Heartiest Support for the Best Mortgage Options

Here we are talking about monthly payments. Proceed from the calculations – the amount you pay to the bank should not be more than 30% of the family income. Do not limit yourself in everything, giving the last money to repay the mortgage. Provide a financial cushion for various non-standard situations.

Consider all options

Before applying for a mortgage – play with numbers. First, determine which monthly payment is within your power. Then try to slightly increase it, only by 500 – 1000 dollars. And see how to change the credit period. You will be pleasantly surprised. Perfections are there in work from mortgage broker Geelong .

The purpose of all these manipulations is to choose the most favorable term and payment to reduce the cost of the loan.

Analyze property prices.

Before deciding on an option, review several options and compare them with each other. If the apartment in a newly built house, then consider the reliability of the builder and the quality of construction more details on how to choose a developer, we wrote in one of the previous articles.

Beware of non-liquid real estate

Refuse not liquid options, which are then sold for a long time. In life, there are different situations, so you need to consider all the risks. New apartments are always popular, below are our residential complexes , in which you can choose for yourself a great option for real estate.

Please note, the difference between 25 and 30 years is only 1000 rubles. During these five years of payments for the flow, you will have to pay more than one million rubles. 25 and 30 years – here the difference in the form of monthly payments in general is just over 400 rubles.

The size of the interest rate is of great importance

  • When choosing the bank in which you want to take a mortgage, pay attention to the size of the interest rate. Everything is elementary and understandable here. The lower the interest rate, the lower the amount of monthly payments and overpayment. This will save a lot in the future.
  • After a simple calculation, we can say with confidence that the difference between 12% and 12.5% ​​over 20 years will result in overpayment of 210 thousand, and for 30 years in 450 years.
  • When choosing a mortgage currency, stop at the one in which you receive income.

This rule can be attributed not only to mortgages, but also to other loans. Receiving a salary in rubles, take a loan in rubles. Do not risk the risk of seriously falling for additional costs due to the difference in the growth rate.

A good example is 2008 and 2014, when the dollar almost doubled. Thousands of people lost apartments during this period, as they could not pay much higher monthly payments on the loan.

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