if you would like to buy a property or build generally takes a home loan. The loan is to pay a fixed interest rate and a certain duration. After interest rate lock-in is run for the first real-estate loans is usually a remaining debt, can’t pay the borrower all at once. For the full repayment of the real estate Finance borrower must take care of then a follow-up financing.
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What is a Forward loan?
the follow-up financing should strive to borrower no later than 3-6 months prior to the expiry of the set rate of interest. For real estate buyers and builders who want to have earlier planning security, there is the Option of a Forward loan. With a Forward loan, the current financing conditions today for an upcoming follow-up financing book. By means of a Forward loan, you can secure today’s rates now up to five years in advance – in some cases even up to 66 months.
The principle: The customer signs the loan agreement today and to secure a loan at the current interest rates. The contract shall consist of these terms and conditions, even if the mortgage interest rates rise again in the future. The loan, the customer obtains only in a few years. For every month of the waiting period, the creditors traditionally a small interest rate. Common, an interest surcharge of 0.02 to 0.04 percentage points per month lead time currently.
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Genuine Forward loan vs. fake Forward-loans
Forward loan can be in “real” and “fake” loans to distinguish. The difference of the loan is in your rate of interest. In the case of a real Forward loan, the interest rate binding period shall commence with the disbursement of the loan. The pseudo-Forward-loans, where the interest rate lock starts already with the conclusion of the contract. The period of time up to the withdrawal of the fake loan is referred to as the provision of interest-free time.
A fake Forward loan is up to a lead time of 12 months issued. Borrowers who are in need of in the near future, follow-on funding, with such loans, since the interest premium, compared to a real loan cheaper. A real loan has the advantage that borrowers can take advantage of the full term of the borrowing bond for the repayment of the loan and the interest rate is given security for a longer period of time. It is further to be noted that some banks also waive in the case of a real Forward loans for a certain period of time, on the interest premium.
development of interest rates is not predictable
There is no guarantee that the interest rate market behaves as the owner of the house hoped or expected. What is the quote at the end is the best, decide on the individual requirements. Many homeowners who have completed years ago, to much higher interest rates, select the Forward loan because it guarantees you of the current terms and conditions, in each case, a lower monthly rate.
What is the follow-up financing at the end of the best, decide on the individual requirements. The Forward-machine, the FMH financial advice, compares the conditions of around 90 lenders effective interest rate, including the individual Forward premium, monthly Rate and the remaining debt at the end of the interest lock-in period.
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Forward loan: Early termination
In the case of an existing contract owners may not terminate your loan without Further notice, to a Forward-to complete the loan. On fixed contract terms of up to ten years, the customer is bound. He wants to require, for example, to a more favorable follow-up loans, he is to rely on the goodwill of the Bank. You do not need to accept the notice of termination (Clause 490 II BGB). She agrees, it is allowed to calculate its damages and by the customer, replace (BGH, XI ZR 226/02). “The previous credit less than three years, is a Forward loan is often cheaper than the termination,” says autumn.
Ten years after the full disbursement of the loan, owners have the Option loan to terminate contracts with a long-term interest binding free of charge in advance (clause 489 I no. 2 BGB) and a follow-up financing with better terms.
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Forward loans: rescheduling and Bank-change
With a Bank in exchange for a rescheduling of the addition to fall also in the case of a Forward loan regularly costs for land registry and notary for Delete and new intragen or Assign of the basic debt. The table is in the mobile view is not available. Please click here for the web view. The table is in the mobile view is not available. Please click here for the web view.
Also part of the assignment, and a partial deletion of the old mortgage. The most common and cheapest way of the assignment. The table is in the mobile view is not available. Please click here for the web view.
As a rule of thumb, the following applies: The debt restructuring costs of approximately 0.17 per cent of the remaining debt. Top offers for the follow-up financing Here financing
"The charges are, as a rule,“ says autumn. “The possible interest savings with a Bank fails, the cost is quickly Ten to twenty times."
All information is in euros1) in the case of savings banks and country banks, there are no assignment costs (must be notarized)
With the kind support of the FMH financial advice.
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