Taking out a mortgage loan requires a great deal of thought and thought. Find out what amount you can handle for your loan. Stay within your budget, so you limit the risk of future problems. Find out what amount you can pay each month for your mortgage loan and also take into account your other future plans and possible setbacks such as the loss of work. Provide a safety margin when determining your monthly amount that you can redeem. Banks and credit institutions offer calculation modules on their website with which you know in no time how much you can repay each month.
Compare the different offers
Your search for the best and cheapest home loan adjusted to your building plans and your options, naturally starts with your trusted banker. However, it is wrong to assume that you will also offer this as the cheapest mortgage loan. Consult conditions and options with different financial institutions and do not limit your search to the big banks. Be sure to also visit the smaller players on the market, so you will get the greatest benefit from the competition between the banking institutions. When comparing the various offers, certainly also take the reference index into account, as this may differ from bank to bank. For example, an interest rate of 3% is not the same at all banks, that depends on this interest reference.
Many banks oblige candidates for a mortgage loan to take out other banking products such as a visibility and / or debt balance insurance.
They offer you extra discounts in exchange for taking out these extra products and services, but they are usually more expensive than elsewhere. Take this into account when taking out your home loan and certainly do not take out anything that you do not need.
Early repayment advantageous?
The longer the term of your mortgage loan, the lower the amount that you must repay each month. With what you save in this way, you can repay your loan early. Saving the saved amount is therefore recommended. If there is nothing in your credit agreement about an early repayment, you have the right to repay your loan early at any time. You can in any case make a partial repayment once a year. You may also redeem at least ten percent of the outstanding capital at any time.
If you want to repay your mortgage loan early, the bank will request a reinvestment payment as compensation. This reinvestment payment is three months interest on the outstanding capital if it concerns a full early repayment. With a partial repayment, the reinvestment compensation is calculated on the capital that you wish to repay early.