What are the income and expenses of the family? What are the needs of the family?

If you are already in debt, find a way to return the loan so you could take the mortgage loan without any additional load. Mortgage loan is a long-term form of borrowing, and your monthly payment obligations will not be smaller.

When you are sure that you can get through a financial burden that goes by taking a mortgage loan, do some research about the conditions for this type of loan with different banks. Compare the conditions that go with loan that you are going to choose.

To get a mortgage loan granted, it is necessary to ensure the participation, whose percentage varies from bank to bank (5-20%). In addition, a home loan can be provided with the National Insurance Corporation (NMIC), which will reduce the interest rate and make loans cheaper. Interest rates are usually variable depending on the currency in which the loan is tied, and the fixed part, expressed as a percentage.

It is important to know that obtaining a housing loan requires additional expenses. Not all are willing renounce of pleasures in purpose of getting mortgage. Some people spend all their money on wardrobe, food, traveling, cars etc. If you are not ready to live frugal and more moderate than you used to, maybe then this is not a solution for you. Other thing you should be aware of is that you should always pay attention on conditions of the loan. Gather sufficient information about the conditions under which they offer loans and consider them well before you decide to take a it.

You should contact so called counselor for mortgage loans in commercial bank to obtain all information regarding the terms of the approval of these loans.

Compare the effective interest rate (EIR); Interest rate it is the most important details when you decide to do this.

In the case of mortgage loans with variable interest rates, you can lose a lot of money just because you didn’t pay attention at the beginning…

Find out under what conditions they can change interest rates – under what circumstances your interest can be changed- ask for clarification of the circumstances.

Get known with the length of procedures for the approval of the mortgage loans and, accordingly, you should plan the deadline for the implementation of a contract of sale.

Settle the regular commitments under the contract on housing loans because, otherwise, the real estate can be sold in order to collect on the debt due.

You have to be very brave if you want to do this. If you don’t thing that you are enough persistent, then you should give up at the very first beginning. You don’t want put yourself in some kind trouble. Knowing yourself is better than knowing any condition in the world. Some people put themselves in this kind of situations and lose everything at the end. You don’t want to experience this ever and you don’t need this at all.