What to consider before taking a loan for an apartment

Posted: August 15th, 2013 | Author: | Money

Credit for the apartment in general is a loan with a very long term of repayment. Therefore, selecting the interesting offer should be very careful and you must not make the decision on impulse. Best is to add up all figures using your calculator and paper in front of you to actually choose the best deal.

seier+seier / photo on flickr

seier+seier / photo on flickr

It is worth noting at this point that the most preferred does not mean that it has the lowest monthly installment. Pay attention primarily to the additional costs of credit, real interest rates, margins, extra charges for insurance etc. First thing to do is to calculate the cost of the property and each of the additional costs mentioned above separately in order to compare the values with other offers. Also note that in addition to payments for the loan you will have to pay for heating, water and other charges and these are regular payments.

If you do not recalculate it properly, it may be the case that the monthly costs are far too high for you. You should also pay attention to all discounts and other services promised by the bank. In particular, it is worth noting for example credit cards offered us while taking out a loan. It is possible that we will not pay a single fee of several hundred dollars due to a good discount, but we will get a credit card, for which we will have to pay a fixed amount every month. This may take a long time and few dollars a month in a few years will be higher than the cost of the fee which we managed to save thanks to the discount. Mortgage is an important decision and you should calculate every penny you would have to pay.

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