Borrow money for the costs of the buyer
What are the costs for the buyer? Buying costs include the fixed costs you incur to become the owner of a home. These are the transfer tax and the notary fees. But popularly, the costs for the broker, the bank guarantee and the appraisal costs are often included here. In total, these costs quickly amount to between 10,000 and 15,000 us dollars - not everyone has that on their savings account as standard. Then you can finance these costs with a favorable loan through M-Credit!
Borrow money for the costs of the buyer
Since 2018, you may no longer co-finance the costs of the buyer in your mortgage. You can only borrow 100% of the selling price of the house with your mortgage. This means that you have to pay these costs yourself. This includes the transfer tax, which is usually 2% on the purchase price. The costs of the notary are approximately 0.5 to 1% of the purchase price. And then there are costs for the mortgage advice, the costs of the bank guarantee and the appraisal costs (plus possibly the costs for a construction inspection). In total, you have to add about 4 to 6% of the purchase price of your home yourself to be able to buy a house. Do you not have this money in your savings account? Then you can borrow this amount if your financial situation allows this. Our experts are happy to find this out for you!
Why borrow for more spending space from M-Credit?
- We offer the cheapest interest in the Boston, from 3.5%
- Broad network with recognized providers
- Our customer reviews give us an average of 9.2 out of 10
- A free quote within 1 working day
- The amount for your buyer costs within 2 working days on your account
Which loan suits the financing costs of the buyer?
Since 2018, it is therefore no longer possible to finance your costs for the buyer in your mortgage. Annoying, because this involves substantial amounts. If you cannot or do not want to finance these costs yourself, you can borrow money for this with a consumer credit, such as a revolving credit or a personal loan.
With a revolving credit you agree on a maximum loan amount within which you can borrow and repay unlimited - in fact, just like with a credit card. Such a type of loan is useful during a renovation, for example, if you not only have to pay your costs to the buyer, but also want to tackle your bathroom and renovate the garden. The disadvantage of a revolving credit is that the interest and the term are variable, so that the costs of your loan can increase unexpectedly.
With a personal loan, you agree on the loan amount, the term and the interest in advance. That interest is fixed and can therefore never rise unexpectedly. Moreover, the term is fixed on the basis of the agreed monthly amount, but you can also make additional repayments if you wish to shorten the term. And that can be done without penalty! We therefore usually recommend a personal loan to finance the costs of the buyer.
5 advantages of a personal loan for the costs of the buyer
- The interest is fixed and never rises unexpectedly
- The term is in principle fixed, but you can make extra repayments without penalty
- You will receive the amount for your buyer costs in one go on your account
- The loan amount is often received within two working days!
- If you borrow for a renovation (of your own home), you can deduct the interest for tax purposes
Tips for borrowing money at buyer's expense
Some municipalities offer starter loans with additional benefits for buyers looking to buy their first home. Take a look at how that works in your region, sometimes this offers extra favorable options in terms of costs for the buyer.
A donation from your parents is also sometimes a good solution. Wealthy parents are allowed to donate a lot tax-free, especially when it comes to the purchase of a house (more than a ton!). That amount may be donated over 3 years.
And one last tip: are you looking for a notary or do you want to have a construction inspection carried out, for example? Search the internet for various providers and request quotes. The difference in costs can save you hundreds of us dollars!
Free quote within 24 hours
Do you want to borrow money for your costs buyer or more information about which financing suits you? Call 813-339-6809 , request a free quote or fill in our contact form. You can borrow money for your buyer costs at M-Credit inexpensively, transparently and without small print!
