How much can I borrow
How much can I borrow with a mortgage loan ?
House price is the most important part of the total cost of buying a home. However, do not forget to take into account the additional costs (the cost of building evaluation, notary fees, insurance premium).
That’s why it’s important to have a budget and make sure you stay in it. To find out what amount you can borrow, you have to answer yourself two questions:
- What monthly payment is right for you and your lifestyle?
The number should not exceed 50% of the family’s monthly income, but it is better to calculate exactly considering the following:
Normally, revenue increases over time, but you should be cautious and assume that this increase will not be very high. Expenses tend to grow over time, especially if you plan to start a family and have children. Perhaps you should evaluate your current monthly expenses (other rates, electricity bill, phone bill, etc.) so that the monthly installment of the new credit does not affect your lifestyle.
For a detailed calculation, it is better to contact us, and one of our officers will give you all the necessary information tailored to you.
- What is the amount I need for a down payment to buy a home?
If you are planing to buy a home, you normally have to have at least 25% down payment of its value if the income is in the currency of your credit or indexed to it, money you can collect from several sources – savings, another credit, from parents, other family members, through a sale.
If you plan to renovate or expand your current home, there is no need for a down payment
In addition, in any case, you will have to cover the initial costs of granting the loan (grant fee, property evaluation cost, notary fees, insurance premium).