Why to choose mortgage?
Choosing a mortgage (also called a mortgage on a real estate property where the property you are buying is a mortgage) is a clear and sensible decision, because it is understandable that saving money for a living space is not so quick. And since rental rates are often as high as a monthly mortgage payment, it’s certainly better to buy a property than rent and overpay for a lifetime. And living on your own is definitely more enjoyable than living on a rented property.
What to look for when choosing a mortgage?
- What will be the total amount you will overpay for the loan. Therefore, it is important to choose a loan with the lowest possible interest rate. To help you compare prices, our Credit Comparator will help you see what the monthly payment is for each company;
- What is the down payment on a loan, as the first down payment (usually starting at 10%, depending on the real estate and loan repayment ability) is to be collected and made out of your own funds;
- The most appropriate monthly payment should be chosen. Credit obligations should not exceed 40% of your income. Include money for unforeseen events and entertainment as well, as you will always want to enjoy your life, not just to repay the loan as soon as possible;
- What are the options for deferring your credit payment in the event that you are unable to make the monthly credit payment in any given month;
- Or opt for credit insurance;
- What is the solution if you are unable to pay the loan on a long-term basis;
- How much will it cost to repay your loan early if you want to pay off all or part of your outstanding credit sooner;
- How reliable a company is and other factors.
Mortgage credit is a serious decision that makes a long-term commitment. So before you choose it, you have to think carefully about all the pros and cons.