Why Get a Mortgage Loan?
The word "loan" sometimes raises concerns, even though it is the most appropriate way to expedite a major purchase, such as buying a home. However, with the right guidance from Northwind, which will assess your real needs and capabilities, taking out a mortgage loan will prove to be the best solution for purchasing a property.
Purposes of Taking a Mortgage Loan
- Purchase, construction, completion, extension, improvement, or renovation of a home
- Purchase of land
- Refinancing of mortgage loans from other banks
Basic Mortgage Loan Terminology
LTV (Loan-to-Value)
This is an index that shows the relationship between the loan amount and the property value according to the bank's appraiser. For example, in a loan of €80,000 with a property value of €100,000, the LTV index is 80%.
Principal
The amount of the mortgage loan received by the borrower.
Interest Rate
The additional cost incurred from the loan amount. For a mortgage loan, you can choose:
- Fixed interest rate: Remains unchanged for an agreed period.
- Variable interest rate: Linked to the Euribor plus a margin (spread) determined by the bank.
- Hybrid interest rate: Initially fixed for a certain number of years and then variable for the remaining duration (e.g., fixed for the first 5 years and then variable).
Borrower
The individual to whom the loan is issued.
Guarantor
The person who becomes jointly responsible with the borrower for repaying the loan.
Early Partial or Full Repayment
The option to repay the loan at any time, either in full (complete repayment) or partially, with or without a penalty.
How Can You Get a Mortgage Loan?
To get a mortgage loan, you can either contact one or more banks directly or go through a credit broker who collaborates with banks and will mediate to ensure you secure a successful and beneficial transaction.
What Is a Credit Broker?
Or in other words: what Northwind is. A credit broker is the intermediary who handles the time-consuming and highly meticulous process of obtaining a loan. This way, the potential borrower is relieved of most of the procedures (saving effort and time), significantly increases their chances of loan approval, and ensures that the loan they receive is sustainable.
Why Choose Northwind?
As a mortgage loan broker, Northwind helps you take the right steps to secure your loan quickly and easily.
We dedicate the necessary time to:
- Fully understand your needs
- Assess your creditworthiness
- Present all available options from the banking market
- Educate and advise you safely to determine the best solution for your unique case
- Ensure the most suitable loan for you
Most importantly, we stand by your side, handling the entire process and providing a personalized service.
Book an Appointment
Now you can start your mortgage loan application online!
Northwind provides all the necessary tools for a quick and easy loan disbursement:
- Submission of a mortgage loan application
- Application status tracking with updates at every stage
- Notifications and reminders for required actions
- Submission of supporting documents
- Loan installment calculator with detailed information, reminders, and repayment scheduling
- Instant creditworthiness check