Extra tips before buying your first home

Are you about to buy your first home? Read our tips and earn money!

Know your budget

The most important thing to know is how much you can borrow if you buy a home. Buying a home and taking out a mortgage involves thinking about a whole lot of things:
Do you have equity to invest in the purchase?
How much can you borrow?
How much do you want to borrow?
How much do you want to pay back?
Which loan formula do you choose?
How much do you have left a month to live?
All these questions and many more will be taken into account by our mortgage specialists who will calculate everything in detail for you.

Stick to your budget

Now that you know your budget, it will be important to stick to it. A mortgage will be an important financial milestone in your life, so it will be a matter of thinking carefully. Don’t be tempted by a house that’s too big. Borrowing too much for your home can have negative consequences: if you do not pay off the loan properly, you will end up on the blacklist (negative part of the Central Credit to Individuals of the National Bank of Belgium). This may even lead to the public sale of your home.

So a good tip: start with a small house. Nothing will stop you from moving to a bigger house later. Ask our specialists for a simulation of your mortgage.

Extra costs to purchase your home

Buying a home will involve many additional costs that you will need to consider in your financial plan. Also later, when you will own.
costs of buying a property, such as registration fees and notary fees
fees for the conclusion of a mortgage, such as application and expertise fees, registration fees or mortgage mandatefees, etc.
repair and maintenance costs, property deposit (as owner)
All this can become a problem if you don’t just keep up with the original budget…

Compare mortgages

Comparing can save you money. This is also true when you compare different offers of mortgages. For this, it is better to rely on the ESIS or European Standard Information Sheet. It will summarize all the terms of your mortgage and you should receive it well in advance of the credit agency’s offer of credit. In practice, however, we find that few banks or credit institutions make it directly available, which prevents you from knowing the final terms of your mortgage immediately.

Are you going to take a day off to visit some of the big banks? Or do you prefer to entrust this work to an independent mortgage broker such as Hypothèque.be? We will compare different credit agencies for you and offer you the best solution.

Don’t take out new loans if you’re going to buy a home

If you intend to buy a home, be sure to prepare your financial situation as best you can. This will increase your chances of getting a mortgage. This means, for example, that it is in your best interest to avoid taking out new loans before buying a home. If banks or credit institutions notice that you have taken out new loans, they will be more cautious in granting a new (mortgage) loan. If you only have a few small loans that you should be able to repay, this will certainly be a positive element in assessing your credit application.

Consult our specialists before buying a home

Don’t go blind and get help from specialists. Our employees know their job and will be happy to put their expertise at your disposal. They will calculate how much you can borrow, simulate your mortgage and compare different credit solutions. Make an appointment today and be perfectly prepared to go home hunting. Check the map of Belgium to find a regional mortgage office.