Borrowing in addition to a mortgageOn October 18, 2019 by admin
Borrowing in addition to a mortgage, is that possible? Many consumers ask themselves this. Whether this is possible depends on the maximum borrowing capacity, which you can easily calculate with our calculator.
To calculate a loan, a number of data are important, namely your monthly net income, the family situation and the net housing costs. The maximum loan can be calculated with this data. If you already have a current loan, you must bear in mind that you must take that loan off of the maximum loan amount. You can then refill the current loan.
Take out a loan next to a mortgage when buying a house
Extra costs are involved when purchasing a new home. These extra costs are in any case 2% transfer tax, costs for mortgage advice, notary and appraisal costs. Taken together, these costs amount to up to 4% or even 5% of the value of the home, if you want to buy a house of $ 200,000, the costs are easily between 8,000 and 10,000. When taking out a mortgage these extra costs can no longer be co-financed, so as a buyer of a new house you need savings that must be contributed. Not everyone has this savings available and can then take out a loan for it in certain cases.
The reason that own money must be contributed is that the government believes that the buyer should run less risk than in the past. There is therefore a restriction that stipulates that you may no longer borrow if that represents the value of the property to be purchased. And if the property should be sold due to circumstances and a loss is incurred, that loss will be limited in this way.
To still be able to come to a home it may be that you are considering taking out a loan. However, you must bear in mind that in order to be able to repay the loan, you must also pay a monthly installment on the loan in addition to the mortgage.
Want to know more about taking out a mortgage?
On our partner website Hypotheekrente.com you can find more information about taking out a mortgage. For example, you can compare mortgage rates or you can request a free consultation with one of our mortgage advisors. In this conversation you can discuss whether it is possible and sensible in your situation to take out a loan to finance the costs of purchasing a new house with a loan.
Take out a mortgage if you already have a current loan
If you want to take out a (new) mortgage and you also have a current loan, you must bear in mind that the monthly costs of the current loan can influence the calculation of your mortgage. This also does not have to be an obstacle. But it does have an impact.
This influence can even be great and can cause unpleasant surprises. Examples are known where a loan of $ 20,000 ensured that a consumer could receive $ 100,000 less in mortgage than if the consumer had not had this loan. So keep this in mind and be well advised.
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