Through our mortgage loan comparison, it will be possible to find a suitable loan to build or buy a property. At the same time, you can look at cheap offers to pay low interest and fees. In addition, we give in this guide tips how to find the cheapest possible mortgage loan. But first of all, we show what a mortgage loan is and what its features are.
All important facts about our guide “Mortgage Loan” at a glance:
A mortgage loan is an ordinary loan used to buy or build a home. However, the real estate owner hands the rights to the property to the bank. Although he receives the necessary money from the bank, the bank can forcibly foreclose or foreclose the property as soon as the owner can no longer repay the debt to the bank. The gain of the administration or auction of the property would eventually go to the bank.
To be able to make a mortgage loan comparison, one should first look at the characteristics of such a loan:
If you are finally conducting a mortgage loan comparison, you should include various aspects in the test. This also includes knowing the forms of mortgage loans. There is an annuity loan, a term loan and a repayment loan. Most of the time, the annuity loan already described above is offered. Here, the rate is, as already mentioned, always the same. Only the parts of the interest rate and the repayment change bit by bit.
Special bank loan for home purchase – the mortgage loan
In addition, of course, you should keep the favorable loan interest in mind. However, not only the level of the interest rate plays a role here. It is also important, whether it is a variable interest rate or a fixed interest rate. The fixed interest rate has the advantage that there is no risk. After all, the interest rate will not change throughout the term. However, this is possible with the variable interest rate. Therefore, here is the risk that the interest rate increases. On the other hand, of course, this can also sink.
To recognize cheap mortgage loan from the beginning, but you should also look at the possibilities for special repayment. Therefore, not only the monthly rate but also the flexibility should be set before the contract is signed. It should be agreed, how often you can do a special repayment for free or how expensive the special repayment is.
Special repayments are otherwise very well suited to save. Because of these, the loan amount can be reduced before the end of the term. For example, if you pay an extra sum every half year, the entire loan becomes cheaper. Of course it would be best if special repayments can be carried out at any time free of charge.
But you should also look at the conditions. This is because each credit institution has different requirements for the borrower. Normally, however, a regulated income or a good job is required. This should guarantee the repayment of the bank. In addition, the property is usually well preserved and profitable. For example, a house that is as good as demolished is not enough security for the banks. If you also want to know more about the individual requirements, you can also read our corresponding guide “Credit Requirements”.
However, before one can begin with the mortgage loan comparison, one should calculate the equity. This is quite easy in just a few steps:
By these calculations one knows finally, which equity is available. The missing money can finally be applied for as a mortgage loan. For this, as already said, a mortgage loan comparison is recommended.
It is also possible to combine mortgage loans with a Infrasavings bank loan. Such a loan can be used both for building a house and for buying a property. However, it is always linked to a few conditions.
For example, homebuyers must make sure that energy efficiency is right, because it is important to comply with special energy-saving requirements. When building a house, you should also pay attention to the energy efficiency and in addition to the environmental friendliness.
If you would like to apply for the additional Infrasavings bank loan, you should always pay attention to energy efficiency
It is also important to know that this loan must not be obtained from Infrasavings bank but from the bank through which the mortgage loan has been obtained. Often, however, these banks do not inform about the possibility of combining loans with the Infrasavings bank loan. If you combine the two loans, you should only pay attention to the fact that you now have to pay two monthly installments and not just one for his property.
In summary, we can finally say that cheap interest rates and overall cheap mortgage loans are possible. On the one hand, this is achieved by comparing the various loans in terms of interest rates, fees and provisions for special repayments. On the other hand, you can keep the interest rate cheaper by calculating the maximum equity. After all, you have to take the least amount of credit. At the same time, however, you can apply for the mortgage loan with a Infrasavings bank loan and thus increase the chances of favorable interest rates again. Incidentally, our online loan calculator can help you compare.