It can be said that so far this year everything about the loans has been about CSOK and home loans. However, many still need / need traditional free-to-use loans, especially when it comes to BAR listings.
A lot of people are affected, not just the bar listers . Why is that? Because you may need a larger amount of free money that you do not want to be tied to the bank.
What is the situation in the market for overnight loans in the fall of 2016? What’s worth?
In any case, we can say that you do not have to take a quick buck if you need money: there are smarter but, above all, cheaper solutions . Of course, there is nothing wrong with a personal loan, if you really need it when you need it, that is, to apply for a quick solution to a mostly unexpected event. However, if you are planning a larger, mostly higher than $ 2-3 million expense, you should consider the option of a mortgage loan. The interest rate on real estate collateral is much lower than that of personal loans. This in itself leads to a more favorable loan repayment, and what is more, the long term maturity of overdue mortgages, up to 20-25 years, also has a beneficial effect on the monthly repayment amount: it greatly reduces it.
There are also long-term fixed installment loans
Long-term fixed-rate loans are becoming available at more and more banks: as the current base rate may remain in place until the end of 2017, mortgages are typically taken for several decades. However, we cannot calculate our interest rate over this time period, but a fixed rate loan will allow us to calculate our installments throughout the term.
Today we can obtain free-of-charge loans even at 4.5-7% APR . Who even remembers the not so distant past, do they really find it surprising that credit really became so cheap? In addition, as the name implies, the bank does not investigate the purpose of the loan and its realization, but only the exact repayment.
How much does this cost you?
Let’s say we raise $ 7 million over a 20-year term . For this, we can justify a monthly income of HUF 300,000 at the family level. First, you need to decide how long your repayment plan will be, that is, how long you want the interest period to be.
There are also different types of interest rate plans available for overdrafts. Unless we have a short interest period , that is, the repayment period may change relatively often (every 3, 6 or 12 months ) during the term, it will be approx. We can expect monthly repayments of between $ 48,000 and $ 54,000, depending on the banks. For a longer interest period of at least 5 years, approx. $ 52,000 and $ 59,000 . This shows that, with the right choice, even a longer 5-year security interest rate can be obtained at almost the same price as in the case of frequently changing loans.