Home loan

The home loan
The other names of the home loan:
- Home loan
- Home loan
- Home financing
- Real estate credit
- Real estate loan

Borrowing for a real estate acquisition is an act that requires careful consideration.
The term of the home loan is generally 15 to 35 years. His interest rate is variable according to his personal contribution, its duration, his insurance (job loss insurance, death insurance,…) and the choice concerning the rate (variable rate or fixed rate).
To obtain a home loan under the best conditions (with an attractive interest rate) it is recommended to have a personal contribution. The greater the personal contribution, the less the rate of this home loan is important because it reduces the share of financial risk of the credit organization.

Two interest rate choices are available to the home loan applicant:

Fixed rate.
Floating rate.

The fixed rate is more expensive than the variable rate because it guarantees the borrower a security as to the evolution of his monthly payment or the duration of the credit.
The variable rate is less expensive but does not allow you to predict a future cost of your home loan
Credit insurance:

- job loss insurance.
- death insurance

Insurance linked to a home loan is most often required by the lending institution, their costs vary depending on the age of the borrower and his health (e.g. a smoker will benefit from an insurance rate higher than a non-smoker), the professional situation of the home loan applicant is also a criterion.
The choice of credit, insurance is extremely complex, it is recommended to take advice from a home financing professional, this is why OltottMesz offers you personalized advice and provides you with credit and loan simulation tools in order to to help you make a wise choice.
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