Buying your own apartment is a serious decision. Usually the flat is bought on credit. And it’s a multi-year loan. After 20-30 years, the loan repayment ends and customers can breathe a sigh of relief. However, before this nice moment comes, it is worth choosing a home loan, which will be easy to pay off and not bother with paying it back.
It is necessary to be thorough, talk with banks and choose the best mortgage. You can trust the intermediary company or ask for help from a bank advisor, but it is better to choose a convenient mortgage yourself, negotiate the amount with the bank and not pay the commission to the broker.
What loan will be the best?
Fortunately, times have changed and banks no longer grant loans in francs, euros or dollars. Currently, only loans in USD are offered. In foreign currency, you get a loan only if you work abroad and earn in a foreign currency. There is currently no other option. You can choose a housing loan to buy an apartment from the secondary or primary market from the developer. You can take out a construction and mortgage loan to build your own small home.
Pay attention to interest rates
The lower the interest rate on the loan, the better for a person. Additional fees are also important, ie commission, insurance, real estate appraisal fee. Young people can get a loan more easily, banks are equally willing to grant loans to marriages. Lonely people will get credit, but on shorter terms and on slightly worse conditions. This is typical, that’s what banks do. A lonely person may lose his job and lose funding, and this is a threat that the loan will not be repaid. It is good to include the cost of commission and insurance in the loan. Then the customer will not be exposed to unpleasant surprises that he can not afford at all. That is why it is worth following the mortgage ranking on a regular basis, it will help you make the decision.
To sum up, you should always accurately calculate the cost of buying an apartment, its finish in the case of apartments purchased from a developer, commissions, fees, notary deed. Of course, furnishing the apartment is at the expense of the person, for this you need to have your own funds or furnish slowly, gradually. It is definitely worth calculating everything and, if necessary, do not get into further loans, but, for example, borrow money from the family, without additional fees, ie commissions and interest. It should be remembered that in the event of a delay in repayment of the loan, interest on such an obligation increases. It is therefore necessary to pay back the loan on time, without delay and reliably. It will definitely pay off. If our financial situation suddenly improves and we want to pay off the mortgage earlier, we may be affected by the commission for early repayment. It is usually calculated in the first five years of loan repayment. However, there are no rules here.
What loan is the best?
Each person has different needs – one prefers a lower commission, the other cheaper insurance, and the third will appreciate the lack of early repayment fees. Everyone has different needs and there is no one best loan for everyone.