If you are in the process of buying a house you will soon come across the term mortgage. But what exactly is a mortgage? What is the mortgage you can get? Besides these questions, you will probably have many others when you start looking into a mortgage. Fortunately you can easily calculate your mortgage using a mortgage calculator. Although you can easily calculate your own mortgage online, it is always wise to work with a mortgage professional to see what your options are. This is because what you can get in terms of a mortgage varies from bank to bank and it's important to talk about the risks associated with the mortgage you're interested in.
What is a mortgage?
Before you calculate your mortgage with the mortgage calculator netherlands it is important to know what a mortgage really is. A mortgage can be thought of as a loan you take out from a bank. This loan is only for buying a house. The money cannot be used for other purposes. If you take out a loan, you must also offer collateral to the bank. The house you purchase using the mortgage loan is the collateral for the loan. Are you having trouble paying your mortgage?? Then the bank can seize your house or property.
A mortgage is a loan you can take out from a bank to buy a house. Once you have taken out this loan you are of course obliged to repay the borrowed money. You can do this by making monthly payments to the bank. Because it is a loan you will of course also have to pay monthly interest for the money you borrow over time. If you choose to take out an interest-only mortgage then you are not obliged to pay off any amount of your loan each month. Until the end date of the loan, you are only required to pay monthly interest with an installment-free mortgage. At the end of the loan, you will repay the full amount borrowed.
To find out which type of mortgage suits you best it is important to seek advice from a mortgage broker. Before talking to a mortgage broker, you can do some preliminary research by calculating your potential mortgage yourself with a mortgage calculator netherlands.
How to calculate a mortgage?
A netherlands mortgage calculator can help you calculate your mortgage. Several banks offer online calculators that allow you to do these calculations. If you calculate your own mortgage in advance, you can make an estimate of your monthly costs in order to spar with your partner or acquaintances. However, only when you really start talking to a mortgage broker will you find out what mortgage they can offer you.
Often an online netherlands mortgage calculator looks at the income you have and whether you have a partner with whom you live. Based on these two data, an estimate is made of the mortgage you can get from a bank. However, if you engage in conversation with a bank itself you will discover that there are other factors that come into play in terms of the calculations surrounding the mortgage. For example, it also looks at the value of the house you want to buy using the loan.
The calculation underlying the maximum mortgage burden you can bear is linked to the housing ratio and the test income. Roughly, you calculate the maximum mortgage you can get by multiplying the housing ratio by the test income. Then this value is divided by 12 to calculate the monthly cost of the mortgage.
The risks of a mortgage
Taking out a mortgage with a bank is unfortunately not without risk. After all, a mortgage is a huge loan from the bank. The biggest risk with a mortgage, of course, is that something happens that makes you unable to pay the monthly cost of the mortgage. In this case, fortunately there are some schemes that can accommodate you, but the situation will not be easy. The collateral for your loan is your home, which means that in the event of payment problems, the bank can foreclose on your home in the long run.
In addition, the value of your home may fall more than expected over time. At the time you sell your house you will not be able to fully repay your mortgage. You will be left with a residual debt with the bank that you will have to pay off one way or another.
So there are many different factors that can put at risk the mortgage you have. Causes for a declining value of your house can be, for example, a large amount of damage to the house or a plummeting housing market. In addition, you may have payment problems due to divorce with your partner, drop in income due to illness, drop in income due to unemployment and many other reasons. Want to know more about the risks involved in taking out a mortgage? Then talk to an experienced and reliable mortgage advisor.