Looking for a mortgage? Then do you also have a house or apartment in mind? Fun times, finally your own place. But the first question that comes up is of course ‘what can I borrow with a mortgage?’. And rightly so, because first looking at houses and only then about financial thinking, that is wrong. First view how much you can borrow and then, based on that data, look for potentially interesting properties. That way you can also immediately make an offer that you know the bank will give you a mortgage on.
Buying a house or apartment are often large amounts. And for that, the bank wants to see some security when you come to apply for a mortgage. It almost goes without saying that you have a permanent job, you and your partner if you borrow two. In addition, you may not have too many fixed expenses. To that end, a bank charges other current loans and alimony. Are they not there or is there only one loan that is still running. Then there is no problem. Can a customer of a bank to 1/3 of spend all your income together loans. That is already a considerable amount, especially if you borrow with your partner. Calculate that yourself sometimes, then you already get an idea where you stand.
But to know exactly, you can also perform a simulation on a bank’s website. There you can enter an amount, determine the installment period, state the amount of your own contribution and you will already see a result. Based on the data that you enter there, you will therefore receive an amount that you can borrow with a mortgage. Don’t pin down 100% on that, because it is only in a bank branch that you will be told exactly how much you can borrow. Then you take all financial data with you, such as your income and expenses. Your partner’s too. And let the bank employee make the necessary calculations. You often receive an answer at the same time.
Then do not go too fast and apply for the mortgage, since this is about large amounts, you better compare some banks. Because they can differ on the costs they charge for a mortgage. The less you have to pay, the more interesting for you of course. The capital part is the same everywhere that you can borrow. You must keep the cost percentage as low as possible. A mortgage is often about periods of 20, 25, 30 years. That is a long time to pay a high amount and a lot of costs. The more you compare, the more you’ll see which bank is the most interesting. You can continue with that and ultimately apply for the mortgage there. Also ask for debt balance insurance rates, it may be that you have to purchase these through the bank.