We are not convinced enough to emphasize the importance of taking a loan and making a rational decision rather than an emotional one. We have an excellent tool for this in our hands, the calculator of Good Finance . In many cases, it has even helped us, and now we are sharing a story or two with you.
Joseph and his wife saved HUF 5 million
Joseph let himself be told that he was living in the countryside with his wife, and it was time to move into their own flat from the parent’s house. They raised money, but they didn’t make much money to buy the property they were looking for. That’s why they thought they would borrow. Their income knew it was appropriate, so in fact all banks would have welcomed it, because they were expected to be good debtors who would repay their borrowings in a stable manner.
They had a Goodbank Bank close by, so they went in (they also have a current account) and looked at the terms on which they would get a 25-year, $ 12 million loan. They also received an offer for $ 75,058 per month. They found this a bit too much, because it didn’t matter to them that they had a fixed loan for a long time (5 years). Now they wanted to pay as little as possible and put their remaining money away. This desire, and the suggestion that a friend suggested that you look at the calculator on credit.co.uk , ultimately led to results. After a calculation, they found the Forint-based Equity Market Equity Loan of Budapest Bank, which repays only $ 58,541 a month with a 6-month interest rate. This could save you about $ 5 million over the 25 years and get the credit they wanted.
There is also a big difference over a 5 year interest period
One of our conscious, thoughtful clients told us the story below. He thinks he doesn’t want to fix the interest rate on his loan for 10-20 years, because he thinks there will be an increase in interest until then and he will return to his current state. That is why he wanted to make a comparison where only 5-year loans can be juxtaposed. Here’s how to get to the calculator for credit.com , and here’s the result:
Needless to say, a 20-year $ 8 million home loan can make some difference, but how many are millions of forints? So that almost all conditions are the same? Well, yes.
The cheapest offer is the E-bank Bank Certified Consumer Loan, which requires a monthly transfer of $ 49,515 and a total of $ 11,899,859. However, if you had chosen E-Money Bank’s FIX5 Home Loan without any comparison, you could ring the bank $ 63,938 a month. And over the course of 20 years, it will be 15,383,495. This is approximately $ 3.5 million more than you will pay the other bank now. Our reader deserves to be thorough, as it saved him 3.5 million forints. Are you so thorough before making such a serious decision? We think so, because you are reading us, so you are informed about the topic.
Truth be told, there are countless such stories that we can write
As many people use the calculator on Good Finance every day, and they can actually keep a significant amount in their pockets. However, we also consider it important to be fully aware of all conditions so that we do not experience any unpleasant surprises. Therefore, contact us! We’ll help you out and give you one or two practical tips that you may not know.