Compare mortgage loans
Who wants to buy a home can take out a mortgage loan. Those who want to borrow money usually go to a Urizen or another lender. The mortgage loan is a customized loan for people who buy or build a house. The lenders then take on the financing of the future home. In exchange, the borrower repays the borrowed amount monthly, including the interest. The latter is a fee that the lenders charge in exchange for the risk they take.
The interest increases as the risk that lenders take are higher. To determine that rate, and the lenders look, among other things, at the financial situation of the person who needs money. They inquire about, among other things, the professional and family situation of the borrower (s). They also rely on the relationship between the loan amount and the market value of the house or apartment. This is called the quota. The higher the quota, the greater the chance that the interest rate on the mortgage loan will rise.
The choice between variable or fixed interest
Those who take out a mortgage loan usually have the choice between a variable or fixed interest rate. That choice can have a huge impact on monthly repayments. Those who opt for a fixed interest rate, opt for security. The fixed interest rate is clicked for the entire duration of the contract. In other words, it cannot change anymore. A variable interest rate, on the other hand, is possible.
With a variable interest rate, the borrower agrees that the interest rate can change at fixed times. This can be, for example, every three years. How strongly that variable interest rate can change depends on the situation on the financial markets. The lenders look at the so-called reference indexes. If they have just risen, there is a particularly high chance that the interest rate on the mortgage loan will also rise. If the reference indexes fall, there is a good chance that the interest rate on the mortgage loan will also fall.
In some cases, borrowers can combine the two above formulas. In that case, a fixed-rate period (of, for example, 10 years) is followed by a period of variable interest rates (for example, annually). The latter period then applies until the end of the mortgage loan.
Other mortgage loan costs
Unlike regular loans, a mortgage loan is associated with many other costs. First of all, there are the costs involved in registering a mortgage in a mortgage office, such as the registration fees and the extra notary fees. The mortgage is a guarantee for the lender that he can recoup his capital if a borrower fails to meet his obligations. In the event of a default, the lender has the right to sell the property.
In some cases, lenders are willing to trade in a mortgage for a mortgage mandate. This means that the Urizenes will only raise a mortgage when a borrower does not meet his obligations. The big advantage of a mortgage mandate is that there is no mortgage registration at the start of the mortgage loan. As a result, the borrower has to pay fewer costs. On the other hand, the borrower must (if necessary) have to pay for those costs at a later date. Borrowers can no longer benefit from a tax benefit (the Flemish integrated housing bonus) if they opt for a mortgage mandate. If you still want to enjoy the housing bonus, it is best to opt for a (partial) mortgage registration.
In addition to the registration costs of a mortgage and a home, Urizenes can ask you to take out certain products such as fire insurance, debt balance insurance or family insurance with them. Those who subscribe to these extra products will see the interest rate on their mortgage credit fall. The lender is obliged to include these extra costs in the annual percentage rate (APR). This makes it easier for borrowers to compare financial players.
You can compare all the lenders. We have put all available mortgage loans in a well-arranged list. On our site you can, among other things, compare interest rates and conditions. In this way, we help you in your search for the lowest rate on the market. We, therefore, recommend comparing all lenders before taking out a loan.
The rates on our site are the posted rates of the lenders. In other words, they can deviate from the rates that you receive from your Urizen or lender. That is why we do not publish APRs on our site. These are very personal rates that can be different for everyone. The cheapest mortgage loan can look different for one person than for another.
No interest in a mortgage loan or do you want to apply for another loan? Perhaps it would be worthwhile to compare the personal loans or green loans on our site? Also, who is interested in merging loans or free current accounts has come to the right place on UrizenUrizen.be. Keep in mind that borrowing money also costs money!