There are many aspects to consider when applying for mortgage financing to buy yourself a house. This article will discuss the key points is a summary of basic information and maximum mortgage terms before signing anything.
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Knowing the basics related to the mortgage and the mortgage loan. If you do not understand the difference between ‘mortgage’ and ‘mortgage’, pro example, still it is not a good time to seek funding secured. Guides like iAhorro.com and El País, or guide the Bank of Spain, are an essential pre-reading if you intend not to make fatal mistakes of the past.
Knowing that mortgage debt is answered with our heritage, present and future, and if we do not pay the bank can be our primary residence for 70% of the value of collected pricing in the scriptures, it is vital not to risk our future well-being without proper accountability.
2.- Find and compare offers at the market
The (bad) habit of asking for a home loan the bank manager who «know» or, at most, who «know» our relatives should end. No matter friend who we believe is the director of «our» bank, we will provide the conditions imposed by your financial institution. We must analyze and compare other mortgage conditions and decide based on the one that best suits our needs and possibilities.
3.- Evaluate our possibilities
There is no best mortgage for all customers, but our best mortgage. If it is conditional grant maximum 80% of the value of buying and selling, we can only ask for this mortgage if more than 30% have saved.
On the other hand, banks often limit the amount granted to the share (calculated at 4 or 5%) does not exceed 30 or 40% of our net income. If You enter holders 2,000 euros net, a mortgage of 200,000 euros to 30 years as 5% fee it is 1,073 euros may not ask, representing a debt ratio of 54%.
Having a temporary contract or be self-employed with tenures will not give us access to the vast majority of mortgage deals, if they get to finance the purchase.
4.- Worth pretasar housing
Most mortgages today have a double limitation on the maximum amount granted us, based on 80% of the appraised value and sale. In this context, it is important to find out first of all if the appraised value is sufficient. And pretasar is an indicative way to know, but you always have to end pricing.
5.- Do I go to a financial intermediary?
Ricardo Gulias, CEO of Group TuSolución knows the work of a mortgage broker well. We note that these businesses «are dedicated to finding the best mortgage within the conditions of each profile. Mortgage advice and find people with fewer savings. «And destacad that» a good mortgage broker, must have agreements with the entities, obtaining better conditions than the average citizen is. «
Mortgage brokers, after Law 2/2009 and subsequent regulations, must appear in a public register at the Consumer Institute or body of the autonomous region to record today and for unexplained reasons, is not accessible via on-line. In addition, they must have a liability insurance and comply with a series of very important transparency standards. To be meaningful pay their fees, according says Ricardo Gulias «should be reflected in the web and on the bulletin board of the company, they are typically between 1% and 5%, but the average fee is around 3,500 euros «professionals must be able to get mortgage swiftly and with the best possible conditions, tracking and constant advice of the mortgage operation, also to take steps in a sale advice.
Therefore, it only makes sense to go to a mortgage broker if it is able to offer competitive mortgages, saves time, offers added value advisory and scrupulously complies with the law and good mortgage practices.
6.- Attend several banks with documentation
If transacted directly the operation, it is important that we prepare several records with all updated to deliver documentation to several banks. It is important if we have doubts we could get the mortgage in which offers better conditions.
7.- Can I negotiate the interest or commissions?
On a bench almost everything is negotiable, although there are entities that offer standard conditions and little we can do.
8.- I ask pairing what do I do?
We must try to achieve the minimum possible link, especially if they are products or services that do not interest us. With regard to home insurance and life, we must make numbers to see if they are cheaper to hire them directly from the insurer.
Beware of the «interest rate insurance» are swaps (swaps) or caps, floors or collars (interest rate options) as they are complex products that can end up losing a lot of money.
9.- I require guarantors to whom I go?
When a bank wants to increase your odds of charge if the principal debtor fails, go to the fast track: require that we bring family to sign as guarantors. What in the housing bubble years was signed without putting just objections during the crisis has proved to be a family and social absurdity: parents and grandparents losing their home for unpaid debts of their descendants. Because the figure that widespread banking is a guarantor without rights, which responds with all its present and future assets, in an almost identical position to mortgaged. As alert the notary and editor of the blog Are there law? Fernando Gomá, «taken from the experience so far proves to be guarantor is serious and that a foreign debt responds with all assets. It is not merely a rubber stamp to get a mortgage for a child, for example. It is something substantive and not merely formal. The guarantor must ponder whether to assume this obligation is within reach and if you assume a reasonable risk. Moreover, it would be good if the custom that the guarantee was not out of all debt be put in place, but the share of debt that guarantees the mortgage does not also need a guarantee, and that the only guarantee excess not covered by the mortgage, ie, only a normally small percentage of the total debt. «
10.- The signature notarized
We must prepare this final step properly, giving this transcendent act the importance. Reach the signature without Glad we read a few days before writing is, at least, disinterest that we can be very expensive. You have the right to examine the writing project with a minimum of three days a signature; however, alert Antonio Ripoll, notary of Alicante, «no one uses this right.»
Antonio Ripoll, believes that «it is common for customers to come in haste, without having reflected on what is going to sign without having used the resources that the current legal system, which is clearly improved, offers.»
Not so much to distrust the bank and contrasted properly informed and independent sources, as we highlighted Antonio Ripoll: «The era we live in is characterized by having increased the distrust of the people sitting to sign the mortgage. People adopt a defensive position. It is understandable, since there are many negative stories that exist in the media. However, there is usually a quality information or proven. In addition, often they questioned the professional advice based on dubious origin. «
The borrower should ask both the repayment system, like the game of possible links to the entity and, above all, on the consequences of non-compliance; as alert Antonio Ripoll «There are many mortgage myths about generating approach problems.» To resolve all questions that need to be clear on the day of the signing, the notary has published an article with 50 questions to ask the notary.
Taking out a mortgage loan is a complex process that requires considerable effort. If we are not willing to spend time, better we ask ourselves other options, such as rent