A substantial price tag is attached to a home loan. Yet there are some ways to cut costs here and there.
To start with, it pays to compare as many private lenders as possible. The more private lender you compare, the greater the chance that you will get the cheapest rate. If we compare the posted rates with the negotiated rates, we see that you can quickly save thousands of dollars.
In addition, we make a comparison between the average rate of the private lender in our list and the average negotiated rates. For example, you pay an average of 2.94 percent for a 25-year home loan. But if we look at the negotiated rates, we see that the rate drops to 2.18 percent.
Save up to more than 16,000 dollars
According to the most recent figures, the Belgian borrows an average of 150,000 dollars for a housing loan. If we base ourselves on those figures, we learn that the Belgian pays 703 dollars a month if he does not negotiate the rates. After 25 years, that person will then pay 61,087 dollars in interest.
Those who negotiate rates pay an average of 2.18 percent interest. As a result, the monthly repayment drops to 647.42 dollars. At the end of the journey you, therefore, pay 44,226 dollars in interest, or 16,861 less than if you do not negotiate.
The traditional players get the longer the more competition from online players who immediately come across with competitive rates. The private lender is one of them. That private lender, for example, uses an interest rate of 2.26 percent for those who borrow between 80 and 100 percent of the market value of their home.
Do you want to know how beneficial such an online credit is for you? Do the simulation here.
How to lower the price tag?
There is also another way to drastically reduce the price tag of your home loan. For example, you can ask your private lender to take out a mortgage on only part of your home. The private lender can take a mortgage on the remainder. The latter means that the private lender has the right to take out a mortgage on your home at any time.
And that has a significant impact on the registration costs. That is because the proxy is not registered in a mortgage office. You only have to pay registration fees for the part that is registered. This also reduces notary fees, registration fees, and notary fees.
Although there are some disadvantages to such a mortgage mandate. This way, the private lender can take out a mortgage on your home at any time. The lender can, for example, do this if you do not meet your obligations. In that case, you still have to pay the registration fee for the part that falls under the mortgage mandate.
In addition, the part that comes under a mortgage mandate does not give the right to a tax benefit (the Flemish integrated housing bonus). Therefore, together with your adviser, look at how large the mortgage registration must be in order to fully enjoy that benefit.
Online real estate agent
If you want to start selling your house easily, you can do this via the online real estate agent. In addition to the online private lender, the online bookshop, the online travel agent, there is now the online real estate agent, who organizes the entire sale and purchase process of real estate via the internet.
Every step is easy to follow online 24/24 by both buyers and sellers!
On the website, you can not only look up real estate, but you can also register on viewing days, follow the bidding process, negotiate and ultimately close the purchase in a safe and legal manner.
Therefore, offers a combination of an internet platform with traditional real estate mediation and – if desired – with personal support by the adviser. A more efficient process, a better price, and a cheaper sale.