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Mortgage
If you own a home or holiday property, you can apply for a loan secured by the home. With a mortgage, you get a much lower interest rate and a longer repayment period than with a loan without collateral.
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How to apply for a secured loan online
First
Fill in the application and send it in.
So…
Compare offers.
In the end
Sign loan offers easily with BankID and the money is paid out.
The offers stand for approx. 30 days. If you don’t want the loan anyway, just end the process. Everything is done electronically and efficiently with BankID.
Who can get a secured loan?
- You own a home or other property
- You are over 18 years old and have a fixed income
- You have lived and taxed in Norway for the last three years
Loan example Nominal interest rate 7.25%.
Effective interest rate 7.68% for a loan of 2 mill.
over 25 years.
Cost: NOK 2,379,341, – Total: NOK 4,379,431
The best loan for homeowners
If you own a home or holiday home, you can apply for a loan with a much lower interest rate and longer repayment period.
If you have free market value in your home, you can apply for our best loan option!
Loan calculator – How much will the loan cost me?
All about loans secured by property
Here we have gathered information about everything you need to know about mortgage loans. Are you wondering about something we don’t answer here? Get in touch and we’ll help you!
What does a mortgage loan mean?
A loan secured by a property means that you provide the bank with collateral.
You can call the security a guarantee that the bank will still receive money if you don’t pay back.
This collateral is often a property that the bank gets a mortgage on and which they can sell.
When you provide the bank with security for a loan, they naturally take less risk when lending money.
That’s why they can offer lower interest rates and much longer repayment periods on mortgages than on unsecured loans (e.g. consumer loans).
The greater the guarantee you provide for the loan, the cheaper your loan can be.
Houses often rise in value every year.
The value of a car decreases every year.
If you have a home as collateral for the loan, you get better terms from the bank.
Secured loans are referred to as mortgages, loans secured on homes, loans secured on cars, loans secured on plots of land or other property such as cabins, 2.
mortgages and mortgage loans.
Can I own the property myself?
To apply for a secured loan, you must be able to provide the bank with security.
To be eligible for a secured loan, you must own a home or other property alone or together with someone (cohabitant, partner or spouse).
Collateral can also be approved in e.g. your parents’ or other close family’s property, in which case they must approve this by signing mortgage documents.
Do I have to put up my home as security for the loan?
To get a secured loan with a low interest rate and long repayment period, you must be able to provide security for the loan.
The home you own then acts as a secure guarantee for the bank.
If you are unwilling or unable to pledge your home, other property or objects as security for the loan, you can apply for a consumer loan.
If you own the home together with someone else, they must also give their consent for the home you own together to be used as security for the loan.
Collateral can also be approved in, for example, your parents’ or other close family’s property, in which case they must approve this by signing mortgage documents.
Security in housing results in lower interest rates
When banks have real estate as collateral, they can offer lower interest rates and much longer repayment periods than for unsecured loans.
Banks are more confident about lending large sums when they have a mortgage and security in a valuable property.
If the loan is defaulted on, in the worst case the bank can realize the property to cover the debt.
This reassures the bank and therefore you can get a cheaper loan.
Renovation loans secured by property
Do you need money to renovate your home, or invest in a cabin, boat, car or something else?
You can do all this without asking for an expensive consumer loan with high interest rates and a short repayment period.
If you own a home, its market value can give you the opportunity to borrow money with our best loan option.
If you apply for a loan secured by a property, we’ll help you every step of the way to decide what is most profitable for you in your situation.
Read more about home improvement loans here.
Who can get a loan secured by a home?
If you are over 18 years of age, have a fixed income and can provide collateral, you can apply for a mortgage.
Can’t provide security?
– Apply for an unsecured loan here.
Applying for a loan via Motty is free and without obligation.
Still wondering about something?
Contact us and we will help you! We are always available for a chat.
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