You need to know this before you borrow for a home
Everyone sometimes dreams of it: their own house. But when the time comes, you must first go to the banks to take out a loan. Because almost everyone has to borrow an amount to buy a house or a piece of land. But how do you look for the best loan for your financial situation?
SEE HOW MUCH YOU CAN BORROW
Before you visit all possible banks, it is best to make the calculation exercise yourself. Add up all your and your partner’s income together to find out how much money “comes in” each month. Then also calculate how much of your own income or your joint income you want to spend on a loan and therefore also on the monthly payment of the loan. Online you will find useful simulation tools with which you can quickly calculate how much you can borrow and how long you can do this. If you also take your savings into account, you immediately know how you are financially and whether you should borrow everything for the purchase of a house, or just a part.
SOCIAL CREDIT IS A PLAN B.
Suppose you are told at all different banks that you cannot get a loan or that you still have to borrow 100%, because you simply cannot do otherwise, you can still go for a social loan. This is a credit with an interest rate of up to 2 percent, calculated according to the size of your family. Of course, in order to take out a social credit, you must meet a number of conditions. For example, your income must remain within certain limits and the house you will buy may not be too big. All conditions for a social credit can be easily found online.
ANTICIPATION IS KNOWING
If you are really actively looking for a home, it can be useful to visit some banks in advance to see if you could get a loan and under what conditions this will be. Suppose you suddenly found a house before, but you are not yet sure whether the bank will grant the loan, you can still include a suspensive condition in the compromise. For example, as a buyer of the house you are not tied to the purchase of the house in case the loan does not go through.