There are a multitude of options for what type of mortgage you can take out, and finding the right one may seem like a jungle. Spend the time finding the right one for you, and good preparation usually adds a little extra to the account in the end.

Today, if you want to acquire a property

Today, if you want to acquire a property

You have to pay 5% of the purchase price. This payment cannot be financed in the home or mortgage loan. If you are creditworthy enough, you can borrow that payment on a 3rd loan. Otherwise it is a savings you have to make yourself.

This was adopted a few years ago when too many people could lend money to a house without having the required credit rating and therefore the house ended up in a forced auction or people were forced to sell well below the trade value. This ended up being owed a lot of money, without having the security of these loans. I will go further down in the article on the calculation of how the loans are distributed in relation to the trade value. But a down payment is something you have to be aware of in connection with a home purchase.

Home loans

Home loans

 

A mortgage is the opposite of a mortgage, which is taken up in a bank. The mortgage will typically have a higher interest rate than the mortgage, here we talk about 8-9%. It is a lot more expensive to pay back than a mortgage. A mortgage can typically be 10-20 or 30 years. Many people choose to pay off the mortgage on the mortgage, to spend the extra money a month to pay off the mortgage much faster, thereby saving a lot of money in interest.

An example of a mortgage

An example of a mortgage

You need to borrow $ 300,000 for a mortgage at an interest rate of 8.75%. The term is 30 years (360 months)

With a tax rate of 33% in your municipality and a nominal interest rate of 9.041% and the loan includes the cost of establishing the loan.

Total costs incl. interest will run up to DKK 544,635, which means that the total amount to be repaid in 30 years is DKK 844,635, which is almost 2 times more in costs than the amount you have borrowed.

mortgages

mortgages

A mortgage is taken out in connection with a home purchase. You can take out a mortgage loan of up to 80% of the commercial value of the property in question.

There are a multitude of options for what type of mortgage you can take out, and finding the right one may seem like a jungle. Spend the time finding the right one for you, and good preparation usually adds a little extra to the account in the end.

 

Leave a comment

Your email address will not be published. Required fields are marked *