amount and conditions for issuing funds, approving the application),
• selection of housing options, approval of the application at the bank,
• signing a loan agreement and a purchase and sale agreement,
• registration of the transaction, registration of housing ownership.

Applying for a mortgage is a responsible matter. If knowledge and time are not enough to independently analyze the mortgage lending market, you can use the services. For a certain amount, a specialist will select the most profitable option depending on your capabilities and wishes.

If your budget is already limited, you should independently consider the banks’ offers and choose a suitable offer. By visiting bank branches or official websites of companies, you will familiarize yourself with the current lending conditions and be able to choose profitable ones.

Use our “ ” service to quickly find a profitable offer on the market.

When trying to get a mortgage, the procedure is as follows:

• decide on the loan object (an apartment in a new building, on the secondary market, a room, a share, an individual house, a plot of land, a townhouse, etc.),
• find out if the bank has special offers (for young families, state support, etc.),
• determine the value of the property: calculate the amount of the down payment and loan,
• request your credit history information from the credit bureau,
• Check with the bank the requirements for borrowers regarding marital status, income, etc.
• decide on the loan term and type of payments depending on solvency.

You should answer each question step by step to avoid mistakes and unexpected expenses.

Selecting special programs in the bank

• military mortgage (the state transfers funds to the individual account of a serviceman to accumulate a down payment, and when applying for a loan, pays the debt),
• mortgage loans to young families (reduced interest rates for spouses under 35 years of age),
• mortgage with maternity capital (to support families with two or more children),
• mortgage loans for “salary” clients (a reduced rate is offered for clients receiving salaries into a bank account).

What else should you pay attention to when choosing a bank? If you need to pay additional fees:

• commission for maintaining or opening a current account (if any),
• the amount of insurance (borrower insurance, title insurance, real estate insurance - depends on the tariffs of the insurance company with which the bank cooperates),
• the cost of producing a report on the market value of real estate.

Applying for a loan

When you have decided on a banking program and are sure that you meet its requirements, you can safely apply for a loan. To purchase an apartment with a mortgage, you must submit the following documents to the bank:

• passport of a citizen of the Russian Federation of all participants in the transaction (borrower, co-borrower (spouse), guarantors, if any),
• documents on marital status,
• documents confirming income,
• certificates, schedules, documents on current obligations (about payment of alimony, existing loans, etc.).

The package of documents may differ depending on the requirements of the bank. You may also need SNILS, an insurance policy, education documents, a driver’s license, etc. When submitting documents, you must fill out a form and application. It is advisable to indicate the most accurate and truthful information - this will help increase the chances of approval of the application.

After 1-5 days, the credit officer will inform the bank about the bank’s decision and inform you of the maximum possible amount to be disbursed, the approved rate and payment schedule.

If the application is approved (the decision is valid for 2-6 months), it’s time to start looking for a suitable apartment.

Selecting an object for a mortgage loan

When purchasing real estate in a building under construction, you should consider options only in houses accredited by the bank. This will simplify the mortgage transaction procedure as much as possible and protect you from scammers. The money will be transferred directly to the bank account of the developer or contractor, and the right to claim the apartment will pass to you.

Documents on the object for submission to the bank:

• preliminary purchase and sale agreement (agreement of intent, investment agreement, etc.) concluded with the developer,
• documents confirming payment of the down payment (receipt, cash receipt) from the developer.

Thus, the package of real estate documents is minimal, but at the same time, purchasing square meters on the primary market is associated with risks - bankruptcy of the developer, missed deadlines, etc.

In the case of purchasing an apartment on the secondary housing market, the package of documents is much wider and may differ in each specific situation. So, you need to collect:

• title documents (certificate of state registration of property rights, purchase and sale agreement (or donation, division of property, etc.),
• copies of sellers' passports,
• copy of personal account,
• technical, cadastral passport,
• extract from the Unified State Register.

They may also request:

• documents confirming the legal and legal capacity of sellers (certificates from dispensaries),
• certificates of absence of debts for utility bills, property taxes,
• other documents.

If real estate is purchased with a land plot, the list for the application is supplemented with documents on land ownership and the boundaries of the land plot.

After preliminary approval of the application, a market valuation report must be ordered and insurance policies must be provided.

Concluding a loan agreement and issuing a loan

When the bank has made a positive decision on the mortgage application, the most exciting and crucial moment begins - concluding a loan agreement and issuing loan funds.

Until now, banking institutions have two schemes for issuing loans: after state registration of the transaction and using a safe deposit box. In the first case, the calculation algorithm is as follows: on the day of concluding the loan and security agreements, all buyers and sellers endorse the real estate purchase and sale agreement. On the same day, the borrower transfers the amount of the down payment to the owner of the apartment in cash or by transfer to the seller’s account, and a receipt for receipt of funds is drawn up.

Next, all documents are transferred to the Registration Authority and within 5 working days the owner of the apartment changes. For final settlement, the certificate is handed over to the bank employee, on the basis of which the amount of credit funds is credited to the borrower's account and then transferred to the seller. Confirmation of receipt of the amount and final settlement is the second receipt.

How does a mortgage transaction work using a safe deposit box?

When renting a cell, credit funds are issued on the day the loan documentation is signed. The amount of the down payment and loan funds is placed in a cell in the presence of a loan officer, borrowers and sellers and remains there until the state registration of the transaction. After submitting the certificate for the apartment to the bank, the cell is opened in the same composition, the money is transferred to the seller with a written receipt.

Registration of a transaction

In order for the transaction to be carried out with the registration authority (Justice, Rosreestr, etc.), you need to submit an application to sellers and buyers indicating personal data. The application must be accompanied by title documents, copies of passports, and a receipt for payment of the state fee. If the seller's property is a joint property, the spouse's consent to the alienation of the property will also need to be drawn up by a notary.

Registration of transactions with encumbrances will require 5 working days, while ordinary transactions for the purchase and sale of real estate are registered within 30 days.

Features of mortgage programs

• Purchasing real estate on the secondary housing market

Since this segment is most in demand, the chance of encountering scammers is the greatest - the apartment may be mortgaged, illegally alienated, etc. If you doubt the legality of the sellers’ actions, we recommend taking out title insurance - this will protect you from losing your home in the event declaring the transaction invalid.

In addition, the finished housing must meet the bank's requirements. For example, it will not be possible to buy an apartment on the 1st floor with a balcony attached to the ground - such redevelopment is very difficult to legalize. The same applies to other redevelopments - displacement of wet spots, demolition of load-bearing structures, etc. As a result, the bank will not miss such a loan application.

There are other requirements for the object of collateral (each bank has its own): the housing should not be dilapidated, be in disrepair, should not have wooden floors (in multi-storey buildings), the distance from the city should not be more than 30-50 km, etc.

• Buying real estate in a new building

Purchasing real estate in a house under construction certainly involves risk, since often the borrower becomes the owner of the square meters even before they are built. This promises the possibility of poor-quality construction of walls, ceilings, floors, as well as poor repairs and finishing.

In addition, as mentioned above, there is a risk of bankruptcy of the developer, which will lead to the fact that the houses will not be built at all. To protect themselves from illiquid property, banks require a guarantee from 1-2 individuals.

It is also worth noting that the borrower has the right of claim for the entire construction period; he acquires ownership rights only after the house is commissioned and recognized as residential.

• Purchasing a share, a room

Purchasing a share or a separate room in an apartment is possible with the help of a mortgage loan only if, after the loan is issued, the entire property will belong to the borrower (in other words, there must be a redemption of the last share). We have already described how a mortgage is issued for a room and a share.

• Buying a house and land

An individual house on a plot of land or a townhouse are considered less liquid housing, so banks are reluctant to issue loans - the rate for this type of lending is higher. This is discussed in a separate post.

We hope you have no questions left. If there are any, please ask them in the comments. We would be grateful for your positive assessment of the article and repost on social networks.

There are many pros and cons to mortgage lending:

1. A long loan term allows you to make payments in small amounts, but at the same time, there is a risk of losing your job during this period or changes in family composition may occur. This will affect your income level, and repaying the loan will become more difficult.
2. The positive point is that the apartment immediately becomes the property of the borrower after the paperwork is completed. Even the fact that the property is pledged does not mean that the bank can evict it at any time. The debtor can lose it only by a court decision in case of failure to fulfill obligations to pay the mortgage loan.
3. The amount paid will be much more than the cost of housing, because it includes interest on the loan, mandatory life insurance and the solvency of the debtor.

   The positive thing is that the borrower can receive a property tax deduction, which means additional amounts going to the family income.

4. Depending on the region, there are various mortgage lending programs: for young or large families, for public sector workers and military personnel, they can reduce the requirements for obtaining a loan or reduce the monthly payment.

Of course, the amount of overpayment turns out to be quite large; keep in mind that real estate prices are rising all the time, which means that by buying a home with a mortgage, you are making an investment in the future. This is the only opportunity to become a homeowner for those who do not have large savings to purchase it.

After deciding to buy an apartment or other housing on credit, you will have to go through a process in several stages:

1. If you have the opportunity and desire, you can contact an experienced realtor who works with mortgages. He can advise you on the most advantageous offers or choose the bank that will definitely approve you for a loan. The intermediary always knows all the details and will help you avoid paperwork, but you have to pay for his services.
2. After you collect certificates from your place of work and make copies of your documents, you will have to contact the bank in order to get approval for the loan. Each bank has its own processing time for an application; it can be three days or a month and a half. Along with a positive decision, they may determine the minimum and maximum amount for purchasing a home. If the bank makes a negative decision, you can try to find another lender.
3. After the loan is approved, a troublesome and important stage follows - choosing an apartment. Not every offer will be suitable for a mortgage. Here you can act independently or involve a realtor. A prerequisite is to check the “purity” of the transaction and evaluate the real estate.
4. Transfer of all documents to the credit institution, so that the purchased property passes all verification procedures through the security service and bank lawyers.
5. Drawing up and signing a mortgage agreement. It must contain a complete repayment schedule. Insurance is taken out for the home and the borrower himself. The purchase and sale agreement should be signed immediately. Most often, banks require that it be certified by a notary.
6. The bank can transfer money to the seller in two ways: through a current account or using a deposit box.
7. The last step is registering the property at the registration chamber and obtaining documents confirming the right to housing.

The entire process of buying a home with a mortgage is very complex and time-consuming; it requires a thorough knowledge of the laws; you cannot make mistakes when preparing any documents. But, having gone through all the difficulties, you will become the owner of the property.

Registration

All transactions involving the signing of mortgage agreements, after all permits have been received, takes place in the bank in the presence of the buyer, credit manager, seller and possibly a realtor. If the bank stipulates that guarantors are required, then their presence at the time of signing is also mandatory.

First, they sign a loan agreement and open an account for the borrower to transfer the entire amount. The down payment is transferred to the seller's account.

If a notary was not present at the transaction, then be prepared for the fact that when registering ownership, all copies of documents provided to the registration chamber will still have to be certified by him.

After registration of the property with the relevant authorities is completed, the buyer is given a document establishing ownership with an encumbrance, and the balance of funds is transferred to the seller.

Applying for a mortgage is the last stage, after which it will be impossible to refuse the deal. To invalidate a contract, you will have to go to court and you need to have good reasons to challenge it.

You can provide all the collected documents to several banks at the same time, so make several copies and instances at once necessary certificates. This will make it easier for you to choose a better offer.

1. An application form that should be filled out very carefully, without errors.
2. Passport with copies of all pages. Before submitting to the bank, make sure that there are no additional handwritten notes on the pages, for example, blood type or children entered not by the registry office, but by the parents. Sometimes they also require you to provide a second identification document.
3. Certificate of marriage registration or divorce.
4. Copies of children's birth certificates.
5. Copies of your diplomas and certificates of education.
6. A copy of the work book certified by the employer or an agreement confirming your activity. Your work experience at your last place of work must be at least six months.
7. Documents confirming the borrower's income: certificate 2-NDFL for the year or, if entrepreneurial activity is carried out, then copies of the tax return for 2 years and a certificate in form 3-NDFL.
8. You may need to submit documents that confirm ownership of valuable property: houses, cars, plots of land, securities.
9. Consent of guarantors and certificates confirming their income.
10. Documents confirming your right to preferential conditions: a certificate of a large family, a certificate from the place of work of budgetary organizations.

Additional information on video:

In order for the bank to approve the property you have chosen, you should collect a package of documents for it, usually the seller does this:

• copies of title documents;
• cadastral passport from the BTI and its copy;
• a certificate from the passport office confirming that there are no registered people in the property being purchased;
• copies of sellers’ passports;
• permission from the guardianship authorities if the owners are children.

This is not the entire list, as each bank has the right to require additional certificates, for example, about repaid loans or a registration certificate from the place of registration and others.

Military mortgages have existed since 2005; there used to be a complex program for providing housing to military personnel, but starting in 2014 it was simplified. They began to simply issue government subsidies in addition to preferential mortgage lending.

The amount of payments for each participant is individual and depends on the length of service, rank, and number of family members. For example, for someone just starting their service, this could be an amount equal to 1 million rubles, the maximum – about 5,000,000 rubles. This takes into account the average cost per square meter of housing throughout the country.

The mortgage itself for the military consists in the fact that the participant is issued a loan at an interest rate lower than that of ordinary borrowers. Part of the money to repay the loan is sent by the state to a special account opened in the name of the military man. This program is called the “savings-mortgage system.”

The advantage of such a mortgage is that it becomes possible to purchase housing in any region of Russia. Many banks that are entrusted to issue such loans do not require a down payment, do not charge commissions, do not need to provide proof of income and do not need to insure their life and health.

The disadvantages are that the loan is provided only after three years of participation in the savings-mortgage system; immediately after dismissal, the payment of monthly amounts stops.

The need to sell a loaned apartment may arise for any mortgage lending participant. This could be a desire to buy a larger apartment or, conversely, difficulties in paying monthly payments.

Collateral

To buy such an apartment, you need the approval of the bank to complete the transaction. To do this, it is necessary that the seller send him a notice of the impending transaction, in which he describes in detail the reasons for the sale. In this case, upon receipt of money from the buyer, the borrower is obliged to repay the entire mortgage loan ahead of schedule. The bank does not like it when this happens, since in this case it loses part of its income over a long period.

The cost of a collateral apartment is always below average, since the procedure for drawing up a purchase and sale agreement has a number of nuances and requires the consent of third parties.

Two calculation options are possible:

• the amount is divided into two parts, one of which is equal to the debt to the bank, and the rest to the seller, while the agreement specifies the period during which the bank, after repaying the loan, is obliged to remove the collateral;
• the second is when the buyer wants to take advantage of the mortgage, in which case the loan agreement is reissued to the new owner and he continues to repay the loan, and the seller receives the amount that he has already paid to the bank.

After receiving all funds, the bank must issue a certificate of no debt and issue a certificate of collateral for transfer to Companies House. Lastly, the purchase and sale agreement is signed.

With encumbrance

In the real estate market you can find apartments with encumbrances; buyers can make such a deal because:

• the price of apartments is much lower;
• suitable area, layout;
• the buyer does not plan to live in the apartment himself, so the conditions are not important to him.

The encumbrance can be different:

• bank deposit;
• seizure of real estate if any debts arise from the seller, transactions are not completed until the debts are fully repaid;
• rent, if the housing being sold is inhabited by people who pay for it under an agreement to the owner, then they cannot be evicted until the end of the rental period;
• an apartment with a person registered in it, he is not subject to eviction by law, you will have to live with him.

Thus, we see that such an apartment must be purchased with caution, having calculated all the possibilities for removing the encumbrance. If you take an extract from the Unified State Register, you can make sure that there are no other encumbrances.

You can check the presence of registered people from the house register or from a financial and personal account. When transferring any amounts of money, you must always take a receipt, or even better, use a safe deposit box.

If everything is done correctly and according to the law, then there will be no problems when purchasing real estate with encumbrances, and if you have any doubts, you can always contact an experienced lawyer or realtor.

Risks

When buying an apartment with a mortgage, you need to consider all the risks that may arise during the entire duration of the loan. There are not many of them, but you shouldn’t ignore them either:

1. You need to be confident in your permanent income, which would allow you not only to pay off the loan, but also not to reduce your quality of life. Therefore, life, health and solvency insurance will help you in case of unforeseen circumstances.
2. It is very important not to make late payments, even small ones. The Law “On Mortgages” clearly states: if payments are delayed three times within a year, then the bank has every right to foreclose on the apartment. To get the money back, he will sell the property, the price will be significantly reduced. Therefore, be careful about payment dates; it is better to make a payment in advance.
3. If you suddenly decide to take out a mortgage in foreign currency, then by receiving income in rubles, you are at great risk, since your payment can be greatly increased due to the growth of the exchange rate. Of course, if your salary is calculated in dollars or euros, then it is more profitable to take out a foreign currency mortgage, since the interest rates on it are reduced and the amount of overpayment will be much lower.

If you have difficulties paying a loan, you should not hide or ignore calls and demands from the bank. If you find yourself in a difficult situation, it is best for you to contact the credit institution yourself with an application in which you must indicate the reasons that make payment difficult. Based on this, the bank can offer several solution options: deferment of payments, reduction of the contribution amount by increasing the term of the loan agreement, or another option.

Buying an apartment is a serious matter. There are many parties involved in the process, although the main ones remain the buyer, the seller and the lender financing the transaction. You will also have to collect a lot of documents and, possibly, spend a lot of time agreeing on the terms of the loan. However, it only seems that obtaining a mortgage is something impossible.

Preview

The preliminary stage can also be divided into 3 parts. The first will be to find a suitable loan offer. It is assumed that before going to the bank, you have become at least a little familiar with the general situation on the mortgage market, the average rates and conditions that can be offered to you. This can be done on thematic websites, resources of banks themselves, mortgage brokers or forums.

The second part is searching for real estate that you will buy on credit. At this stage, you will have to decide whether you will look for a suitable apartment on your own or contact a realtor. If you save on the services of intermediaries, then, again, you should find out on your own what requirements banks have for future collateral.

The third part is reconnaissance. It's time to visit the bank of your choice, talk to a credit consultant in advance, clarify the conditions and take a list of documents that will be required to apply for a loan.

Pre-approval

This stage is also worth highlighting separately. It involves the process of collecting documents and submitting them to the bank for review. There will be a lot of documents:
- identification, marital status, etc.;
- evidence of income;
- for purchased housing.

The bank, having carefully examined the evidence of your creditworthiness and trustworthiness provided by you, and having familiarized itself with your choice of housing, will issue a preliminary verdict. This is not yet the conclusion of a loan agreement, but a big step towards it.

Choosing a Lender

And here we cannot fail to say that even after securing preliminary approval, you do not need to settle on this bank. You can submit the same package of documents (photocopies) to 2-3 financial institutions. This will save time in case of failure of one of them, because each bank can review mortgage documents for several weeks. And if you receive approval from all creditors, you will have the opportunity to choose the most favorable conditions for you.

Direct registration

Applying for a mortgage loan is not just about signing a loan agreement, which in itself could be a separate step. The registration includes the assessment and insurance of the purchased property, agreement on the clauses of the contract, its signing, and registration of the transaction with the relevant authorities.

In this case, you usually do not need to look for an insurer and an appraiser; banks offer those specialists with whom they themselves have worked. But it’s worth looking at the text of the agreement in person - and doing this before the day of signing, asking the bank for a form of a typical mortgage agreement. Do not rely on the consultant’s words - he may forget or keep silent about something.

Trusting mortgage processing to intermediaries and technologies

If the process seems too complicated for you, you can always ask for help. As already mentioned, when choosing real estate, you can contact realtors. Most of these specialists are familiar with the requirements that banks put forward for collateralized housing, and this is an additional time saver.

Questions related to loan documents, choosing a loan program and lender approval can be entrusted to a mortgage broker. Of course, such specialists can still be found only in large cities, but their services are increasingly presented at a good level.

I would like to mention one more innovation. In an effort to save time – theirs and the borrowers’, and at the same time their expenses, many lenders allow you to leave

First step

You can skip this step and start with the next one. But I still recommend doing it.
I recommend contacting someone who knows almost everything. It will then take much less time to choose a bank, the likelihood of receiving a loan will increase, and in a number of banks, a loan can be obtained under special programs with better conditions. The benefits of such treatment can many times exceed the monetary costs of paying for the services of a broker.

Then, I recommend going to a real estate company and entering into an agreement with a realtor so that buying an apartment with a mortgage was simple, and would not turn into an endless “walk through torment.” At buying an apartment on credit you need to take into account a lot of features: if a realtor professionally works with mortgages, he knows all these features.
Of course, the work of both a mortgage broker and a realtor costs money, but in the case of a mortgage, it is better not to save on this.
Although the choice is yours.

Step two. The bank is considering you.

By issuing money, the bank takes risks. Therefore, money is not given to everyone. The review takes from three to five days to one and a half months, depending on the bank and the sources of your income.

Step three. We are looking for an apartment.

Finding an apartment is not difficult: there are many websites on the Internet, as well as print publications, where advertisements about apartments for sale are published. But! The apartment needs to be checked, all the documents on it need to be collected. Moreover, since it happens buying an apartment with a mortgage, and not for cash, the apartment should please not only you, but also the bank.
We take this step when there is a positive decision on the previous step. If the decision is negative, we look for another bank, and go through the previous step with another bank

Step four. Grade.

The bank must be sure that it does not issue a loan more than the percentage of the cost of the apartment as provided for in its loan program. Therefore, the apartment needs to be assessed. The appraisal certificate is submitted to the bank.

Step five. The apartment is approved by the bank.

The apartment has been found, the documents have been collected and sent to the bank and insurance company for verification. The bank's security service, together with the legal department, as well as employees of the insurance company, examine the apartment you have chosen. If they are satisfied with everything, then you can buy this apartment.

Step six. Loan agreement.

Before the transaction you sign. Under this agreement, the bank prepares the necessary money for you so that the seller of the apartment (in the event of selling the apartment) can receive it.

Step seven. Money.

Depending on the bank, the money is transferred to the seller in different ways. Either through a safe deposit box or to the seller's account. If through a deposit box, then the deposit of money into the box occurs before state registration.
Money can also be transferred through a letter of credit.

In the case of a new building, the bank transfers money to the developer by bank transfer.
Each method of transferring money has its own nuances.

Step eight. Notarization.

Since June 2, 2016, notarization has become mandatory for a number of transactions. These are transactions for the alienation of shares in the right of common ownership of real estate, including the alienation by all participants in shared ownership of their shares under one transaction.
That is, if the alienated apartment is registered as shared ownership, for example, in the name of a husband and wife, then such a transaction is subject to mandatory notarization, with payment for notary services, of course.

If the alienated property is registered as individual property, the agreement is not subject to mandatory notarization. But the bank may require a notarization. If it is required, it will have to be notarized. The bank may also require signatures on the mortgage note to be notarized. But even if the bank does not require any of this, a visit to the notary will still have to be made: to certify the consent of the spouses to the transaction or vice versa: to write statements that the parties to the transaction are not married.

Step nine. State registration.

The transfer of rights occurs at the time of state registration. Registration of transactions lasts from 3 days to a month.

Step ten. Insurance.

Sometimes this step precedes the transaction.
The bank takes risks and wants to reduce its risks. The bank reduces its risks, as usual, at your expense. That is, you pay the insurance company.

I skipped a number of small steps, such as “cash out.” You will definitely learn about them. Even if you are confronted with a fact, it’s okay: the price of the issue is not high.