Mortgage loan – this is what you need to know

When buying an apartment or house, most people must have found an opportunity to finance the housing purchase. It usually happens with a constellation of 80% to lend the amount as a mortgage and the rest as a mortgage.

With cooperative housing it is a bit different – for one thing, the dwelling is cheaper as one buys a share in a building – typically a condominium.

Here, you pay an amount for the actual amount and afterwards you also pay for the joint expenses that belong to one’s share.

To take an example, one can say that a common apartment of 100 M2 eg. costs 1.500.000 kr., then the price of a flat apartment of the same size, for example. be 300,000 to acquire a share.

It may seem considerably cheaper to acquire a cooperative housing, but on the other hand it is also common to take into account the common costs.

From an investment point of view, it is also limited how much the same proportion will increase in value compared to a traditional residence. As a rule, it is also the cooperatives who jointly decide what to sell their share to – so that’s limited in relation to the general price development within housing.

In order to get a mortgage loan, you must be approved in one’s banking institution. They typically require at least 18 years of age and have a fairly healthy economy with full-time employment. There will therefore not be room for quite a lot of loans of the type you can register here at if you have to be considered.

They will also require some form of collateral for the loan itself – possibly. that others guarantee the loan if you do not have the opportunity to provide a fair amount of security.

Typically, the loan as a regular housing loan can extend over 30 years – at fixed interest rates, the loan is often repaid within 20 years. As with mortgages and mortgages, most places can get up to 10 years of repayment – but still pay interest. You can usually choose whether you want to deduct on a monthly basis or by paying quarterly.

Share homes have been popular as parents purchases, where the parents have taken advantage of the opportunity to borrow in their own private lives in their homes and thus finance a community home where the children can live cheaply for rent.

Parent purchases are particularly common in the larger cities with many higher education programs, and where parents give the children a cheaper way of renting in relation to, for example, a dormitory or an expensive rental home.

If you fall over a housing unit, it is always a good idea to get information about the union’s association and thus gain an insight into what is happening in the association. Is there for example Adopted major maintenance projects or enrichment / modernization of the property, it is reasonable to assume that common expenses are being increased – and as young students can even get a hundred dollars in monthly rent increase mean much to one’s budget.

Typically, one or more of their banks or banks rely on a mortgage loan.