mortgages home loans

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Loans and Mortgages
Not every loan will expire at the end, unlike most of the motor vehicle liability insurance. But who still need money in December 2010 for a property that was to hurry up now – because the money at year-end homes have many other tasks.

A little hectic, it is every year before Christmas, not just private. Professional also delayed by the holidays – including the mortgage loans: Who would like to get paid this year are real estate loans must hurry, warns Marcus Rex, Director of the BS building loan specialists AG.

End of November, for some banks have the final deadline to submit a loan application-2010s. But: “The last possible date varies from bank to bank,” says Rex. If you want the old year receive only the pure credit decision may be partly until 15 December Time leave. Then there are the loan commitment, perhaps between the holidays. The payment should then but are only in 2011.

Who will draw up operating loans or grant from the KfW, applies to: Until the commitment by the State Bank may take six weeks. It also takes a little longer so because of this credit will not be completed directly through KfW, but always on the bank. Therefore, applies here: note deadlines. For some banks it is expected now until year-end no longer sufficient, and many wanted the complete documentation about the KfW application before December are on the table.

What else is trend towards the end of 2010? Provides information Gawarecki Stephan, spokesman for the building loan agent, Dr. Klein, a “Trend Indicator Home Finance offers: In October, the average cost of financing for first time home ownership has increased since the beginning again. This increase reflects the economic situation. Not only the export, but also the German domestic economy is growing. The more optimistic environment stimulates private consumption and investment. All this results in rising mortgage interest rates.

Loan amount
The average loan size in Germany in October was 145 000 euros to 4,000 euros in the September value (149 000 euros). The background to this: The first signs of a rise in interest rates have been secured, according to Dr. Klein many borrowers in September, especially for larger loans the best interest. When interest rates are now increased, decreased the average loan volume. A rise or fall of three percent, however, lie within the normal range for the average loan size over the past two years.

Eradication rate
The average repayment rate for housing loans fell from 1.95 percent in September to 1.86 percent in October. Because how much can repay a loan each month and will also depends on how expensive loans are. When interest rates rise is less left over to repay, experts know. Compared to the same month last year is now paid off but still significantly more (repayment rate October 2009: 1.6 percent).

Target fixation
Those who want security in the cash flows of its loan should select long lead times. This security is usually paid a higher interest rate – the longer the fixation target of a loan, the higher the interest rate agreed. Rising interest rates increase, then the interest rates for all loan terms. Since nominal interest rates for longer are more expensive than shorter, the borrower eventually decide against becoming more expensive over many years. Instead, they agree on average shorter again set interest rates. And exactly this is currently observed.

Types of loans
The share of short-term loans (“variable”) fell in October to below four percent of all construction loans. As is expected from rising interest rates, it is no longer so attractive to include variable loans.

Also appears that the early fixation of interest on a financing deal not to be as interesting as in September. Therefore, decreased in October, the proportion of forward loans. As the interest rates are rising even more in the future, is the current interest rates, especially for forwards still very promising.

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