Post by asadul1217 on Feb 12, 2024 3:47:48 GMT
Getting the house of your dreams is one of the most exciting goals you can achieve, but it can also be a headache if you are not prepared for the paperwork, numbers and hitherto possibly unknown terms that will come your way. . But, so that this does not happen and that nothing and no one prevents you from becoming the owner of your first home, it is best to follow a series of guidelines before applying for a mortgage. The first thing you should know is that it is the best time to buy, at least this is supported by INE data: between January and February 2019, 67,580 loans have been formalized in Spain, that is, 10,000 more than in 2018. That is, that for the first time since the Great Recession, more mortgages are signed than are paid off. Is this the right house? Given this very positive outlook, we have to ask ourselves if buying is really what best suits our situation. It seems obvious, but many times we become obsessed with an idea and are not able to see reality.
Signing a mortgage entails future expenses that we commit to facing, so enjoying lasting stability is an essential requirement. If you are clear about it, investigate the home thoroughly, you have to know the house before embarking on the adventure of making it your property. Value it with professional help, based on that price the entity from which you France Email List request the loan will make its corresponding calculations. You can also approach the Property Registry or Cadastre to see if the property has financial charges or any type of associated problem. The pocket, under examination It's the house, but is your pocket ready to pay for it? The savings you've been building up for years should be enough to take on a mortgage. Keep in mind that, as a rule, the loan that the bank will offer you should not be more than 80% of the value of the property. It is recommended that, at most, 35% of salary and income be allocated to finance housing.
Fixed, variable or mixed mortgage? There are three types of mortgages depending on the interest on the loan that the bank will give you: fixed, variable and mixed. Choosing the best one depends on your circumstances before purchasing. For example, in fixed loans, the interest remains constant, so they are not affected by increases or decreases in interest rates. They usually include higher rates and shorter repayment terms. But, on the other hand, variable loans change depending on the evolution of indicators such as the Euribor, so they are more unstable. The Euribor is an index that marks the average interest rate at which European financial institutions lend money to each other in the short term, so its amount always varies and is usually reviewed semiannually or annually. Lastly, mixed mortgages maintain rates for more than a year and then become variable. Let yourself be advised Answer all the bank's questions and do not be left with any doubts, it is very important that you are clear about all the steps of the process. Hiding data will only harm you from properly analyzing the viability of the loan. Going to intermediaries such as real estate agencies will involve a cost, but it will save you headaches. Get professional advice and keep in mind that mortgages are not an exact science, so do not despair, it will be a long process but, if you really pursue the house of your dreams, the mortgage adventure will be worth it.