Mortgage Loan Calculator Before Buying a Home

You have decided to buy a house and are thinking about using a home loan. Will you use home loan long-term or short-term? What should you pay attention to when calculating a mortgage loan? Let's look at what option, what you should consider.

When Making a Home Loan Account

When calculating a home loan, calculating loan interest, when using a mortgage loan, you should pay attention to the loan amount, payment plan, your solvency, the amount you can issue down payment and other risks. It is also useful to check your credit rating. In the law, popularly known as the mortgage law, which makes changes to the financing system, there is a regulation on the amount of loans that can be used for housing purchases. This law imposed a limit on whether the loan price that financial institutions use for a dwelling cannot exceed 75% of the value of the housing. That is, to the credit user, the down payment obligation is imposed.

The use of long-term housing loans means fewer periodic loan payments. But your time to be in debt also extends in parallel with this. If you use a fixed interest loan, in our country this period is usually 10 years. Recently, some banks have also raised 15- and 20-year loans, but the increase and interest rates reflected in the annual cost ratio are far from making sense to use these loans. Although there will be a further prolongation of loan maturity and interest reduction for your housing loan in the coming periods, the necessary environment for the formation of such conditions does not exist in our country at the moment.

Basic Loan Payment Loan

In fact, the basic logic in loan payments is that, in the early years of the loan term, you make interest-weighted payments. This continues approximately until half the period of the valley. For example, you used a 6-year loan; the interest separation between principal and principal in your first 3 years payments is interest-weighted. In the second trimester, you start paying principal interest. This is a very life-consuming point. That is, if you want to close the loan within the first three years, the principal amount you need to repay will not decrease much because you make more interest-weighted payments in your payment plan.

Let's give an example on this topic:

If you are going to get overdraft, how much savings do you have to cover the down pay, given that up to 75% of the house's value is granted a mortgage loan? How much of the total household income for the loan can you depart to loan payment? If the figure you depart is more than 25% or 35% of your total household income, you will attract a big deal. In addition, banks do not allow you to get on top of this rate when preparing a payment plan.

Issues to Consider When Calculating a Mortgage Loan

Issues to pay attention to when calculating loans are loan term and monthly payment amount. How much do you want the loan term? The point where the maximum figure you can pay and the amount of credit you can get in the desired term is the cost of the loan you can use. For example, you think you can pay 1,400 TL a month and you are willing to pay it for 10 years or 120 months. In this case, you can use a loan of around 100,000 TL. But if you want to pay 1,400 TL a month and not be borrowed for more than 5 years, then we can say that you have to settle for TL 65,000, thinking that you are owed at the same interest.

Review Housing Loan Bank Interest Rates

At this stage, you should study the loan interest rates of different banks and find out which loan is given by how long and at how much price they give. You should concentrate on several banks that you have designated. In particular, you should find out the figure of the initial price that banks receive under the name “file fee” for each bank you are researching. Because these figures can be very different, and because of the file price of a financial institution that seems low on the loan interest rate, the cost of the loan cost can go up. You should not overlook these details. At this point, you should read the credit contracts of banks.

You can find our previous post at https://www.endeksa.com/tr/blog/yazi/2017-sonbaharinda-gayrimenkul-yatirimi-yapmak link.

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Before you apply for a mortgage loan, you can find out the value of your home and how much credit you can use.

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