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With the rise in interbank interest rates, the interest rates on mortgages payable on the full amount after an existing sale and purchase will increase. This can be up to $ 7-10 million depending on the type of loan, compared to repaying the full amount.
Statistics on Good Lender and Good Finance warn against this.
The increase in the level of Good Finance raises the repayment tranche of 3-12 month floating rate mortgages. This growth is also affecting the housing market, as 40% of home purchases have been borrowed!
For floating rate loans, a further increase in interest rates is expected, so the total amount paid will also increase.
The situation is different with the repayment details of fixed-rate loans, that is, fixed-term loans.
We do not need to fear an increase in interest rates on these home loans.
“Interbank interest rates have only risen slightly, by 0.23-0.47 percentage points, but may continue to rise.”
Expensive – 3-12 month variable rate home loans,
“Because it seems that the US has already begun a cycle of interest rate hikes and the European Central Bank has signaled that it will adopt a tighter monetary policy in the future.”
This option is conceivable at short-term interbank interest rates of 3 to 12 months, so interest rates on home loans will also increase, ”we learned from the expert.
An increase in interest of $ 10 million may also result
According to Sean Cole, a leading financial expert at Good Lender:
The expert recalls the summer of 10 years ago, when the record low forint / euro exchange rate increased significantly, which caused the problem of increasing the repayment installment of foreign currency loans.
In the future, long-term fixed mortgage loans such as rating systems designed for consumer-friendly qualifying home loans will increasingly take the lead in the market, which credit experts expect.
If you would like to take out a home loan, you are interested in the possibilities of Family Home Discount, you are interested in qualified loans, call our credit brokerage experts to help you with your decision!
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