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Interest rate
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How does a mortgage work?
A mortgage loan is a long-term loan intended to finance real estate with the aim of becoming a property owner. The loan is granted by a financial institution and, in order to cover the risk of non-repayment of the loan, the real estate property is used as collateral.
What income is necessary for my mortgage?
Gross debt ratio (GDR) It should not be more than 30 to 32% of your gross annual income dedicated to 'mortgage expenses': principal, interest, property taxes, and heating (plus condominium fees if applicable).
What is a mortgage debt?
What is a mortgage? Most of the time, only a part of the purchase price of the real estate property you covet can be covered with your own means. The majority is financed by a mortgage. In other words: with a bank loan secured by the real estate property.
How and why a mortgage loan?
A mortgage loan can finance a real estate purchase when no conventional financing has been granted. It allows the purchase of real estate even for elderly people. It is possible for many projects like acquiring a property for their children's studies and then renting it out or giving it to them.
Cost of the loan
To calculate the cost of a mortgage loan, you have to take into account the interest on the debt and the repayment of part of the loan. According to your profile, we determine the most suitable option for each situation: fixed interest rates for determined periods or variable interest rates indexed to the Saron rate.
Explanation of notary fees
In addition to the purchase price of the real estate property, various fees are added (notary fees, registration in the land register, transfer taxes), ranging from 3% to 5% of the value of the object. These fees vary from one canton to another and are not included in the financing calculation, but it is important to take them into account for the purchase project and to plan additional funds to cover them.
In addition, the financial institution calculates the borrowing capacity with a theoretical interest rate of 5%, in order to anticipate a possible rise in interest rates and thus secure the borrower. In the end, it is the rate chosen by the borrower that will be applied.
To obtain a mortgage loan agreement, the annual sum of charges must not exceed one-third of the gross annual income, or a maximum of 33% of the gross annual income.
In addition, the financial institution calculates the borrowing capacity with a theoretical interest rate of 5%, in order to anticipate a possible rise in interest rates and thus secure the borrower. In the end, it is the rate chosen by the borrower that will be applied.
To obtain a mortgage loan agreement, the annual sum of charges must not exceed one-third of the gross annual income, or a maximum of 33% of the gross annual income.
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