When deciding to buy a house or flat, you need to have enough cash. Often, this is an insurmountable obstacle and makes the dream house only in the sphere of dreams. The only effective way to get the necessary financial resources is usually a mortgage , offered by virtually all banks operating in our country.
However, credit credit uneven and many borrowers do not know how to choose the most advantageous. So before signing a final contract, it’s worth getting acquainted with all its conditions. First of all, it is worth getting information on what factors the selected bank takes into account when assessing the client’s creditworthiness and what the actual interest rate on the mortgage loan is .
When choosing the nearest bank branch, you should already have the property you want to buy. We should also have the necessary documents completed: ID card, certificate of employment and amount of earnings, necessarily on the bank’s printout and annual testimony submitted to the Tax Office or PIT from the employer.
Different factors will be taken into account when assessing creditworthiness. By far the most important is the size or type of income obtained, the number of people in the household and the size of all other financial obligations. These are primarily other loans , possible maintenance or adjudged annuities for other people, limits on credit cards and personal account. Subsequently: fixed bills, i.e. rent, fees for utilities and food. After reviewing the data, we obtain information from the advisor, for which a mortgage can expect and what the burden on the household budget will provide its installment.
This will be largely influenced by interest rates, usually floating on loans in zlotys, usually consisting of two components, a fixed margin for the bank and a variable base rate. The bank margin is always constant throughout the loan period, and its amount usually depends on the bank’s policy.
The margin created by him takes into account two factors, the amount of the loan and the amount of the borrower’s own contribution. The bigger it is, the lower the margin, which may also depend on the length of the loan. In turn, the second factor is constantly changing, in line with changes in interest rates made by the Monetary Policy Council.
These changes are made every three, six or twelve months. Currently, the average interest rate on mortgage loans in different banks up to a maximum of 4.6 percent.
However, before we go to the bank’s headquarters, we can also pre-check ourselves whether our income allows us to get a loan . All types of creditworthiness calculators can effectively help in this.
They can be found on industry websites. In the boxes of the form, we enter our net income, the number of people in the household, monthly liabilities and expenses for maintenance, the additional costs mentioned and the loan period.
The calculator will quickly perform the necessary calculations and present the results, ie the maximum amount that we can apply for and the amount of the monthly installment.
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