Have you cleared the first step toward getting a mortgage? Great! Buckle up, because this is just the beginning of the journey. Buying a home isn’t simple, but in the end you’ll find that the feeling of “home” is priceless — so stay tuned!

If you missed the start, don’t worry — we saved it here for you. 😉

Last time we talked, we asked whether your budget had room for a monthly payment, but we didn’t tell you exactly how much it would be. Well… as odd as it may sound, we can’t, because your payment can vary based on several factors. You know how they say we’re all different — and that’s a good thing? That’s exactly why different people will have different payments.

Even so, to give you a first idea of what a mortgage payment looks like, we’ve put together a calculator you can access anytime, anywhere, right here.

And if you want to find out the maximum percentage we can cover of the property’s value, take a look at step two of the guide we’ve prepared to help you make a well-documented purchase.

Before we move on to the next step, we have one more question. How are your savings looking? Not sure if you’ve heard, so we’ll say it now: when you buy a property you’ll need a down payment, and with us things are pretty straightforward, because we have:

• Prima Casa loan – the minimum down payment is 5% of the property value
• Mortgage loan – the minimum down payment is 20% of the property value

Of course, you’ll also need some money set aside, because besides the down payment there are a few other costs to factor in. 

See? That’s exactly why it’s good to have everything planned and to stay informed — this way, there simply won’t be any surprises.

Editor: Mihaela Ban, Marketing and Communications Officer, Banca Transilvania