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Owning a home

If you want to buy a home, you must obtain a mortgage approval from a bank before you start looking at houses or apartments. You can apply for a start loan from your local municipality if you do not have private capital or you are having difficulty financing your home in a private bank.

The purchase price of the house/apartment is determined through people bidding for a property. Remember that the deal is made when the seller accepts your offer. You must therefore never make an offer before you are certain that you can finance the purchase.

Most banks offer mortgages if you want to buy a house or an apartment. The repayment period for a mortgage is long, usually between 20 and 30 years. People who do not own a home in Norway can apply for a first-time buyer mortgage, i.e. a mortgage with the same interest rate for the entire amount where you can borrow up to 100 per cent of the purchase price. Contact your bank to find out how much you can borrow and what interest rate the bank offers. Bring your tax return and pay slip to the bank to document your income level.

At www.finansportalen.no, you can find out which banks offer the lowest interest rate. 

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