A mortgage loan simulation is essentially the same as another loan simulation with the difference that there is a totally different interest rate. With a mortgage loan, the interest rate depends on the lender, the type of loan you take out, the term you will pay and the amount you borrow. In order to be able to make a correct mortgage loan simulation, it is therefore important that you carefully consider all these elements in advance. What amount do you need? What are the interest rates used by the different lenders? On what term do you want to borrow? Do you choose a fixed or variable interest rate? Record this data clearly per lender and then start working with a simulation tool.
Make a neutral mortgage loan simulation
The most convenient way to make a mortgage loan simulation is by using a neutral tool. This tool can be found online and allows you to choose the total amount, term and interest rate yourself. You enter the data in the tool and then get a picture of the effective costs that you will incur. You record these costs per lender to make a comparison. Be sure to play with various interest rates and terms to arrive at the cheapest solution. If you want to verify the calculations, you will also find a simulation tool on their own website at most lenders. The difference with a neutral tool is that the interest usually cannot be defined on the site of the lender.
Apply for a mortgage loan
When you have found the right mortgage loan for your project thanks to a mortgage loan simulation, you only have to submit an application. For this you need to go to the website of the lender and provide the necessary information online. If you prefer personal contact, an appointment with an employee is also possible. Make sure you have supporting documents such as payslips, the purchase of your house and any other income at hand. Start making a mortgage loan simulation now and request a few loan quotes to compare with each other.