Calculate mortgage? Compare mortgage loan providers
A mortgage loan is the loan that you use if you want to buy a house or apartment or if you are going to build yourself. Just like loans, there are many types of mortgage types that you can tailor to your wishes. An explanation over at oksanamo.com
The mortgage is actually the right that the bank acquires to sell your property if you cannot pay off the loan. The property for which you take out the mortgage loan therefore serves as collateral for the bank. After a maximum of 30 or 35 years, the loan is fully repaid and the mortgage also disappears.
There are different forms of mortgage loans. For example, there is the annuity mortgage: during the term of the loan, you repay part of the loan each month. The monthly amount consists partly of the repayment of the loan and partly of interest that you pay to the bank. There are also interest-only mortgages where you only pay interest every month. At the end of the contract you must then repay the loan amount to the bank in one go.
The banks offer various other mortgage types, such as the investment mortgage and the savings mortgage. Nowadays you can even take out the mortgage online.
What is my maximum mortgage? How much can I borrow?
A bank likes to be sure before they want to lend you a large sum of money. You must therefore have a fixed income (permanent appointment / permanent contract) if you want to take out a loan for the purchase of a property.
The bank is thus given the guarantee that you receive enough money each month to repay the loan. It is also important that your fixed costs and monthly costs are not extremely high. If you already have a loan, it may not consume too much of your ‘freely disposable’ money. It is, however, possible to include the existing loan in a new loan. This is called ‘re-transfer’ and you can request more information from the lenders.
In addition, the amount of your fixed costs and your income is important to have a maximum loan calculated. Generally speaking, the amount of the monthly loan repayment may not exceed 30 – 40% of the monthly budget. However, if you have more than average fixed costs, the amount that you can repay each month will also decrease.
You can calculate your maximum mortgage through the websites of the providers.
When to transfer?
If you borrowed a while ago at a higher interest rate, transferring your mortgage may become interesting. You will then have to repay less each month, which will release additional financial room. Please note that rescheduling is not free! You must pay costs for the new mortgage and you must also repay your existing mortgage in full. For this you will have to pay a ‘fine’ to your current bank. After all, it is about terminating a long-term agreement. So you will first have to cough up a certain amount to arrive at the lower monthly charges. Due to the current historically low interest rates, there is a good chance that you can save a lot on your mortgage through the transfer.