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Cost of the mortgage loan

If you purchase a property, it is financed with a mortgage loan. The interest rate of this loan is very advantageous.

This form of borrowing does entail a number of costs that are specific to this type of loan.

In this article we provide an overview of the specific costs associated with the mortgage loan .

When you start borrowing under the form of a mortgage loan there are two types of costs that play a role. There are the costs charged by the bank or lender. In addition, there are notary fees. Whoever wants to borrow money in Belgium must therefore take into account the costs below.

The cost of the mortgage loan: overview

  • Estimation costs of the bank. With a mortgage loan, the property serves as a guarantee. The lender therefore limits his risk. The lender then obviously wants to know exactly what your house or apartment is worth. An estimator is used for this. The costs of the estimator are borne by the person who enters the loan.
  • File costs of the bank. A mortgage loan is of course a lot more complex than, for example, a personal loan or car loan. The bank has the right to request compensation for the time that is invested in your file.
  • Actual notary fees. A mortgage loan also involves costs for the civil-law notary and his office. After all, legally all kinds of research must be done at official institutions. The latter charge a fee that the notary calculates to you. In addition to a reimbursement of the costs incurred, the notary will also charge you his fee. This fee is legally determined.and depends on the amount of the mortgage loan.
  • Notary fees taxes. Taxes must also be paid on a mortgage loan. These are collected in practice by the notary. This falls under the denominator ‘notary fees’, but actually these are taxes to the tax authorities. The notary transfers the received tax. This concerns registration, mortgage and the right of title. The percentages and costs are legally determined. We give an overview of this in a following article.
 

Comparing JKP from a personal loan

In this article we will discuss the annual percentage rate or APR of a personal loan . Borrowing money also costs money.

That is clear to most of us. In order to clearly indicate to the consumer what a loan actually costs, use is made of the term annual percentage rate or APR of a loan.

Those who apply for a loan want to have the opportunity to compare different providers. Just like all loan types, costs and fees are also linked to the personal loan. These costs consist first of an interest that must be paid on the borrowed money. In addition, banks and lenders can count a number of extra costs such as file costs. Borrowing money can therefore become unclear. In order to be able to compare properly, the JKP of a personal loan was therefore created.

  • The total cost of a personal loan therefore consists of 2 elements. There is first and foremost the nominal interest rate. Suppose you decide to borrow 5000 euros. The interest rate of the loan is 5%. This is not yet the APR of a personal loan, but the nominal interest rate.
  • As a consumer you could therefore reason at first sight: If I pay 5% interest on my credit, I have to pay 5000 x 5% = 250 euro interest after one year.
  • However, this is often not true. With many personal loans, the contract states that the interest is not calculated per year, but over a shorter period.
  • From the first month after deriving, interest is charged, namely 1/12 of 5%. Every month the outstanding debt increases a little because there is also an interest on the interest.
  • After a year, therefore, more than 250 euros interest will be owed on the outstanding loan.
  • There is already some financial mathematics around the corner. We like to refer the lovers of formulas and numbers to this Wikipedia page .
  • In any case, it is clear that it is not easy for the average credit applicant to calculate this yourself.

APR of a personal loan and costs

  • The bank or lender may charge additional costs when taking out a personal loan. These file costs are, in principle, clearly stated in the contract. Yet this also makes it more difficult for people to compare loans.
  • That is why banks, creditors and brokers are always obliged to clearly state the annual percentage rate or APR of a personal loan. This APR shows the real annual cost of the credit.
  • You do not have to be a crack in mathematics when you take out a consumer credit . You should not fling out whether bank A calculates its interest monthly, bimonthly or annually. You also do not need to create an Excel file with all possible costs associated with the personal loan.
  • It is sufficient for the consumer to compare the APR of a personal loan with that of another personal credit. The loan with the lowest APR is in any case the cheapest of the two. This is calculated independently of the nominal interest rate and costs.

APR and risk

  • A lender using a lower JPK receives a lower fee for lending money. The interest rate is also a reflection of the risk that the lender is prepared to run. A loan with a low APR is therefore more difficult in practice.
  • A lender who charges a higher APR will be more risky. The chance that a loan application will be approved is higher. For example, the file of someone who has been blacklisted will always be considered riskier.
  • The APR of a personal loan is, like all other loans, limited by the legislator to the top.
  • This article emphasizes the personal loan. For the sake of clarity, we would like to mention that this money applies to all forms of consumer credit, such as a car loan or a loan for a motorhome.

Comparing the interest rate of loans? The best rates.

There are many possibilities for those who want to borrow money . Do you want to compare the interest rate of loans?

People sometimes ask us why the interest rates of different credits are so different from each other.

In this article we will go into more detail on two different and common forms of money: the personal loan and the mortgage mortgage.

Interest rate comparison: personal loan

In this text we will compare the interest rate of loans. The first current form of borrowing is the personal loan. This is also called the loan on payment and has a number of specific characteristics.

  • With a personal loan you get money made available for a very wide purpose. There are personal loans for certain purchases, loans for a trip , urgent costs and expenses.
  • The lender will only approve the file if he has sufficient security. The customer’s history, the income, he owns, blacklist, ..
  • If the borrower remains in default, the bank does not have many guarantees. The money learned can already be spent entirely on consumer goods, a journey or other expenses.
  • The lender therefore runs a higher risk that part of the money can not be recovered. If we compare the interest rate of loans, we see that the personal loan therefore has a higher interest rate than certain other types of credit. The bank guarantees are more limited. The risk and therefore the interest rate are higher.

Interest rate of mortgage loans

On the other side of the spectrum is the mortgage loan. With this loan, the bank or lender has a broad guarantee.

  • A mortgage is taken on the property. This can be the house or apartment of the borrower himself. It is also possible that a third person gives his or her residence as a guarantee. We then think of family or the partner.
  • When we compare the interest rate of loans, we see clearly that a residential loan has a low interest rate compared to an installment loan or personal loan.
  • A mortgage loan for the purchase of a home has a much longer duration. Since the home serves as a guarantee, the lender takes less risk.
  • The interest rate on mortgage loans for the purchase of real estate is therefore much lower.

Comparing the interest rate of loans?

If you are looking for an interesting loan, you will of course compare the interest rate of loans. As an Online Credit Broker we work together with multiple lenders. We have extensive experience with all forms of loans. Even those who already have several loans can contact us. Contact us and we discuss your file with you, discreetly and without obligation.

Mortgage loan and home bonus from 2015

There was a lot to do in the second half of 2014 about the housing bonus that the government offers to buyers of their own home.

In short: after the formation of government it was decided in 2014 that the subject matter of the housing bonus would become Flemish competence in 2014 instead of federal. It was immediately added that Flanders would reduce the housing bonus from 1 January 2015 in the context of savings.

Many specialists were counting. The financial effects of the adjusted housing bonus are not minus. An average family, two-income households with two children, would purchase about 50,000 euros over a period of 20 years when buying a house with a mortgage loan .

More demand for mortgage loans

Question was therefore what the consequences would be for the real estate market. In the second half of 2014, we were able to identify a great deal of activity. Until December 31, the buyer could still benefit from the old system. This led to more visitors at real estate and credit brokers. Families were asked about the possibilities to purchase a house or apartment. Credit brokers got more interested people on the floor with the same question: “How much can we borrow for a house?”. Not only a new mortgage loan was in demand. There was also more demand for the possibilities to revise a loan . This each time to make maximum use of the old home bonus system.

This increased interest was also translated into more transactions. The number of realized sales and closed mortgage loans was higher than the year before. Notaries are stepping up to complete all files by the end of the year. After all, both the purchase and the mortgage loan had to be fully in order by the end of the year. And so it happened. The complete scenario ran as predicted.

Of course, we also looked forward to the reactions to the new housing bonus. In the real estate sector, sales in 2015 were expected to be considerably lower. After all, many prospects had realized their purchase more quickly in order to be able to enjoy the old home bonus in 2014. At the beginning of 2015 there would therefore be fewer interested parties and therefore less demand for housing.

Mortgages and real estate in 2015

The predictions did not come out in 2015. Strangely enough, the notaries established that the number of homes and land sold in January is at the same level as a year before. An unambiguous explanation for this was not yet immediately to be found. Bart Van Opstal of notaris.be cited the low interest rate as a possible factor. Because the savings hardly yield anything, consumers look for other possibilities. Investing in real estate can then be a valid alternative. This new group of prospects creates a new demand.

Let mortgage loan revise – costs and conditions

More and more people want to have their mortgage loan revised. The interest rates have dropped for a long time.

This put a large number of consumers on the hunt for a cheaper loan for their home.

The requests from customers who have their mortgage loan revised have increased for a long time at the banks. Nevertheless, there was also a large group of consumers who were waiting. These people watched the cat from the tree. Interest rates continued to show a downward trend. Many consumers assumed that the bottom of mortgage interest had not yet been reached.

The financial markets show a number of interest rate increases. These rising interest rates mean that a lot of people are suddenly taking action. Instead of waiting any longer, they contact their bank or credit broker. The mortgage loan to be revised is now high on the agenda.

Let mortgage loan revise

A mortgage loan is a contact between two parties and can therefore be reviewed in mutual consultation. In the case of a loan to a consumer, the rule is clear. You can repay a loan at once if you pay a reinvestment fee. This compensation is limited to three months interest. You pay the outstanding capital plus the interest you would have had to pay in the next three months.

The above rule applies to all credits to consumers. To have a mortgage loan revised whereby you pay back the old loan is also included. However, a mortgage loan must meet many formal requirements and entails additional expenses. A mortgage loan is registered with a mortgage office, becomes past for a civil-law notary and also leads to file costs at the bank.

It is therefore important to weigh the extra costs against the savings in interest. A mortgage loan works with a compound interest so that there are some calculations and formulas to the pass. It is simply not possible to formulate an unambiguous answer via our website. The best option is to visit a specialized broker and submit your file. You immediately know whether your mortgage loan is worth reviewing.

We search every month for the cheapest loans!

Which lender currently offers the lowest interest rate for mortgage loans? Do you want to know what the most advantageous loan is in your situation?

How many credit requests can I make to borrow money?

You want to borrow money and are therefore looking for the right loan.

People compare different banks and different credit providers. There is, of course, nothing wrong with that. But did you know that you have to be careful that you do not just ‘just’ submit credit applications everywhere? Jump in moderation with credit applications. Otherwise, you run the risk that your application will be refused at all institutions!

How many credit applications?

We have already indicated this in various articles on this website. The approval of a loan depends on a lot of factors. The level of income and the number of current accounts play a major role. But did you know that also how many credit requests you make? Many applications end up at the same head office. Several credit companies are part of the same financial group, which centralizes the applications.

  • Consumers need a new loan from time to time. There is nothing wrong with that in principle. The purchase of a car , a relaxing journey , an interesting opportunity or unexpected costs. Enough good reasons to look for a credit.
  • Such a good 10 years ago you could, in a manner of speaking, visit every credit broker and submit credit applications everywhere. Different brokers worked with different lenders. As more and more creditors have merged, many applications now enter the same service.
  • Suppose you want to take out a personal loan . You go to credit broker A and credit broker B. In both cases you are tempted to make a full credit application. Eventually you will also end up with credit broker C. You also make a loan application there and suddenly your file is refused! You will no longer receive a loan until your stupid surprise!

  • How come? If you make too many requests, this is not a good thing for the lenders. It seems like you are working recklessly and unthinkingly. You want a loan at any cost. Lenders can judge that you have not thought carefully and are acting irresponsibly. And so they are afraid that you will not take sufficient responsibility and will not pay back correctly.

Procedure for credit applications.

  • Are you looking for a new loan? Do not be sure to submit credit applications anywhere.
  • Inform yourself in advance about the conditions and possibilities.
  • Choose a credit broker with a lot of experience. He can already make a good estimate of your file.
  • The loan must be applied for only once
  • You thereby avoid the risk that your loan will be refused due to too many credit applications.

Immediately the right credit application

It is therefore advisable to have a good look around before submitting a loan application. Start by comparing rates and additional conditions of different loan providers. Is something unclear about your file? Then ask for more explanation from the lender or credit broker. So you have all the elements to make a credit application in a good way and you will not be faced with annoying surprises.

Cheap Personal Loan

Are you looking for a cheap personal loan. Every form of borrowing gives its own characteristics.

It is important to find a cheap personal loan that also fits seamlessly with your income and financial situation. With the right knowledge you can borrow cheaper. In this article we will discuss the main characteristics of the personal loan.

What is the loan for?

  • The loan on installment or personal loan is a widely used form of borrowing money. You can actually finance just about every expense. You can take out a cheap personal loan to go on a trip, pay unexpected expenses, pay a loyalty, and so on.
  • So when you compare loans, your first question is: is the personal loan what I need? For example, if you want to get a car, a cheap personal loan is more expensive than a classic car loan. For certain work in the home, a renovation loan can be considered. You may then still enjoy a renovation premium .

Where can you find a cheap personal loan?

  • A good loan is a loan that suits you. This means that you clearly know in advance what amount you have to repay per month. And that you also know that you can repay that amount with your current and future income. Otherwise it does not make sense of course. A cheap personal loan is not interesting if it exceeds your possibilities.
  • The best way to find a cheap personal loan nowadays is via the internet. Any serious lender or broker offers you the opportunity to submit an application online. Always enter all data correctly and do not leave anything behind. If you are blacklisted or have recently risen , the file manager will definitely know this.
  • It is important to note that you do not have to submit an application randomly on all possible websites. People often think that they maximize their chances. The reverse is true. Start with a professional credit broker with a lot of experience. Enter your file as completely as possible. Be honest about your data too.
  • Your file will then be examined in detail. If there are any ambiguities you will be contacted and the file will be discussed with you. In this way, the right loan is applied for. This way you have the maximum chance that your cheap personal loan will be approved. It is better to make one correct and complete credit application. So you have maximum chance that the loan is also approved.

Refused at the bank – can I get a loan?

You have submitted a loan application but you have been refused at the bank?

There are other options for borrowing money. What is possible and what does not depends of course on your situation, your income and current loans. Can you still get a loan? It is first and foremost important to know why the application was refused. Read all about it in this article.

Nice is of course different. You make a loan application from your own bank or another bank in your area. You look forward to the result. And then you get the bad news: you have been refused at the bank. Does the bank not want to give you a loan but are you not on the black list? Then you can search online for another lender. After all, every lender has his own way of looking at your file. One society may find it too risky to grant you a loan. The other company has a different view of the case and approves your request. It is therefore not because you have been refused at the bank or a particular financial institution that it is therefore completely impossible to get a loan elsewhere.

Refused at the bank – black list

On this website we do not tell you fairy tales. Have you been refused at the bank because you are on the black list? Then you can indeed no longer receive a loan – unless you have a property.
If you are not an owner, you will receive a negative answer from every bank and lender. The blacklist serves to inform the other credit companies that you have or have had payment problems. At the same time you will avoid making more debts.
Have you been refused at the bank but are you the owner? Then there are a limited number of credit providers that can take your dossier into consideration. It is then important to ask yourself whether an extra loan is a solution to your problems. Or does it only lead to more problems?

Where can you go?

Have you been refused at the bank? There are still a limited number of possibilities to get a loan.

Borrow money? All loans can be requested online here.

On this website you will find a lot of interesting information regarding money borrowing in belgium .

There are a lot of expenses that can not be paid in cash for the average consumer. Think of the purchase of a house, a new or second-hand car, a nice trip or a renovation. Do you want to be helped quickly and expertly?

 

A loan with expert advice

It is first of all important that you take out the right loan that suits your situation. There are different types of loans and they vary quite a bit in terms of maturity, conditions and interest. You will find an overview of the most important forms of money on this site. We will give you a lot of info through the website.

Borrowing money also costs money. But that is not a problem in itself. With the right credit adapted to your situation you can perfectly balance your budget. You do the best thing with a customized loan. We are happy to help with that. That way you can be sure that borrowing money does not give you sleepless nights. We will give you a first overview of the various loans on this page. Take the time to compare the different types of loans. Every form of loan is extensively discussed on our website. Are you ready for the best deal?

Borrow money: types of loans

  • Buying a house or apartment? Then you automatically end up with the mortgage loan . Borrowing money with a mortgage means that the bank takes the house as collateral. The bank therefore has a great certainty that it will be able to recover the invested money. The interest rate on mortgage loans is therefore extra advantageous.
  • Buying a car, motorcycle or mobile home? This could in principle be done with a personal loan. However, you are cheaper if you go for a specific loan for cars. Pay attention, however, one car loan is not the other: there are differences in maturities, interest rates and conditions. This depends on whether it is a new car, an occasional caravan or a motorhome. There are also many variants within the car loan .
  • Making a nice trip? Pay a communion celebration? You can call on a personal loan for the most diverse expenses. The sum is deposited into your account and you can freely dispose of the money. The guarantees for the bank are less so that the interest rate in general is somewhat higher.
  • Install a new bathroom or kitchen? Renovate your house? The renovation loan is perfect for this. You can decorate your home and transform it into your dream home. Mortgage registration is not required for this type of loan.

Borrow money without a bank – Borrow through the internet

If you are looking to take out a loan, there are now several possibilities.

Traditionally, people used to go to a bank branch in the neighborhood. Now that is completely different. Borrowing money without a bank has become at least as popular with the rise of the internet. There are good reasons why people take out a loan without a bank.

Why borrow money without a bank?

If you are looking to borrow money, it is obvious that you will compare different banks and other lenders. And then we do not only mean the interest rates or interest rates of the various parties. Borrowing money without a bank often causes people another reason.

  • It is thus every provider of loans sets its own conditions to approve a loan application. The lending of money involves risks for the credit providers. There is always the possibility that the debtor will not be paid back or paid too late.
  • Each institution handles the risk differently. There are banks that focus on the ‘easy’ customers. Two earners with a large income, some extra savings on the bill, a home and a stable job. They get an agreement from the bank pretty easily.
  • Not everyone is in such a luxury position. In many people their file is not so rosy. Borrowing money without a bank is often the solution. After all, there are creditors who have focused on the more risky files.
  • Of course, borrowing should never be frivolous. It is important to check with yourself whether you will be able to repay the loan. Taking out a loan to get into trouble is definitely not recommended.
  • Borrowing money without a bank gives some extra possibilities for those who have thought carefully. Also who is on the black list and owns a house has another possibility to borrow.
  • The interest rate or interest rate of the loans may then be slightly higher. However, it is reassuring to know that the legislator has set maximum interest rates. If you borrow in an official way in Belgium you should never fear that you will have to pay interest on interest.

Where can you borrow money without a bank?

The easiest way to submit your loan request is of course via the internet. Any serious lender or credit broker undoubtedly has a website. On that website it is then possible to apply for a loan online. You give all the data and you know pretty quickly whether your loan has been approved. Borrowing money without a bank does not just give you more options. You do not have to leave the door for your application, you do not have to make an appointment and you will be helped quickly.