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What is home loan refinancing?
Due to the current situation in the world and the increase in real estate prices and many other factors, refinancing housing loans has become a popular topic in Norway and more and more people have started to use this type of solutions. The most common reason for refinancing a loan is the desire to lower the interest rate or the need to match the existing loan, for example for home renovation. If you have real estate in Norway, then you can apply for the so-called loan refinancing, which may provide the following possibilities:
1. Lowering the interest rate
Each bank gives many different interest rates depending on the age of the borrower, the amount of the loan, as well as the amount of own contribution. The lower the loan and the smaller your own contribution, the interest rate on the loan increases, so if you own the property for some time or its value has increased, e.g. through renovation, you can try to reduce the interest rate. However, it should be borne in mind that the difference between the value of the property and the loan is no more than 85%, preferably 75% or less.
2. Repayment of current liabilities
Many people, after purchasing a property, choose additional funds, e.g. for renovation, using credit cards or taking cash loans. Sometimes this is the only solution to be able to move in quickly. However, credit cards and cash loans bear quite high interest rates and cost us a lot. So if the value of your property has gone up, it is worth applying to the bank for refinancing and combining these loans into one for a housing loan. You can then decide whether you want to leave the same loan period or change it.
3. Choosing a loan for your own purpose
The third alternative to refinancing a loan is to select new funds for your own purposes. Also in this case, the main requirement to start the process will be the increase in the value of the property. However, it should be remembered that in any case banks may give a loan not exceeding a maximum of 85% of the property value.
4. Boligreditt
When it comes to refinancing the loan, it is also worth mentioning the possibility of a loan, the so-called Boligkreditt - it is a flexible home loan. You can get a loan of up to 60% of the value of the apartment. You can use the loan amount for any purpose and you can transfer funds to and from your credit account whenever you want. We also call this type of loan fleksilån or rammelån.
Polish real estate broker in Norway
. EXAMPLE:
You receive a boligkreditt of 2 million kroner and currently have 1,3 million in credit. So you have 700 kr available in your credit account in case you need it in the future. Maybe you are planning to renovate your house, buy a holiday home or take an unplanned vacation? As long as this additional 000 kr is in your loan account, you do not pay interest on this amount. When you transfer 700 to your current account, you will be charged interest on this amount and the following month you will pay interest on the loan of 000 million. You can reduce your loan installments at any time by depositing any amount back into your loan account, for example SEK 100 from a tax refund or benefit. leave from the employer. This way you can transfer funds back and forth flexibly.
Where to start?
Regardless of your needs, ——- will help you find the right loan. Aneta has been working as a senior financial advisor at Eiendomsfinans since 2013. Eiendomsfinans operates in Norway since 1993 and thanks to contracts signed with many banks, their services are completely free - they receive remuneration directly from the banks.
