Save on a new mortgage loan
As a starter, buying a house is very important. Not only how you set up your home, which insurance policies you need but also how you will finance your house. When you take out a new mortgage loan, there are several factors you can take into account to keep your mortgage loan costs as low as possible:
A mortgage loan with NHG
Always check if you are eligible for the National mortgage loan Guarantee. This gives you a discount on your interest rate of around 0.6%. The NHG is linked to the average house value and is the maximum purchase price for 2017, 245,000 euros.
A lower mortgage loan rate due to equity
Did you save a lot earlier, so that you have a greater equity? This means that you have to borrow less money for your mortgage loan. From 2017, the maximum mortgage loan may only be 101% of the value of your home. If you bring more of your own money, your mortgage loan will be lowered and the risk for the mortgage loan lender will be lower. This will also lower your interest.
Save on the current mortgage loan
Even if you already have a mortgage loan, there are opportunities to save on your mortgage loan. Often this is not known and so you may be structurally paying too much mortgage loan.
Ask for a discount
Money providers generally work with a base rate that is roughly around 60% of the home value. If you want to borrow more money, you will have to deal with an extra risk surcharge. It is therefore good that you pay a lot more interest at the beginning of your mortgage loan. Have you repaid in the meantime, your house has become more valuable because of a renovation or if you have saved part of your mortgage loan in an investment or savings box, you can ask for a discount.
A financial windfall that gives you more savings? Then you may be wise to repay part of your mortgage loan in the interim. Most banks have stipulated in the conditions that you can pay off around 10% and 20% without penalty. Please note, interim repayment is not advantageous with a savings mortgage loan. You can better deposit your money in your savings policy if that is possible.
Go shopping when your fixed-rate period expires
When your fixed-rate period expires, you will receive a new interest proposal three months in advance. You can therefore pay your entire mortgage loan without penalty. You can also transfer without penalty to a cheaper mortgage loan lender or another type of mortgage loan.