Mortgage loan

Borrow money with a mortgage loan, this is a loan that is taken out by someone who is planning to buy their own house. A mortgage loan makes it possible to borrow a large amount of money at a low interest rate that can be repaid over a long term. In most cases, the term of a mortgage loan is therefore between 20 and 30 years. The time when you as a potential borrower had only one choice when it comes to a mortgage loan is a thing of the past. In addition to the classic mortgage loan, there are several other mortgage loans on the market today, each of which has different conditions.

Take the interest-only mortgage, for example. In contrast to a normal mortgage loan, an interest-only mortgage, as the name suggests, does not repay the loan amount. The costs that you have to pay monthly therefore only consist of interest. On the date on which the mortgage loan expires, the full outstanding amount must be repaid in one go. The fact that the loan amount is not paid off ensures that you can enjoy the best possible tax benefit during the entire term of your credit.

Before taking out a mortgage loan, you should be well aware that it will affect your life very significantly. Things that you could previously easily purchase are now suddenly a lot more difficult because you have to keep a large amount free every month to pay off your mortgage loan. Finally, keep in mind that you will have to provide the bank with the necessary securities when applying for a mortgage loan. Only when the bank is almost 100 percent certain that you can meet the credit conditions of your mortgage loan through your income and other financial assets, will you be granted a mortgage. If not, your application will unfortunately be refused.

 

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