That we Belgians were born with a brick in the stomach is not only a nice proverb, but it is also true. In recent months, many Belgians have decided to borrow money from a bank or other lender. The reason why so many Belgians decide to borrow money is primarily because they decide to buy, build or renovate a house. In order not to immediately have to pay the full amount, it is therefore wise to take out a loan in order to spread the costs of the purchase, construction or renovation of the house over a period of several years.
Borrowing = financial breathing space
There are several factors why Belgians decide to take out a loan. Firstly, low interest rates certainly play a major role. Because the interest rate is so low, you actually pay very little to be able to borrow the money from a bank or a lender. If the interest were higher, it would immediately be a lot less interesting to borrow money somewhere.
Another reason why Belgians decide to take out a loan from a bank is because buying, building or renovating a house costs a lot of money. Most people do not just have this amount available in their account and therefore have to look for a solution, in this case a loan.
Calculate your loan yourself
Something that is very important before you decide to take out a loan is to see whether you are taking out the cheapest loan. By the cheapest loan, we mean a low interest rate and few extra costs charged by the bank. You can find out yourself quickly by simply calculating your mortgage yourself. How do you do this? Simple, via an online credit simulator. Here you have to enter some determining factors such as the amount you want to borrow, the period in which you want to repay the amount and some other personal details.
Use an online credit simulator
Your loan is calculated on the basis of this information. After calculating your mortgage, you can simply calculate the payment of your loan yourself. This way you know how much you will have to pay to repay the amount you wish to borrow over a certain period of time.
In itself, calculating the loan for your house does not mean much, but it immediately gives you a clear indication of your financial options. Also, thanks to an online credit simulator, you don’t have to go to a bank or other lender.