Buying a home or apartment is often an expensive affair. You have to use all your savings to make the purchase and in some cases that is not enough. Because it is not only about
Buying a home or apartment is often an expensive affair. You have to use all your savings to make the purchase and in some cases that is not enough. Because it is not only about the purchase of the property, but also about the additional costs for the notary. And they can also run high. The exact amount depends on the purchase price of the property. If you do not have the money to pay the notary fees yourself, can you go somewhere else?
There are of course possibilities to raise money for the notary bill.
A first option is to borrow money from family or friends. Often it is the parents who jump in here and take on the costs. It often concerns an amount more than 10000 USD and your parents may have that savings in their account. It is of course the question whether they want to do it. You should discuss that well and make the right agreements of course. You do not want to experience financial problems afterwards.
Another option, and a little safer, is borrowing money from a bank. Even if you need a home loan and an additional loan, you must be able to pay off both amounts each month. You may know you no more than 1/3 of your income to spend on term loans. If you come close with these loans then there is no problem in itself. You can always check with a bank about the possibilities. Then take all information from your current income and expenses with you so that the bank can make the necessary calculations.
To borrow money for notary fees you may have to take out a personal loan.
There is no other type of loan that you can take for this. So think carefully about whether you want it this way. And otherwise looking for the loan with the best conditions, so that you can keep the costs down. Paying a personal loan for notary fees is therefore a great idea.
The bank where you borrow will naturally want to view your financial situation. What are your current income and expenses. You can, of course, borrow with your partner to purchase a home. Then you can put both income together and you have a larger basis for borrowing. That will certainly improve your file if you approach a bank. Of course you don’t have to go to an office immediately. You can also perform the first calculations via the internet.