When it comes to buying a home, the illusion with which the operation is approached once the decision has been made often collapses when it comes to obtaining financing from the lending institution.
To begin witA In addition, financial institutions usually require the client to contribute around 20% of the price of the property by his own means. It should also be taken into account that the expenses and taxes derived from the purchase and sale operation usually represent between 10 and 12% of the price, depending on the autonomous community in question.
It is always advisable to carry out the study with three different entities to improve the minimum bargaining power with them. To do this, it is advisable to consult the networks of the entities offering the best loans at any given time.
The most important conditions when assessing the formalisation of a mortgage loan are as follows
– Solvency: It is very important to bear in mind that whether the financial entity grants us the loan or not, after studying our solvency we know that we are going to be able to pay the loan and for this it is advisable that the monthly payment does not exceed a third of our income.
– Interest rate: The interest rate can be fixed or variable. If it is fixed, we will be sure that the instalment will not vary throughout the loan. If it is variable, we will be playing with the uncertainty of the same in the future. In the case of variable interest, loans usually establish that the rate is made up of a fixed percentage that can vary between 1 and 3% (called “differential”) and another variable percentage that is usually referenced to the Euribor. In this sense it is advisable to avoid rates referenced to other indices.
– Duration: Yours is that the loan should not last beyond the estimated age of retirement respecting in any case the legal limits in force.
– Fees: It is advisable to try to reduce fees as much as possible, especially those for partial or total early repayment of the loan to avoid that at some point we need to repay the loan and the fee makes it difficult for us to do so.
– Currency: It is important that the currency in which the loan is formalised is the euro to avoid the risk of the country factor, as has happened with the famous multi-currency mortgages.
– Bonds: Financial institutions usually reduce the interest rate differential in exchange for obliging the customer to take out other ancillary products with the financial institution, such as payment protection insurance, property damage insurance, credit cards, direct debit of bills and/or salaries… In this sense, it is necessary to make sure that the amounts that these links cost us are market rates and that they are not passing on the reduction of the rate through the links.
– Other clauses: Apart from the above, and given that mortgage loans are eternal, we must be cautious and take the time to carefully read the whole loan deed, understanding the whole document paragraph by paragraph and making sure that the financial entity has not introduced any clause (for example, the floor clause) that makes the contracted loan not similar to the one it was intended to be contracted.
To do this, we always have the obligation imposed by the legislator on notaries to advise consumers and resolve any doubts they may have.
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