Why is your mortgage considered a good debt

Take over an existing mortgage

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Many equate the terms of a mortgage loan with the level of interest alone. There are a number of other aspects to consider, but many bank customers pay little attention to them. However, under certain circumstances this can result in considerable disadvantages for the borrower. One of these concerns the securitization of mortgages.

The reasons why homeowners want to sell their own four walls can be very different: They range from changed needs due to illness, age or an accident to moving to a new job or financial bottlenecks. Regardless of whether a change of location is pending, you want to swap the house for an apartment or the financing is simply no longer affordable due to financial changes: The house is to be sold in any case, but still has a fixed-rate mortgage. This is often not a problem as one take over the mortgage as buyer can. Even easier: if you sell your old house and buy a new one at the same time, you can simply take the old mortgage with you and transfer it to the new property.

If the mortgagee gives his consent and a mortgage is transferred from the seller to the buyer, both parties can benefit from it. But that depends entirely on the conditions and the Interest rate on the existing mortgage from. In the event of such a transfer, the seller does not have to pay exit fees and the buyer may receive a mortgage with more favorable terms than with a new contract.

The conditions decide when selling

Depending on the interest terms of the mortgage to be transferred, the purchase is either made more palatable or you receive compensation. Because if the market interest rate is lower than the interest rate on the mortgage in question, the buyer is usually fairly compensated for the additional costs incurred - the seller benefits anyway, as he does not have to cancel his mortgage and pay the associated penalty. If the market interest rates are higher than the mortgage interest rates of the existing mortgage, then the buyer is well advised to take over the mortgage anyway because he is one Makes profitwhich can also flow into the negotiations as a bonus.

When the kids take over the house and the mortgage

Many retirees will one day be faced with the question of whether it makes more sense to do their Transfer the property to the children. When you retire, your income falls and it may no longer be possible to finance your own four walls. Or a need for care arises and you are forced to sell your own home in order to be able to pay the care bill. A less tragic and quite practical reason is that some people want their estate to be settled while they were still alive.

Right of residence versus usufruct

If the parents want to stay in the house until the end of their lives, a right of residence is an option. In this way, parents are released from all obligations and only have to pay tax on the imputed rental value. The children pay the interest, the property and the mortgage.

In the case of usufruct, however, the parents continue to have almost unlimited disposal of the property. You are allowed to Sublet the property and keep the rental income. To do this, however, they still have to pay taxes, utilities, mortgage interest, and insurance. Nevertheless, when the usufruct is made, the children are responsible to the mortgage lender and are checked for their financial situation. If the parents are no longer able to pay the mortgage interest, the children can take over the interest.

Disadvantage of usufruct

The Mortgage lenders do not like usufruct and represents a risk, as usufructs are entered in the land register and have a depreciating effect on the property. After all, a property whose income is to be given to the usufructuary is not particularly attractive.

Agreement on mortgage strategy

The most important thing is that buyers and sellers or, in private cases, children and parents agree when they take on a mortgage. While this is usually done quickly with sales, it can often be more difficult in families. Building permits and increases in the mortgage require the consent of the usufructuary. In this case, the mortgage strategy should be formulated clearly from the outset.

For one individual and independent advice Contact MoneyPark for information on mortgages and building a mortgage strategy. Our consultants are at your disposal for discussions and will work with you to find the best course of action.

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