Who can get a mortgage?

After the tightening of mortgage regulations, you will need to save a substantial amount to be able to negotiate a mortgage with a bank. This is at least about 15% of the amount borrowed, i.e. the purchase price of the property in question. This regulation would completely eliminate the option. This is because not everyone (e.g., young families) has enough savings to take out a mortgage to purchase a house or apartment. The situation is exacerbated by this tightening, especially in large cities where real estate prices are highest.
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Your own budget
When considering a mortgage, everyone needs to develop a kind of budget and figure out how much they need for their own living expenses, i.e., living expenses, rent, electricity, cell phone bill, internet bill, and other bills related to daily life (water, gas, TV bill, etc.). Income is also an integral part of the budget, and average income over the past 12 months must also be submitted to the bank. Whether employment is stable and there is a regular and reliable income should also be considered.
Various Internet portals have so-called “mortgage calculators”. Here, one enters the amount of loan needed and the approximate interest rate. The interest rate is currently around 2.2%, but varies from bank to bank. Next, enter the number of years of repayment, and the monthly repayment amount is calculated. Since the mortgage is fixed for a certain period of time, during which time the repayment amount and interest rate remain the same, it is not advantageous to make early repayments.
The mortgage can be refinanced at the end of the fixed term, essentially taking out the mortgage again under different terms. In addition, the borrower can now repay up to 25% of the mortgage amount each year free of charge, so there is no need to wait until the end of the fixed term to do so. This is for those who have cash on hand or additional income and may be able to use the funds to reduce said loan and lower the monthly repayment amount.
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In conclusion, the monthly income should cover all monthly expenses, including the mortgage payment, leaving money for savings and other expenditures. At the same time, instead of “pouring” all of your savings into the mortgage, you should leave a “cushion” for unexpected expenses (e.g., a broken washing machine, a broken refrigerator, ……) ), but should leave a “cushion” in case of unexpected expenses (e.g., the washing machine breaks, the refrigerator breaks, etc.).