Real estate prices have fluctuated today, yet there is a great demand for supply. However , most home buyers need credit in order to buy the property they are looking for , so the home loan will surely come up next year. According to a survey, 13% of those affected would buy real estate and 9% would sell it. The results suggest that the property market may remain in demand, which may lead to further price increases. Purchase intentions are also different. 70% would buy real estate for themselves, 18% for someone else’s child and 13% for investment.
Demand for home loans is very high nowadays
As evidenced by the fact that next year 64% of those planning to buy a home would finance the property to be purchased with a home loan. As property prices have gone up to the sky, there are fewer people who would buy an apartment solely from their savings or the sale of their existing property.
The survey also revealed that the majority of respondents were open to comparing the costs of financial products. This is good news and is also important because it can significantly reduce borrowers’ spending. It is not worth saying yes to the first offer or accepting the design of your own account keeping bank, as in a tenor of 10-20 years on a home loan, you could lose millions. 78% of homeowners who plan to buy a home would compare the terms and conditions of home loans available at different banks before applying.
Home loan calculator is a great way to compare home loans
If you don’t have time to go through the banks. In addition to seeing a realistic overview of home loan offers, you can save a lot of time by going to the bank of your choice. Using the calculator is very quick, easy and does not involve any obligation. You need to enter the requested information, and then the calculator will list the credit institutions that you may have a chance to borrow. After that, all you have to do is choose the one you like the most.
Another solution that can help you buy a property is to seek the advice of a loan expert first. He is certainly knowledgeable in the home loan market and will help you find the best personalized solution. There are still significant differences between home loans, so you should start by choosing a home loan only if you are sure you can make the right decision. It is also important to note that due to the buoyant demand in the real estate market, choosing the best loan tailored to the needs of buyers can sometimes save you more than bargain with sellers.
Commit to a home loan for 10-20 years
Before you take out a home loan, consider your financial situation. To avoid getting into debt, only pay off what you can safely pay, even if you have financial problems. The amount of the installment is regulated by the JTM (Income-proportional Repayment Rate Indicator), according to which the repayment installment may not be higher than 25% of the monthly net salary, below 400,000 HUF, and in case of income above 30%. And for mortgages with a fixed repayment period of five to ten years, the limits are 35% and 40%, respectively. The 50 and 60% limits apply only to fixed mortgage loans for a minimum period of ten years or until the end of the term. As of July 1, 2019, the decree allows for a monthly income of HUF 500,000 instead of the current $ 400,000. The other important thing about a home loan is that there may be other costs involved in taking out a loan. It’s worth checking out because not all the costs are included in the APR of a home loan.