If you are looking for a cooperative housing loan , you are probably also interested in what a cooperative housing loan costs. Read more here and get good advice for finding the best for the price.
It depends on the price of the housing loan
What a co-operative housing loan costs depends on the interest rate on the loan and which bank you borrow from. In addition, it also depends on how the bank you want to borrow from borrows cooperative housing. Most banks offer a single loan of 100% of the trading price and improvements, while others divide the loan into two or three loans. If the bank divides the loan up to 80% of the trading price, another is the last 20%, the interest rate is often higher on the last loan. If you do not need to borrow the entire trading price, you can advantageously choose a bank that shares the loan and possibly get it cheaper.
Borrowing example of cooperative housing loans
as I said, the price of your co-operative mortgage depends, among other things, on what the interest rate is. In the following example, the interest rate is relatively low.
You borrow NOK 950,000 with variable interest rate and annuity settlement with a 30-year maturity for a housing cooperative. It costs DKK 25,000 in setting up including land registration fees and other foundation costs. This gives it a principal amount of DKK 975,000, which represents the original size of your debt. If the interest rate on the loan is 3.6%, the annual costs are, for example, 3.8%. You therefore pay DKK 13,255 in the interest and repayments per month quarter. After 30 years you have paid DKK 1,590,000 back. That with others, it has cost you 640,000 kroner to borrow 950,000 kroner over 30 years.
Examine the market for housing mortgage rates
When you are looking for a cooperative housing loan, you should obtain offers from several different banks. At Adam Bede you can easily and free of charge obtain three free offers on the cheapest cooperative housing loan . In this way, you have a solid basis of comparison, as the price of a co-operative housing loan also depends on the private economy, the co-operative housing association’s finances and the size of the loan.