If you want to finance a property with a mortgage loan, the first thing I would highly recommend is to find out your financial possibilities. Some clients have saved a significant portion of money, others barely hundreds of thousands of Czech Crowns. You should be careful in such a cases. Monthly loan repayments should not exceed 30 to 40% of the monthly household income. In addition, clients should have an iron reserve of 2 to 6 times their monthly expenses. There must also be room for additional reserves in the budget, as life does not end with a mortgage.
If you would like to see some of the mortgage loan products available on the Czech market on your own, before I’ll hand you over to a mortgage specialist, I have prepared a list of mortgage banks and their products across the Czech Republic on another of my websites – Financovani.com.
Important factors of a mortgage loan:
- Purpose of the loan
- APR rate and fix rate terms
- Terms of loan
- Mortgage application fee
- Possibility of early pay off and early pay off fee
- Downpayment and loan length
- Sanctions and bonuses
- The agent will provide you with a financial advisor.
- The agent will provide you with a mortgage agent who will find you the best mortgage loan for your needs.