The biggest financial burden in a person’s life is regularly house building. He bills with several hundred thousand euros to book and is usually only to finance a loan . However, as the banks’ differences in loans are enormous, making it possible to quickly save a few thousand euros, it is essential to make a construction loan settlement . This ensures that you can pick out the cheapest loan from the variety of offers. But in order to get a meaningful construction loan comparison, of course, you have to do a lot of preliminary work. These include in particular the preparation of their own finances.
Which loan amount is needed?
Since the required loan amount is an important factor in the construction loan comparison, you should first calculate this. Not only does the purchase price have to be financed, but often part of the additional costs have to be financed via loans. Here you should first of all calculate how high the purchase price is including all additional costs. Only then can one determine which loan amount must be specified in the construction loan comparison. This results from the required financial resources less equity . The latter consists of all cash assets, of balances on accounts and deposits and the like. Furthermore, the Bauspar credit balance is equity. If the loan amount is clear, however, no home loan settlement can still be made. For this purpose, the available funds for the monthly repayment of the loan should first be known.
Household book lead:
These are calculated from a comparison of all income and expenditure of the budget. This is best viewed over a longer period of time by keeping a household book. After the remaining income has been calculated, a contingency buffer should be included. Afterwards the construction loan comparison can be carried out. Here you enter the required capital and the possible monthly installments. The result of the construction loan comparison is a list of offers from different banks for the requested financing model. However, in addition to the home loan comparison, which is often done online, it is still advisable to make a personal home loan comparison.
For this construction loan comparison, the individual offers are requested by the cheapest banks. These include your own creditworthiness and your income, which have a lasting effect on the final result. Only with such an individual construction loan comparison will it be possible to find the really cheapest offer for your own situation. With the construction loan comparison one will always find the effective and nominal interest rates . However, the effective interest rates are more important for a meaningful home loan settlement, as they already include all costs, commissions and fees for the loan.
Building loans reduce interest rates
Building a house is one of the most important and expensive decisions in life. Without a loan, this project can usually not be financed. For this very reason, it is also of utmost importance that home loans are compared with interest rates, which account for a large part of the cost of financing . With some funds, the construction loan interest rates can also be lowered. For this it is necessary to place the entire mortgage lending on different pillars. So one should use beside the bank loan also a Gandalf credit , which is provided with particularly favorable building interest rates, as well as a building loan .
Here, too, the construction loans interest rates are very low. Who uses these two variants to raise the overall financing, can often achieve the advantage that the bank financing of the home construction makes up no more than 60 percent of the mortgaged amount. This results in a reduced risk for the bank . This can enter a first-ranking mortgage in the land register, which means that the bank in the case of a compulsory auction serves first from the proceeds. The risk on the part of the bank therefore drops considerably, which in turn rewards interest with cheaper construction loans.
But even those who have a particularly secure job, such as civil servants, can receive cheaper home loans interest. The same applies if you have a very good credit rating. Furthermore, one should consider in the eradication , if the repayment rate can not be raised. Because in principle applies that the building loan interest automatically sink, if the term of a loan can be shortened, for example by a higher repayment. So there are quite a few ways to cut home loans interest rates. And exactly these possibilities should also be used accordingly, in order to ultimately receive cheaper home loans interest.
If you also make a comprehensive comparison, you can achieve further savings. Thus, even with minimal differences in construction loans, interest rates that only become apparent after the decimal point can be saved by a few thousand euros. This is due to the high sums that are involved in the construction loan. When comparing, one will regularly encounter nominal and effective home loans. The former only show the interest rate for the loan. The latter also include fees and commissions. Only with these building loan interest rates, the individual offers can actually compare. In addition, one should note whether additional costs are incurred.
Indeed, many banks require the fees charged for the preparation of an appraisal report from their clients. So there are some things that need to be considered in order to get a really cheap mortgage with low mortgage interest rates. Smaller interest surcharges for the fixing of the building loan interest over a longer period should be accepted, however, because the entire financing can plan better.