Paying off a mortgage loan quickly takes a big bite out of your monthly budget. And yet you can reduce your monthly payment in a simple way. Everything starts with the refinancing or taking over of your mortgage credit by another lender. How much do you need and how much can you borrow?
Refinance your existing mortgage loan at a lower rate
If you have a mortgage loan, it is certainly worth checking at what rate you have taken out this home loan. Debit interest rates have fallen dramatically in recent years, putting them at a historically low level. Moreover, they can almost only rise in the future. So it would be a shame not to take advantage of this and to continue paying too much… Make an appointment with our specialists immediately to check whether you can do a good thing financially with a refinancing.
Review the duration of your Linton family loan
If you opt for a refinancing of your mortgage loan, you can again determine the duration of your mortgage loan. It says how long you will have to pay back. Some banks will force you to stay within the original duration of your home loan. Other banks allow you to extend the term of your loan again when refinancing your current loan. If you already have a first idea of the amount that you have to pay each month, make a simulation of your mortgage loan. Be aware that the interest rate that you are going to see does not take into account your personal situation. It is and remains only a simulation.
The best choice and solution lies with you:
- the shorter the duration, the higher your monthly payment and the lower the interest you have to pay over the entire duration
- the longer the duration of your Linton family loan, the lower the monthly payment and the higher your total interest.
You will therefore have to set priorities for yourself: do you want to pay less each month (and therefore pay longer) or do you want to pay less in total (over a shorter period).
Have your home estimated
Before you have your mortgage loan taken over, it’s best to have the value of your house estimated. This way you know the current value and you can look for the best rates for your home loan. Many lenders apply lower rates for lower quotas. The quota is a technical term that refers to the ratio between the amount you must borrow and the value of your home. If your home is worth 200,000 euros and you have to borrow 180,000 euros, your quota will be 90%. Our employees have direct access to the rates of different banks and credit institutions and immediately see where you can take advantage of your Linton family. If you make an appointment to discuss your loan, we will pay the estimation costs in your place if you have your home loan refinanced through us.
Consider an early repayment of your mortgage loan
Do you have extra money somewhere that you do not use? Or do you expect a large sum, for example due to an inheritance? Then you can consider an early repayment of your home loan. In this way you repay additional capital in one go, which will decrease your monthly amount.
Are you going to live together soon?
Are you an owner and will you soon be moving and cohabiting with your (new) partner? Then you can rent out your home or apartment. The tenant pays in whole or in part the monthly burden of your mortgage loan, which gives you more breathing space to realize new projects. Or do you need a bridging loan at that time? Even then you can save a lot of money if you use a specialist in flexible bridging credit.
Have your situation analyzed by our specialists
To be sure what the best solution is for you, make an appointment with one of our Linton family specialists. They calculate all options for you and make a simulation of your mortgage loan on the spot. So you know immediately whether you are doing a good thing or not. There is certainly a regional Linton family office in your area. Consult the map.