The housing market will continue to grow in 2019, with the prices of homes and detached houses rising. This makes it increasingly difficult to buy the coveted real estate without your own financial help. In this case, a low-interest mortgage loan is the solution.
A home loan is a long-term financial decision and can affect our financial situation for decades. We must not forget that many things can happen to us during the term: our living conditions may change, our income may increase or decrease, but it may also affect the repayment in the long run if we add a new member. That is why it does not matter which mortgage we choose to achieve our target.
If you manage it well, you can save millions of dollars on a good mortgage loan. This article describes the details of the Good Finance Bank Equalization Loan.
Good Finance Bank Equalization Mortgage is one of the mortgage loans, so the following general characteristics are true:
you can take out a larger loan of up to tens of millions of forints,
maturity, depending on the amount of the loan, can be up to 15-25 years,
you have to offer real estate collateral to the bank,
the real estate covered as collateral will affect how much you can borrow,
applying for a loan requires self-sufficiency,
this construction is also available for free use.
For mortgages, the monthly installment and total repayment depends on the amount of credit you borrow, for how long, and the total annual percentage rate of charge (APR).
In addition to these basic features, the Equity Loan of Good Finance Bank has features that make it unique in the Hungarian market.
A special feature of Equatorial Loan is that the more money you collect in your payment account during the term, the more you can get a discount. The savings you make during the repayment period will allow you to earn additional interest discounts, depending on how much you save.
The point of the offer is that if you transfer your payment to a payment account opened with Good Finance Bank or transfer it to your security reserve, the bank will give you a discount on the interest on the money held in the payment account. This way you can reduce the originally planned maturity, including APR and total repayment.
Importantly, the interest rebate is up to 70 percent on the capital debt.
Let’s say you want to take a $ 15 million loan for a 240-month term, and your goal is to buy a used home. We want to fix the interest period for 10 years. If you choose Good Finance Bank Equatorial Mortgage, the APR is 4.22 percent, the monthly repayment installment is HUF 100,682 and the total repayment amount is HUF 21,412,038. These conditions require at least 3 months of continuous employment and $ 300,000 in monthly net income.
In addition to the basic information (loan amount, maturity, monthly net income), the calculator also allows you to set your initial savings and how much you can put into your account each month, using the additional calculator available only at Equatorial Loan. To achieve this result, we chose a monthly savings of $ 50, with an initial savings of $ 200.