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Types of mortgage

There are two main types of mortgage:

  • Interest only – where the original mortgage amount borrowed is not paid off during the term, only the interest amount due. The borrower will need a separate repayment vehicle, e.g. ISA, pension to repay the original mortgage amount outstanding at the end of the loan.
  • Repayment – where the capital and interest payments are repaid over the term, so higher initial repayments but the underlying loan amount reduces during the term of the mortgage.

What type of interest rate deal do you go for?

  • Fixed rate – The lender guarantees your interest rate remains the same for a set period of time, typically between 1–10 years, and defined as the 'initial period' of your loan. At the end of this initial period, by default you will be switched to the lender’s default rate (or standard variable rate), unless agreed otherwise with your lender at the end of the initial period.
  • Standard Variable Rate (SVR) – This is a lender's default interest rate, put in place when a mortgage is out of a deal period. This might not be ideal for people after a mortgage deal expires, as rates tend to be higher than products offered by the lenders.
  • Tracker rate – This is a type of variable rate which (as the name suggests) tracks against a particular interest rate (e.g. the Bank of England base rate), and the lenders adds a fixed amount on top. Thus, if the base rate goes up, so does your interest rate. Although the tracker rate may be lower than a fixed rate offering at the time of mortgage renewal, fluctuations in the base rate may mean paying more over the long term. For reference, the base rate reached 15% in 1990!
  • Capped rate – This is another type of variable rate but includes a cap on the level of interest rate. Usually the interest rates are higher than a tracker mortgage, so you may end up paying extra for the capped risk.

Fees to consider when purchasing a house

  • Legal fees – usually require a solicitor or licensed conveyor to carry out all the legal work when buying/selling your home.
  • Valuation fee – a fee charged by your mortgage lender when authorising a mortgage valuation, to ensure your home is appropriate to lend on.
  • Stamp duty – a fee paid at different rates depending on the purchase price. Use a Stamp Duty Calculator to find out more https://www.moneyadviceservice.org.uk/en/tools/house-buying/stamp-duty-calculator.
  • Mortgage arrangement – this is a fee charged by your lender for setting up the mortgage deal. This could be calculated as a percentage of the mortgage deal taken out, or at a fixed rate.
  • Deposits – This is the amount of money needed to take out a mortgage worked out as a percentage of the value of the property being purchased. Generally, you will require between 5-25% of the cost of the home. Increasing your deposit will give you access to a wider range of mortgage products available on the market.

To find out more try https://www.moneyadviceservice.org.uk/ and search for 'Mortgages'.

The content of this article does not constitute individual financial advice.

Types of mortgage

There are two main types of mortgage:

  • Interest only – where the original mortgage amount borrowed is not paid off during the term, only the interest amount due. The borrower will need a separate repayment vehicle, e.g. pension to repay the original mortgage amount outstanding at the end of the loan.
  • Repayment – where the capital and interest payments are repaid over the term, so higher initial repayments but the underlying loan amount reduces during the term of the mortgage.

What type of interest rate deal do you go for?

  • Fixed rate – The lender guarantees your interest rate remains the same for a set period of time, typically between 1–10 years, and defined as the 'initial period' of your loan. At the end of this initial period, by default you will be switched to the lender’s default rate (or standard variable rate), unless agreed otherwise with your lender at the end of the initial period.
  • Standard Variable Rate (SVR) – This is a lender's default interest rate, put in place when a mortgage is out of a deal period. This might not be ideal for people after a mortgage deal expires, as rates tend to be higher than products offered by the lenders.
  • Tracker rate – This is a type of variable rate which (as the name suggests) tracks against a particular interest rate (e.g. the European Central Bank base rate), and the lenders adds a fixed amount on top. Thus, if the base rate goes up, so does your interest rate. Although the tracker rate may be lower than a fixed rate offering at the time of mortgage renewal, fluctuations in the base rate may mean paying more over the long term. For reference, the average mortgage rate in Ireland in 1982 was 16.25%!
    Tracker rates are no longer available as a new offering from mortgage providers in Ireland.

Fees to consider when purchasing a house

  • Legal fees – usually require a solicitor or licensed conveyor to carry out all the legal work when buying/selling your home.
  • Valuation fee – a fee charged by your mortgage lender when authorising a mortgage valuation, to ensure your home is appropriate to lend on.
  • Stamp duty – a fee paid at different rates depending on the purchase price. Use a Stamp Duty Calculator to find out more https://www.moneyadviceservice.org.uk/en/tools/house-buying/stamp-duty-calculato0.
  • Mortgage arrangement – this is a fee charged by your lender for setting up the mortgage deal. This could be calculated as a percentage of the mortgage deal taken out, or at a fixed rate.
  • Deposits – This is the amount of money needed to take out a mortgage worked out as a percentage of the value of the property being purchased. Generally, you will require between 5-20% of the cost of the home. Increasing your deposit will give you access to a wider range of mortgage products available on the market.

To find out more try https://www.ccpc.ie/consumers and search for 'Mortgages'.

The information does not take into account the specific investment objectives, financial situation or particular needs of any particular person who may be in receipt of the materials. Accordingly, it should not be relied on or treated as a substitute for specific advice concerning individual situations. Please seek advice from a financial adviser regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase an investment product. You are also recommended to obtain such other professional advice where appropriate. The information is provided in good faith and believed to be accurate as of the time of compilation. We do not undertake an obligation to update the materials or to correct any inaccuracy that may become apparent at a later time. You should always consult primary or more accurate or more up-to-date sources of information.

Buying a Property Is a mortgage right for you? Buying a property is a major decision. Buying a home is a long-term commitment. Does it fit in with your future financial goals? Can you really afford a mortgage? It is important to assess your finances and work out what you can afford to pay each month. Many banks will have online mortgage calculators that will give you an idea of how much you can borrow and what the monthly repayment will to be. Don’t overstretch yourself. Not owning a property is better than getting repossessed when you can’t keep up with the repayments. There many expenses associated with buying a property such as stamp duty, GST, legal fees etc Remember to factor these in. A mortgage is a loan secured on your property. What type of mortgage should you choose? Do you know your fixed interest rate from your flexible interest rate? Choosing a suitable and affordable mortgage for you will not only save you money but will help you to manage your finances and avoid unnecessary risks. It is important to understand the pros and cons of each type of mortgage.

A mortgage is a loan secured on your property. What type of mortgage should you choose? Do you know your fixed interest rate from your flexible interest rate?

The types of mortgages available in Hong Kong are:

  • Deposit linked mortgage
  • General mortgage
  • Refinancing mortgage

Choosing a suitable and affordable mortgage for you will not only save you money but will help you to manage your finances and avoid unnecessary risks. It is important to understand the pros and cons of each type of mortgage. 

The loan-to-value ratio (LTV) for banks is set by the Hong Kong Monetary Authority. This means that a deposit of 40% of the property price is required. For example, if an apartment is worth $5 million, you would need a deposit of $2 million. The rest, $3 million, is the mortgage.

The Hong Kong Mortgage Corporation Limited (HKMC) provides the Mortgage Insurance Programme (MIP) which helps reduce the deposit required in the purchase of a property in exchange for a premium.

Further resources can be found at:

https://www.gov.hk/en/residents/housing/private/buying/buyingDomesticProperty.htm

http://www.hkmc.com.hk/eng/our_business/mortgage_insurance_programme.html

Disclaimer: The information is brought to you by Aon Hong Kong Limited. The information does not take into account the specific investment objectives, financial situation or particular needs of any particular person who may be in receipt of the materials. Accordingly, it should not be relied on or treated as a substitute for specific advice concerning individual situations. Please seek advice from a financial adviser regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase an investment product. You are also recommended to obtain such other professional advice where appropriate. The information is provided in good faith and believed to be accurate as of the time of compilation. We do not undertake an obligation to update the materials or to correct any inaccuracy that may become apparent later. You should always consult primary or more accurate or more up-to-date sources of information.

A mortgage is a loan secured on your property. What type of mortgage should you choose? Do you know your fixed interest rate from your flexible interest rate?

Choosing a suitable and affordable mortgage for you will not only save you money but will help you to manage your finances and avoid unnecessary risks. It is important to understand the pros and cons of each type of mortgage. 

Further resources can be found on the websites of all major banks to help you make your decision.

Disclaimer: The information is brought to you by Aon Insurance & Reinsurance Brokers Philippines Inc., registration number 96590. The information does not take into account the specific investment objectives, financial situation or particular needs of any particular person who may be in receipt of the materials. Accordingly, it should not be relied on or treated as a substitute for specific advice concerning individual situations. Please seek advice from a financial adviser regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase an investment product. You are also recommended to obtain such other professional advice where appropriate. The information is provided in good faith and believed to be accurate as of the time of compilation. We do not undertake an obligation to update the materials or to correct any inaccuracy that may become apparent at a later time. You should always consult primary or more accurate or more up-to-date sources of information.

Buying a Property

Is a mortgage right for you? Buying a property is a major decision and a long-term commitment.

Does it fit in with your future financial goals? Can you really afford a mortgage? It is important to assess your finances and work out what you can afford to pay each month. Many banks will have online mortgage calculators that will give you an idea of how much you can borrow and what the monthly repayment will to be. Don’t overstretch yourself. Not owning a property is better than getting repossessed when you can’t keep up with the repayments.

There many expenses associated with buying a property such as legal fees and stamp duty. Remember to factor these in.

If you decide that buying a property is the right decision for you, information and tips are available on most bank websites.

Mortgages

A mortgage is a loan secured on your property. What type of mortgage should you choose? Do you know your fixed interest rate from your flexible interest rate?

Choosing a suitable and affordable mortgage for you will not only save you money but will help you to manage your finances and avoid unnecessary risks. It is important to understand the pros and cons of each type of mortgage. 

Further resources can be found by searching local bank websites and check comparator websites.

Disclaimer: The information is brought to you by Aon Insurance & Reinsurance Brokers Philippines Inc., registration number 96590. The information does not take into account the specific investment objectives, financial situation or particular needs of any particular person who may be in receipt of the materials. Accordingly, it should not be relied on or treated as a substitute for specific advice concerning individual situations. Please seek advice from a financial adviser regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase an investment product. You are also recommended to obtain such other professional advice where appropriate. The information is provided in good faith and believed to be accurate as of the time of compilation. We do not undertake an obligation to update the materials or to correct any inaccuracy that may become apparent at a later time. You should always consult primary or more accurate or more up-to-date sources of information.

买房

买房是一项重大决定,需要长期资金投入。您适合抵押贷款吗?

买房符合您未来的财务目标吗?您真能负担得起抵押贷款吗?首先,您需要评估您的财务状况并计算您每个月能还多少贷款。许多银行都有线上贷款计算器,通过计算您能知道您可以贷多少,每月要还多少。买房这件事最好量力而行。当您没钱还贷时,没有新房子总好过现在住的房子被银行收回。

买房需要很多相关费用,比如律师费和印花税。请务必考虑这些因素。

如果您认为买房对您来说是一项正确的决定,您可以在大多数银行网站上找到与抵押贷款有关的信息和提示。

抵押贷款

抵押贷款是以您的现有房产为抵押发放的贷款。您应该选择哪种抵押贷款?您知道该选择可变利率还是固定利率吗?

选择一项合适的、负担得起的抵押贷款不仅能为您省钱,还能帮助您管理财务,避免不必要的风险。必须了解清楚每种抵押贷款的利弊。 

您可以通过搜索当地银行网站和查看比较网站了解更多信息。

免责声明:以上信息由怡安翰威特咨询(上海)有限公司(注册号310000400102466)提供。由于未考虑可能接收该信息的任何特定人士的具体投资目标、财务状况或特殊需求,因此,上述信息不能代替针对个别情况的具体建议。在您决定购买某投资产品之前,请考虑您的具体投资目标、财务状况或特殊需求,并向理财顾问咨询相关投资产品的适用性。此外,建议您在必要时获取其他专业建议。以上信息出于善意提供,在汇编时确认准确。我司无义务在今后更新相关信息或更正发现的不准确信息。用户应不时查阅各种信息来源,以获取准确的最新一手信息。

Buying a Property

Is a mortgage right for you? Buying a property is a major decision.

Buying a home is a long-term commitment. Does it fit in with your future financial goals? Can you really afford a mortgage? It is important to assess your finances and work out what you can afford to pay each month. Many banks will have online mortgage calculators that will give you an idea of how much you can borrow and what the monthly repayment will to be. Don’t overstretch yourself. Not owning a property is better than getting repossessed when you can’t keep up with the repayments.

There many expenses associated with buying a property such as legal fees. Remember to factor these in.

A mortgage is a loan secured on your property. What type of mortgage should you choose? Do you know your fixed interest rate from your flexible interest rate?

Choosing a suitable and affordable mortgage for you will not only save you money but will help you to manage your finances and avoid unnecessary risks. It is important to understand the pros and cons of each type of mortgage. 

Buying a Property

Is a mortgage right for you? Buying a property is a major decision.

Buying a home is a long-term commitment. Does it fit in with your future financial goals? Can you really afford a mortgage? It is important to assess your finances and work out what you can afford to pay each month. Many banks will have online mortgage calculators that will give you an idea of how much you can borrow and what the monthly repayment will to be. Don’t overstretch yourself. Not owning a property is better than getting repossessed when you can’t keep up with the repayments.

There many expenses associated with buying a property such as stamp duty, GST, legal fees etc Remember to factor these in.

A mortgage is a loan secured on your property. What type of mortgage should you choose? Do you know your fixed interest rate from your flexible interest rate?

Choosing a suitable and affordable mortgage for you will not only save you money but will help you to manage your finances and avoid unnecessary risks. It is important to understand the pros and cons of each type of mortgage. 

The content of this article does not constitute individual financial advice.

Buying a Property

Is a mortgage right for you? Buying a property is a major decision.

Buying a home is a long-term commitment. Does it fit in with your future financial goals? Can you really afford a mortgage? It is important to assess your finances and work out what you can afford to pay each month. Many banks will have online mortgage calculators that will give you an idea of how much you can borrow and what the monthly repayment will to be. Don’t overstretch yourself. Not owning a property is better than getting repossessed when you can’t keep up with the repayments.

There many expenses associated with buying a property such as stamp duty, GST, legal fees etc Remember to factor these in.

A mortgage is a loan secured on your property. What type of mortgage should you choose? Do you know your fixed interest rate from your flexible interest rate?

Choosing a suitable and affordable mortgage for you will not only save you money but will help you to manage your finances and avoid unnecessary risks. It is important to understand the pros and cons of each type of mortgage. 

The information in this report does not take into account the specific investment objectives, financial situation or particular needs of any particular person who may be in receipt of the materials. Accordingly, it should not be relied on or treated as a substitute for specific advice concerning individual situations.

While we have made every attempt to ensure that the information contained in this report has been obtained from reliable sources, Aon is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this report is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Aon be liable to you or anyone else for any decision made or action taken in reliance on the information in this report or for any consequential, special or similar damages, even if advised of the possibility of such damages.

Buying a Property

Is a mortgage right for you? Buying a property is a major decision.

Buying a home is a long-term commitment. Does it fit in with your future financial goals? Can you really afford a mortgage? It is important to assess your finances and work out what you can afford to pay each month. Many banks will have online mortgage calculators that will give you an idea of how much you can borrow and what the monthly repayment will to be. Don’t overstretch yourself. Not owning a property is better than getting repossessed when you can’t keep up with the repayments.

There many expenses associated with buying a property such as stamp duty, GST, legal fees etc Remember to factor these in.

A mortgage is a loan secured on your property. What type of mortgage should you choose? Do you know your fixed interest rate from your flexible interest rate?

Choosing a suitable and affordable mortgage for you will not only save you money but will help you to manage your finances and avoid unnecessary risks. It is important to understand the pros and cons of each type of mortgage. 

Acheter un bien immobilier

Un crédit hypothécaire vous conviendrait-il ? Acheter un bien immobilier est une décision importante.

Acheter une maison représente un engagement à long terme. Cela correspond-il à vos objectifs financiers futurs ? Êtes-vous en mesure de supporter un crédit hypothécaire ? Il est crucial d’évaluer vos finances et de déterminer ce que vous pouvez rembourser chaque mois. De nombreuses banques et des conseillers financiers disposent de simulateurs de crédit hypothécaire en ligne qui vous donneront une idée du montant que vous pouvez emprunter et du montant du remboursement mensuel. Ne vous mettez pas le couteau sous la gorge. Il vaut mieux ne pas être propriétaire d’un bien immobilier que de voir sa maison saisie parce que l’on est incapable de faire face aux remboursements.

De nombreuses dépenses additionnelles sont liées à l’achat d’un bien immobilier, comme les frais de notaire. N’oubliez pas de les inclure dans vos calculs.

Un crédit hypothécaire est un prêt garanti sur votre bien immobilier. Quel type de crédit hypothécaire devez-vous choisir ? Connaissez-vous votre taux d’intérêt fixe par rapport à votre taux d’intérêt variable ?

Le choix d’un crédit hypothécaire adapté et abordable vous permettra non seulement d’économiser de l’argent, mais aussi de mieux gérer vos finances et d’éviter les risques inutiles. Il est primordial de comprendre les avantages et les inconvénients de chaque type de crédit hypothécaire.

Een woning kopen

Is een hypotheek geschikt voor jou? De aankoop van een woning is een grote beslissing.

De aankoop van een woning is een verbintenis op lange termijn. Past het binnen je toekomstige financiële doelstellingen? Kan je een hypotheek wel financieel aan? Het is belangrijk om je financiën te bekijken en te berekenen wat je elke maand kunt betalen. Veel banken en financieel adviseurs hebben online hypotheekcalculators die je een idee geven van hoeveel je kunt lenen en wat de maandelijkse aflossing zal zijn. Overbelast jezelf niet. Geen eigen woning bezitten is beter dan dat je woning in beslag genomen wordt als je niet op tijd de hypotheek kunt afbetalen.

Er zijn veel kosten verbonden aan het kopen van een woning, zoals juridische kosten. Houd hier ook rekening mee.

Een hypotheek is een lening op je eigendom. Welk type hypotheek moet je kiezen? Ken je het verschil tussen een vaste rente en een flexibele rente?

Het kiezen van een geschikte en betaalbare hypotheek bespaart je niet alleen geld, maar helpt je ook je financiën te beheren en onnodige risico's te vermijden. Het is belangrijk om de voor- en nadelen van elk type hypotheek te begrijpen.

Køb af ejendom

Er et realkreditlån det rigtige for dig?  At købe en ejendom er en kæmpe beslutning.

At købe et hjem er en langsigtet forpligtelse.  Passer det med dine fremtidige økonomiske mål? Har du virkelig råd til et realkreditlån?  Det er vigtigt at vurdere din økonomi og finde ud af, hvad du har råd til at betale hver måned.  Mange banker har realkreditlånberegnere, der kan give dig en idé om, hvor meget du kan låne, og hvad dit månedlige afdrag ville være på.  Sørg for ikke at overbebyrde dig selv.  Det er bedre ikke at eje en ejendom, end at få det overtaget på tvangsauktion, når du ikke kan holde trit med afdragene.

Der er mange udgifter i forbindelse med at købe en ejendom, heriblandt juridiske gebyrer. Husk at medregne disse.

Et realkreditlån er et lån med pant i din faste ejendom.  Hvilken type realkreditlån bør du vælge?  Kender du forskellen på fast rente og fleksibel rente?

Når du vælger et hensigtsmæssigt og økonomisk overkommeligt realkreditlån, sparer du ikke blot penge, det hjælper dig også til at holde styr på din økonomi og undgå unødvendige risici.  Det er vigtigt at forstå fordelene og ulemperne ved hver type realkreditlån. 

Αγορά ακινήτου

Η υποθήκη είναι κατάλληλη για εσάς; Η αγορά ενός ακινήτου είναι σημαντική απόφαση.

Η αγορά ενός σπιτιού είναι μακροπρόθεσμη δέσμευση. Μπορεί να συμπεριληφθεί στους μελλοντικούς οικονομικούς στόχους σας; Έχετε πραγματικά την οικονομική δυνατότητα να στηρίξετε μια υποθήκη; Είναι σημαντικό να εκτιμήσετε την οικονομική σας κατάσταση και να υπολογίσετε το ποσό που μπορείτε να καταβάλλετε κάθε μήνα. Πολλές τράπεζες διαθέτουν διαδικτυακά συστήματα υπολογισμού υποθήκης τα οποία σας δίνουν μια ιδέα για το ύψος του ποσού που μπορείτε να δανειστείτε και ποια θα είναι η μηνιαία δόση πληρωμής. Μην πιέζετε υπερβολικά τον εαυτό σας. Το να μην έχετε ένα ακίνητο στην ιδιοκτησία σας είναι καλύτερα από το να το χάσετε σε περίπτωση που δεν μπορείτε να ανταποκριθείτε στις δόσεις αποπληρωμής.

Υπάρχουν πολλές δαπάνες που σχετίζονται με την αγορά ακινήτου, όπως τα νομικά έξοδα. Μην ξεχάσετε να τα συνυπολογίσετε.

Η υποθήκη είναι ένα δάνειο με εγγύηση το ακίνητό σας. Ποιον τύπο υποθήκης θα πρέπει να επιλέξετε; Γνωρίζετε τη διαφορά μεταξύ σταθερού και μεταβλητού επιτοκίου;

Η επιλογή της κατάλληλης και οικονομικά προσιτής υποθήκης δεν θα σας βοηθήσει μόνο να εξοικονομήσετε χρήματα, αλλά και να διαχειριστείτε τα οικονομικά σας και να αποφύγετε τους περιττούς κινδύνους. Είναι σημαντικό να κατανοήσετε τα υπέρ και τα κατά κάθε τύπου υποθήκης.

Comprar un inmueble

¿Es una hipoteca adecuada para su situación? Comprar un inmueble es una decisión importante.

Puesto que adquirir una casa constituye un compromiso a largo plazo, es preciso que se pregunte si este encaja en sus metas financieras futuras. ¿Puede realmente permitirse una hipoteca? Es importante que valore su situación financiera y calcule qué cantidad puede permitirse pagar cada mes. Muchas entidades bancarias ofrecen calculadoras hipotecarias online que le permitirán hacerse una idea del préstamo que puede solicitar y la amortización mensual que le supondría. No asuma una carga excesiva. Vivir de alquiler siempre será mejor que sufrir un embargo por no poder hacer frente a una hipoteca.

Además, los desembolsos asociados la compra de un inmueble son muchos, entre ellos los impuestos y los gastos notariales. ¡No olvide tenerlos en cuenta antes de tomar una decisión!

Una hipoteca es un préstamo en el que se aporta un inmueble como garantía de pago. ¿Qué tipo de hipoteca debe elegir? ¿Conoce la diferencia entre un tipo de interés fijo y un tipo de interés variable?

Elegir una hipoteca adecuada y asequible para usted no solo le ahorrará dinero, sino que además le ayudará a gestionar sus finanzas más adecuadamente y a evitar riesgos innecesarios. Es muy importante que entienda los pros y contras de cada tipo de hipoteca. 

Ingatlanvásárlás

Megfelelő-e számodra egy jelzálog? Az ingatlanvásárlás egy fontos döntés.

Az otthonvásárlás egy hosszú távú kötelezettségvállalás. Beleillik a jövőbeli pénzügyi terveidbe? Tényleg megengedheted magadnak, hogy a jelzálogot fizess? Fontos felmérni a pénzügyeidet, és kidolgozni, hogy mennyit tudsz kifizetni havonta. Sok banknak van online jelzálog-kalkulátora, amely ad egy támpontot ahhoz, hogy mennyi pénzt tudsz kölcsönözni, és mennyi ennek a havi visszafizetési összege. Ne feszítsd túl magad. Jobb, ha nincs saját ingatlanod, mintha elveszik tőled, amikor nem tudod időben kifizetni a részleteket.

Az ingatlanvásárlással kapcsolatban sok járulékos költség van, mint például a jogi költségek. Ne felejtsd el ezeket is figyelembe venni.

A jelzálog egy hitel, amelyet az ingatlanod fedez. Milyen típusú jelzálogot válassz? Tudod a különbséget a rögzített kamatláb és a rugalmas kamatláb között?

Ha megfelelő és megfizethető jelzálogot választasz, azzal nemcsak pénzt spórolsz, de segít a pénzügyeid rendezésében és a szükségtelen kockázatok elkerülésében is. Fontos megérteni minden jelzálogtípus előnyeit és hátrányait.

Buying a Property

Is a mortgage right for you? Buying a property is a major decision.

Buying a home is a long-term commitment. Does it fit in with your future financial goals? Can you really afford a mortgage? It is important to assess your finances and work out what you can afford to pay each month. Many banks will have online mortgage calculators that will give you an idea of how much you can borrow and what the monthly repayment will to be. Don’t overstretch yourself. Not owning a property is better than getting repossessed when you can’t keep up with the repayments.

There many expenses associated with buying a property such as legal fees. Remember to factor these in.

A mortgage is a loan secured on your property. What type of mortgage should you choose? Do you know your fixed interest rate from your flexible interest rate?

Choosing a suitable and affordable mortgage for you will not only save you money but will help you to manage your finances and avoid unnecessary risks. It is important to understand the pros and cons of each type of mortgage. 

The content of this article does not constitute individual financial advice.

Acheter un bien immobilier

Un emprunt immobilier est-il la bonne option pour vous ? Acheter un bien immobilier est une décision importante.

C'est un engagement à long terme. Est-ce que cela s’inscrit dans vos objectifs financiers pour l’avenir ? Avez-vous vraiment les moyens de faire un emprunt immobilier ? Il est important d’évaluer vos finances et de déterminer ce que vous pouvez consacrer à un remboursement chaque mois. De nombreuses banques proposent des calculateurs en ligne qui vous donnent une idée de la somme que vous pouvez emprunter et des remboursements mensuels correspondants. Évitez de trop vous endetter. Mieux vaut ne pas posséder de bien immobilier que de vous le faire saisir si vous ne parvenez pas à rembourser les traites.

L’achat d’un bien immobilier s’accompagne de nombreuses dépenses, comme les frais de notaire. N’oubliez pas de les inclure dans vos calculs.

Un emprunt immobilier est un prêt obtenu pour votre bien immobilier. Quel type d’emprunt immobilier choisir ? Connaissez-vous la différence entre les emprunts immobiliers à taux d’intérêt fixes et à taux d’intérêt variables ?

Choisissez un emprunt immobilier adapté à votre situation et dans votre budget pour économiser de l’argent et vous aider à gérer vos finances en évitant tout risque inutile. Il est important de comprendre les avantages et les inconvénients de chaque type d’emprunt immobilier.

Wohneigentum erwerben

Ist eine Hypothek das Richtige für Sie? Der Kauf einer Immobilie ist eine weitreichende Entscheidung.

Wenn Sie eine Wohnung oder ein Haus kaufen, binden Sie sich auf sehr lange Zeit. Passt das zu Ihren zukünftigen Finanzzielen? Können Sie sich eine Hypothek wirklich leisten? Es ist wichtig, eine Bewertung Ihrer Finanzen vorzunehmen und zu errechnen, wie viel Sie jeden Monat aufbringen können. Viele Banken verfügen über einen Online-Hypothekenrechner, der Ihnen eine grobe Vorstellung vermittelt, in welcher Höhe Sie einen Kredit aufnehmen können und wie viel Sie jeden Monat zurückzahlen müssten. Übernehmen Sie sich nicht. Auf eine eigene Immobilie zu verzichten, ist immer noch besser, als zwangsenteignet zu werden, wenn Sie mit den Zahlungen in Rückstand geraten.

Im Rahmen eines Immobilienkaufs fallen eine ganze Reihe von Kosten an, zum Beispiel Rechtskosten. Berücksichtigen Sie diese.

Eine Hypothek ist ein Kredit, bei dem Ihre Immobilie als Sicherheit dient. Für welche Art von Hypothek sollten Sie sich entscheiden? Kennen Sie den Unterschied zwischen Festzins und flexiblem Zins?

Eine für Sie geeignete und erschwingliche Hypothek zu finden, spart Ihnen nicht nur Geld, sondern hilft Ihren, Ihre Finanzen im Griff zu behalten und unnötige Risiken zu vermeiden. Es ist wichtig, das Für und Wider der einzelnen Hypothekenarten zu verstehen.

Acquistare un immobile

Il mutuo è l'opzione giusta per te? Acquistare un immobile è una decisione importante.

Acquistare una casa è un impegno a lungo termine. Rientra nei tuoi obiettivi finanziari futuri? Puoi permetterti veramente un mutuo? È importante valutare le finanze e stabilire quanto puoi permetterti di pagare ogni mese. Molte banche hanno dei calcolatori di mutui online che danno un’idea dell’importo del prestito che ti puoi permettere e a quanto ammonterà il pagamento mensile. Non ti imbarcare in sforzi esagerati. Non possedere un immobile è meglio che vedertelo portare via perché non sei riuscito a rispettare i pagamenti.

Ci sono molte spese legate all’acquisto di un immobile, come quelle notarili. Ricordati di tenerne conto.

Un mutuo è un prestito garantito sulla tua casa. Che tipo di mutuo dovresti scegliere? Sai qual è il tasso d’interesse fisso del tuo tasso d’interesse variabile?

Scegliere un mutuo adatto e conveniente per te non solo ti farà risparmiare soldi, ma ti aiuterà anche a gestire le finanze e ad evitare rischi inutili. È importante capire i pro e i contro di ogni tipo di mutuo.

Acheter un bien immobilier

Un emprunt immobilier est-il la bonne option pour vous ? Acheter un bien immobilier est une décision importante.

C'est un engagement à long terme. Est-ce que cela s’inscrit dans vos objectifs financiers pour l’avenir ? Avez-vous vraiment les moyens de faire un emprunt immobilier ? Il est important d’évaluer vos finances et de déterminer ce que vous pouvez consacrer à un remboursement chaque mois. De nombreuses banques proposent des calculateurs en ligne qui vous donnent une idée de la somme que vous pouvez emprunter et des remboursements mensuels correspondants. Évitez de trop vous endetter. Mieux vaut ne pas posséder de bien immobilier que de vous le faire saisir si vous ne parvenez pas à rembourser les traites.

L’achat d’un bien immobilier s’accompagne de nombreuses dépenses, comme les frais de notaire. N’oubliez pas de les inclure dans vos calculs.

Un emprunt immobilier est un prêt obtenu pour votre bien immobilier. Quel type d’emprunt immobilier choisir ? Connaissez-vous la différence entre les emprunts immobiliers à taux d’intérêt fixes et à taux d’intérêt variables ?

Choisissez un emprunt immobilier adapté à votre situation et dans votre budget pour économiser de l’argent et vous aider à gérer vos finances en évitant tout risque inutile. Il est important de comprendre les avantages et les inconvénients de chaque type d’emprunt immobilier.

Acquistare un immobile

Il mutuo è l'opzione giusta per te? Acquistare un immobile è una decisione importante.

Acquistare una casa è un impegno a lungo termine. Rientra nei tuoi obiettivi finanziari futuri? Puoi permetterti veramente un mutuo? È importante valutare le finanze e stabilire quanto puoi permetterti di pagare ogni mese. Molte banche hanno dei calcolatori di mutui online che danno un’idea dell’importo del prestito che ti puoi permettere e a quanto ammonterà il pagamento mensile. Non ti imbarcare in sforzi esagerati. Non possedere un immobile è meglio che vedertelo portare via perché non sei riuscito a rispettare i pagamenti.

Ci sono molte spese legate all’acquisto di un immobile, come quelle notarili. Ricordati di tenerne conto.

Un mutuo è un prestito garantito sulla tua casa. Che tipo di mutuo dovresti scegliere? Sai qual è il tasso d’interesse fisso del tuo tasso d’interesse variabile?

Scegliere un mutuo adatto e conveniente per te non solo ti farà risparmiare soldi, ma ti aiuterà anche a gestire le finanze e ad evitare rischi inutili. È importante capire i pro e i contro di ogni tipo di mutuo.

Wohneigentum erwerben

Ist eine Hypothek das Richtige für Sie? Der Kauf einer Immobilie ist eine weitreichende Entscheidung.

Wenn Sie eine Wohnung oder ein Haus kaufen, binden Sie sich auf sehr lange Zeit. Passt das zu Ihren zukünftigen Finanzzielen? Können Sie sich eine Hypothek wirklich leisten? Es ist wichtig, eine Bewertung Ihrer Finanzen vorzunehmen und zu errechnen, wie viel Sie jeden Monat aufbringen können. Viele Banken verfügen über einen Online-Hypothekenrechner, der Ihnen eine grobe Vorstellung vermittelt, in welcher Höhe Sie einen Kredit aufnehmen können und wie viel Sie jeden Monat zurückzahlen müssten. Übernehmen Sie sich nicht. Auf eine eigene Immobilie zu verzichten, ist immer noch besser, als zwangsenteignet zu werden, wenn Sie mit den Zahlungen in Rückstand geraten.

Im Rahmen eines Immobilienkaufs fallen eine ganze Reihe von Kosten an, zum Beispiel Rechtskosten. Berücksichtigen Sie diese.

Eine Hypothek ist ein Kredit, bei dem Ihre Immobilie als Sicherheit dient. Für welche Art von Hypothek sollten Sie sich entscheiden? Kennen Sie den Unterschied zwischen Festzins und flexiblem Zins?

Eine für Sie geeignete und erschwingliche Hypothek zu finden, spart Ihnen nicht nur Geld, sondern hilft Ihren, Ihre Finanzen im Griff zu behalten und unnötige Risiken zu vermeiden. Es ist wichtig, das Für und Wider der einzelnen Hypothekenarten zu verstehen. 

 Gayrimenkul Satın Alma Kredi ile borçlanmak sizin için uygun mu? Mülk satın almak uzun soluklu önemli bir karardır.

 Bir ev satın almak uzun vadeli bir taahhüttür. Gelecekteki finansal hedeflerinize uygun mu? Gerçekten bu krediyi ödeyebilir misiniz? Mali durumunuzu değerlendirmek ve her ay ne kadar ödeyebileceğinizi hesaplamak önemlidir. Birçok banka, ne kadar kredi alabileceğiniz ve aylık geri ödemenizin ne olabileceği hakkında size fikir verecek hesaplama araçlarını online olarak sunmaktadır. Kendinizi fazla stres altında hissetmeyin. Kredi borçlarınızı ödeyememekten dolayı stres altında hissetmeniz bir mülke sahip olmaktan daha iyi değildir.

Mülk satın alırken, satın alma masrafları (örneğin; tapu masrafı) gibi birçok gider kalemi vardır. Bunları hesaba katmayı unutmayın. Sizin için en uygun faiz ve ödeme planını içeren krediyi seçerek sadece paradan tasarruf etmekle kalmazssss, aynı zamanda mali durumunuzu yönetebilir ve gereksiz risklerden kaçınmış olursunuz. 

購屋與置產

房貸或抵押對您來說適合嗎?要知道購屋是一個重大決定。

購屋是一種長期的承諾。它是否符合您未來的財務目標?您真的可以負擔貸款嗎?評估您的財務狀況並計算您每月可以負擔的房貸是非常重要的。許多銀行在網站上有提供房貸試算,讓您大致了解可以借款的額度與每月還款金額。若您評估後是跟不上還款速度,請量力而為。在這個狀況下,不擁有房子總比法拍後被別人擁有來的好。

購屋置產有許多額外產生的費用,如:代書費、購屋稅等。請將這些因素一併考量進去。

抵押是指將財產抵押的一種貸款。有些問題您需要思考:該選擇什麼類型的抵押?您是否從彈性利率中了解您所付出的固定利率?

選擇您適合且負擔得起的抵押貸款,不僅可以省錢,而且可以幫助您管理財務並避免不必要的風險。重要的是要了解每種抵押的利弊。

Buying a Property

Is a mortgage right for you? Buying a property is a major decision.

Buying a home is a long-term commitment. Does it fit in with your future financial goals? Can you really afford a mortgage? It is important to assess your finances and work out what you can afford to pay each month. Many banks will have online mortgage calculators that will give you an idea of how much you can borrow and what the regular repayment will to be. Don’t overstretch yourself. Not owning a property is better than getting repossessed when you can’t keep up with the repayments.

There many expenses associated with buying a property such as legal fees. Remember to factor these in.

A mortgage is a loan secured on your property. What type of mortgage should you choose? Do you know your fixed interest rate from your floating rate?

Choosing a suitable and affordable mortgage for you will not only save you money but will help you to manage your finances and avoid unnecessary risks. It is important to understand the pros and cons of each type of mortgage. 

The content of this article does not constitute individual financial advice. Aon can’t provide personalised investment advice or make personalised recommendations – we therefore suggest that you speak to an authorised financial adviser if you want to understand any of these concepts in the context of your personal situation.

Buying a Property

Is a mortgage right for you? Buying a property is a major decision.

Buying a home is a long-term commitment. Does it fit in with your future financial goals? Can you really afford a mortgage? It is important to assess your finances and work out what you can afford to pay each month. Many banks will have online mortgage calculators that will give you an idea of how much you can borrow and what the monthly repayment will to be. Don’t overstretch yourself. Not owning a property is better than getting repossessed when you can’t keep up with the repayments.

There many expenses associated with buying a property such as legal fees. Remember to factor these in.

A mortgage is a loan secured on your property. What type of mortgage should you choose? Do you know your fixed interest rate from your flexible interest rate?

Choosing a suitable and affordable mortgage for you will not only save you money but will help you to manage your finances and avoid unnecessary risks. It is important to understand the pros and cons of each type of mortgage. 

Disclaimer: The information is brought to you by Aon Vietnam Limited with its Establishment and Operation License No. 26/GP-KDBH . Aon Vietnam Limited is a licensed insurance broker regulated by the Ministry of Finance in Vietnam. The information does not take into account the specific investment objectives, financial situation or particular needs of any particular person who may be in receipt of the materials. Accordingly, it should not be relied on or treated as a substitute for specific advice concerning individual situations. Please seek advice from a financial adviser regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase an investment product. You are also recommended to obtain such other professional advice where appropriate. The information is provided in good faith and believed to be accurate as of the time of compilation. We do not undertake an obligation to update the materials or to correct any inaccuracy that may become apparent at a later time. You should always consult primary or more accurate or more up-to-date sources of information

Mua một tài sản

Thế chấp phù hợp với bạn? Mua một tài sản là một quyết định lớn.

Mua nhà là một cam kết lâu dài. Có phù hợp với mục tiêu tài chính trong tương lai của bạn? Bạn thực sự có thể đủ khả năng thế chấp? Điều quan trọng là phải đánh giá tài chính của bạn và tìm ra những gì bạn đủ khả năng chi trả mỗi tháng. Nhiều ngân hàng có dịch vụ tính toán thế chấp trực tuyến sẽ cho bạn ý tưởng về số tiền bạn có thể vay và số tiền trả hàng tháng sẽ là bao nhiêu. Đừng vung tay quá mức. Không sở hữu một tài sản sẽ tốt hơn là được nhận lại khi bạn có thể theo kịp các khoản hoàn trả.

Có nhiều chi phí liên quan đến việc mua một tài sản như chi phí pháp lý. Hãy nhớ yếu tố này.

Thế chấp là một khoản vay được bảo đảm trên tài sản của bạn. Bạn nên chọn loại hình thế chấp nào? Bạn có biết lãi suất cố định từ lãi suất linh hoạt của bạn?

Chọn một thế chấp phù hợp và giá cả phải chăng cho bạn không chỉ giúp bạn tiết kiệm mà còn giúp bạn quản lý tài chính và tránh những rủi ro không cần thiết. Điều quan trọng là phải hiểu những ưu và nhược điểm của từng loại thế chấp.

Tuyên bố miễn trừ trách nhiệm: Thông tin này được cung cấp bởi Công ty TNHH Aon Việt Nam với Giấy phép Thành lập và Hoạt động số 26/ GP-KDBH. Công ty TNHH Aon Việt Nam là công ty môi giới bảo hiểm được cấp giấy phép dưới sự quản lý của Bộ Tài chính tại Việt Nam. Các thông tin này không tính đến các mục tiêu đầu tư cụ thể, tình hình tài chính hoặc nhu cầu riêng biệt của bất kỳ đối tượng cụ thể nào nhận được tài liệu này. Theo đó, bạn không nên dựa vào hoặc coi tài liệu này như một phương thức thay thế cho sự tư vấn riêng biệt liên quan đến các tình huống cụ thể. Vui lòng tìm kiếm sự tư vấn từ chuyên gia cố vấn tài chính về sự phù hợp của bất kỳ sản phẩm đầu tư nào có tính đến các mục tiêu đầu tư cụ thể, tình hình tài chính hoặc nhu cầu riêng biệt của bạn trước khi bạn cam kết mua sản phẩm đầu tư. Bạn cũng nên có được sự tư vấn chuyên biệt khác khi cần thiết. Thông tin này được cung cấp dựa trên sự trung thực và được cho là chính xác vào thời điểm biên soạn. Chúng tôi không có nghĩa vụ phải cập nhật các tài liệu hoặc sửa chữa bất kỳ thông tin không chính xác nào là những thông tin được làm rõ sau này. Bạn luôn cần phải tham khảo các nguồn thông tin chính hoặc các thông tin chính xác hơn hoặc cập nhật hơn.

การซื้ออสังหาริมทรัพย์

การจำนองเหมาะสมกับคุณหรือไม่ การซื้ออสังหาริมทรัพย์เป็นการตัดสินใจครั้งใหญ่

การซื้อบ้านเป็นความรับผิดชอบระยะยาว จะสอดคล้องกับเป้าหมายทางการเงินในอนาคตของคุณหรือไม่ คุณมีความสามารถในการจำนองหรือไม่ การประเมินฐานะการเงินของคุณและหาสิ่งที่คุณสามารถจ่ายไหวในแต่ละเดือนเป็นเรื่องสำคัญ ธนาคารหลายแห่งจะมีเครื่องคำนวณการจำนองออนไลน์ที่ช่วยให้คุณพอทราบว่าคุณสามารถกู้ยืมได้มากเท่าใดและจะต้องชำระคืนรายเดือนจำนวนเท่าใด อย่าทำเกินความสามารถของตัวเอง การไม่ได้เป็นเจ้าของอสังหาริมทรัพย์นั้นดีกว่าการถูกยึดครองเมื่อคุณไม่สามารถชำระคืนได้ทัน

มีค่าใช้จ่ายมากมายที่เกี่ยวข้องกับการซื้ออสังหาริมทรัพย์ เช่น ค่าธรรมเนียมตามกฎหมาย จำไว้ว่าต้องนับปัจจัยเหล่านี้ด้วย

การจำนองคือสินเชื่อที่มีหลักประกันเป็นอสังหาริมทรัพย์ของคุณ คุณควรเลือกการจำนองประเภทใด คุณแยกแยะอัตราดอกเบี้ยคงที่ของคุณจากอัตราดอกเบี้ยลอยตัวได้หรือไม่

การเลือกการจำนองที่เหมาะสมและรับผิดชอบได้สำหรับคุณจะไม่เพียงแต่ช่วยให้คุณประหยัดเงิน แต่จะช่วยให้คุณจัดการการเงินและหลีกเลี่ยงความเสี่ยงที่ไม่จำเป็นได้ เป็นเรื่องสำคัญที่จะต้องเข้าใจข้อดีข้อเสียของการจำนองแต่ละประเภท

Köpa egendom

Är ett bolån rätt för dig? Det är ett stort beslut att köpa en egendom.

Ett köp av bostad innebär ett långsiktigt engagemang. Passar det in i dina framtida ekonomiska mål? Har du verkligen råd med ett lån? Det är viktigt att du utvärderar din ekonomi och kommer fram till vad du har råd att betala varje månad. Många banker har beräkningsverktyg online som ger en uppfattning om hur mycket du kan låna och vad den månatliga avbetalningen blir. Ta inte i för mycket. Det är bättre att inte äga en fastighet än att den återtas om du inte klarar av avbetalningarna.

Det finns många utgifter förknippade med att köpa egendom, till exempel skatter och avgifter. Glöm inte att ta hänsyn till det.

Det här lånet har din egendom som säkerhet. Vilken typ av lån bör du välja? Vet du skillnaden mellan bunden och rörlig ränta?

Genom att välja ett lämpligt och hanterbart lån sparar du inte bara pengar – det hjälper dig också att hantera din ekonomi och undvika onödiga risker. Det är viktigt att förstå fördelarna och nackdelarna med varje sorts lån. 

Membeli Properti

Apakah KPR tepat untuk Anda? Membeli properti adalah keputusan besar.

Membeli rumah adalah komitmen jangka panjang. Apakah itu sesuai dengan tujuan keuangan masa depan Anda? Apakah Anda benar-benar bisa membayar KPR? Anda harus menilai kondisi keuangan Anda dan mencari tahu berapa yang mampu Anda bayar setiap bulan. Banyak bank memiliki kalkulator KPR online yang akan memberi Anda gambaran tentang seberapa banyak Anda dapat meminjam dan berapa pembayaran bulanannya. Jangan meregangkan diri sendiri terlalu mulur. Tidak memiliki properti lebih baik daripada diambil alih ketika Anda tidak bisa membayar.

Ada banyak biaya yang terkait dengan pembelian properti seperti biaya legal, biaya notaris, sertifikat rumah, dll. Ingatlah untuk memperhitungkannya.

KPR adalah pinjaman dengan jaminan properti Anda. Apa jenis hipotek yang harus Anda pilih? Apakah Anda tahu tingkat bunga tetap Anda dari tingkat bunga floating Anda?

Memilih KPR yang sesuai dan terjangkau untuk Anda tidak hanya akan menghemat uang tetapi juga akan membantu Anda mengelola keuangan Anda dan menghindari risiko yang tidak perlu. Anda harus memahami pro dan kontra dari setiap jenis KPR. 

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For many of us, buying a home (with or without the picket fence and oak tree) is the beginning of really living. Because it's such a huge investment, there's a lot to work through when you finance a home. There are qualifications you have to meet, reams of forms and paperwork, delays, and additional costs you may not have thought of. Let's now take a look at the main options you have for financing your home.

Saving or Investing to Buy a Home

The first thing to plan for when it comes to paying for a home is the down payment. Ideally, you want to have a large stash of savings to pay for your down payment. The traditional 20% down has returned after several years of being out of sight. It is still possible to get a loan that requires less than 20%, but it is not easy to qualify for like it was in the 1990s and early 2000s.

Some retirement plans let you borrow or withdraw funds for a home.
How long you want to wait before buying a home can determine what types of investments you put your money into.

If you already have 20%, you will not need to pay for mortgage insurance, and you will cut your monthly payments as well. If you can raise more than 20%, so much the better. But if you do not have 20%, there are ways to raise it.

Savings and investing plans

The more you have saved up, the less you will have to rely on loans, and the less you will have to pay each month for your mortgage (and the interest on it). Begin saving as early as you can—some people even start in their teens. Some work an extra job or two to save up funds.

If you plan to buy a house fairly soon, such as within a year or two, you probably won't want to risk your money. Low-volatility investments such as time deposits (e.g., certificates), money market accounts, and regular savings accounts can be ideal. You will earn some interest or dividends, but very little growth.

If you plan to buy a house years down the road—say, five years or more—you can afford to put your funds into an investment with growth potential, such as a stock or a mutual fund, or perhaps a commodity such as precious metals. Fluctuations tend to even themselves out over the course of years. These investments carry the risk of loss and should not be entered into without a thorough understanding of their risks.

There is also the option of splitting your money among several investments to achieve different returns.

Using Private Loans to Buy a Home

Financial institutions aren't the only places willing to lend people money. Your family or friends might just want to be your private bank. If you haven't considered this avenue, you may want to at least consider the pros and cons.

Draw up a contract with payment terms and a schedule of repayment.
Private loans offer flexibility.
Treat a personal loan with seriousness.

Getting a private loan need not be—in fact, should not be—informal or unprotected. You draw up a contract with payment terms and a schedule of repayment. You can structure it in the same way that an institutional loan is structured. The private lender will hold a lien and can require late fees, just as a bank might. If you default, the lender can foreclose.

Advantages

Private loans have some advantages over loans from financial institutions:

  • You can negotiate the interest rate. The result could be a relatively low one for you.
  • Your lender might still get a better interest rate than he or she could at an institution.
  • You can draw up favorable contract terms, such as a longer payback time.
  • You could be more flexible if problems arise, such as a job loss, than you could be with a bank.
  • You can refinance for little or no cost, depending on what you agree on.

Do the paperwork, too

Simply handing a person money and expecting repayment isn't a good idea. A private loan should be structured like a business deal; that gives it an air of legitimacy and gravity. It also protects both the borrower and the lender with legal recourse if, for example, the relationship goes sour or the lender decides he wants all the money back for some reason.

Draw up a promissory note that explains your legal obligation to repay the loan, all payment issues (dates due, how often, etc.), penalties, and the interest rate. Draw up the actual mortgage (or "deed of trust," in some states), which puts the home up for collateral in the event you default. Also, draw up a repayment schedule.

Above all, treat a personal loan with the utmost seriousness. Both you and the lender can come out ahead with one. Abusing a loan can destroy the goodwill of a family or friend and even your larger relationship network.

Buying a Home through Seller Financing

Though this is not very common, if a particular home strikes your fancy and you have no other way to pay for it, the seller of the home could finance it for you. This is not without risks, however.

In seller financing, the seller extends credit to the buyer for the balance of the home.
Land contracts are a well-known form of seller financing.
Commissions and various fees could be omitted.

Because the legalities and tax issues can be complicated, parties interested in seller financing often enlist the help of attorneys, tax advisors, and sometimes loan servicers.

How it works

In seller financing, the seller extends credit to the buyer for the balance of the home, and the buyer begins making payments. The loan is typically spelled out in a promissory note and includes the terms of the loan—interest, monthly payments, penalties, etc. The loan is also registered with the local government.

Loans vary in length and can be amortized over a period as long as 30 years to keep the monthly payment low. That does not mean that the seller will want to wait 30 years to unload the home. That's why many of these loans have balloon payments due in a few years. By that time, enough equity may have built up that the buyer can go to a traditional lender to refinance the loan.

Types of seller financing

Several forms of seller financing exist:

  • Land contract. The buyer makes payments to the seller and receives title only after the last payment. Until that last payment, the buyer has what's called equitable title to the property.
  • The seller leases the home to the buyer for a certain term, then sells it to the buyer at some point after that. Based on the contract, the lease payments may be credited to the home's purchase price.
  • All-inclusive trust deed (or all-inclusive mortgage). In this form, the seller carries the mortgage and the promissory note until the home is paid off, then signs it over to the buyer.
  • Second mortgage. If the buyer has less than a 20% down payment, traditional lenders may not want to finance. The seller, therefore, can step in and provide a small loan to make up the difference.

Strategic considerations

The buyer and seller can fill out the traditional paperwork associated with mortgage loans—a loan application, credit check, employment check, a sales contract, appraisal, mortgage contract, etc. This helps protect both of them in the event of adverse circumstances.

Requiring a down payment also works in the favor of both parties. Buyers feel more committed to the home, and sellers reduce their risk of loss.

Another advantage is that commissions and various fees can be omitted, thus putting more funds into the hands of the buyer. Seller financing deals can also be more negotiable than those from a bank; the interest rate, down payment amount, and other aspects can be less strict.

First-Time Homebuyer Programs

If you are a first-timer at homebuying, the government wants to help you out. There may be programs just for you that offer financial assistance. They come with restrictions and rules, however, which you should consider carefully. Your local bank, credit union, or other financial institution likely works with first-time homebuyer programs and can help you learn about them.

Programs can vary, but some common features include the following:

  • A down payment less than the usual 20%. With some, no down payment at all.
  • A limit on fees that lenders can charge.
  • Access to grants and loans that offset the purchase price of the home.
  • Subsidization of interest costs.

Limitations

There are restrictions on who can qualify. Restrictions vary, but typically include:

  • Certain income requirements
  • A sufficient credit score
  • A maximum dollar value of the loan
  • Residence: you must actually live in the home
  • Physical condition of the home
  • Minimum residence: you may have to live in the home for a minimum number of years

Summary of How to Finance a Home

Most of us will never be able to plunk down cash to buy a house. Instead, we will have to take out a loan and then spend a long time paying it back. The day we finally pay back the loan is the day we feel a long-awaited freedom, as our house is now owned free and clear.