When using your mortgage loan you find the most suitable loan offer requires you to analyze all the factors correctly. For example, low interest rate should not be a factor for you when comparing offers. This can lead you to a wrong conclusion. Besides the interest rate, file cost, appraisal fee, mortgage fee, etc. It should be noted that various cost items that vary from bank to bank will change the cost of the loan.
Another factor to consider after comparing the cost items is your income status. Your budget should not experience any problems during the repayment of the loan. In unpredictable situations such as unemployment and death and affecting your income, there may be a disruption in credit payments; Therefore, it is beneficial to choose insurance products developed for the specified situations.
Decide on a Payment Plan That Fits Your Budget
Banks can offer different payment plans for mortgage loan. The selection of the most suitable payment plan and product among consumers will facilitate the installment payments in the future. In addition, some payment plans may ease the total interest burden that the consumer will pay during the loan term, while others may increase it.
Alternative payment plans of banks can be requested to examine different options. (You can reach your new payment plan by calculating according to the loan type you choose and the highest maturity rate with the “Credit Payment Plan Creator Tool”.)
The Right Term Option Facilitates Credit Repayments
Housing loan is a long-term loan type and banks can use housing loans up to 360 months. However, it should be taken into consideration that the loan principal will be repaid more slowly due to the decrease in loan installments as the maturity gets longer and therefore the total interest amount to be paid during the maturity will increase. Keeping the maturity as short as possible within the framework of the solvency of the consumer increases the amount of the installments to be paid, while reducing the total interest to be paid. The risk of having problems in loan repayments is reduced if the consumer is selected according to the solvency.
Remember the Crediting Rate
Banks can lend the property to be purchased up to a maximum of 75 percent of the appraisal value. In other words, when it decides to buy a house, it is possible for the consumer to have at least 25% of the amount that should be paid as a down payment and to use a loan for the maximum remaining 75%. However, if the consumer has another residence than the house to be bought, some banks may lend this property up to 100% of the value of the house to be purchased, provided that the house is also guaranteed.
If you fill out the form, your information reaches your personal advisor. Your consultant helps you with all these calculations and offers you the most suitable options by reaching you by phone. It ensures your quotation and negotiation process to be carried out quickly and practically. If you wish, it will direct you to one or more bank branches to start the pre-approval process or to get a proposal. It tries to find answers to your specific questions and problems. You can reach your advisor at any time during business hours from the phone number. All this service is provided to you free of charge.