[:en]Applying for a mortgage is a complex process. Before starting the paperwork for buy a homeTake your time to study the options available to you and obtain the financing that best suits you.
1. Assess your financing capacity
Don't rush and study all possible options well before making any decision.
A mortgage loan is usually a monthly payment ranging from 20 to 30 yearsIt is important that you carefully assess your financial capacity before beginning the process of purchasing a home. Calculate the debt quota (make sure it doesn't exceed 30-35% of your net income) and add a margin for expenses unforeseen events.
Now, with the figures in front of you, search, compare... carefully evaluate the state of the real estate sector and Request information on the conditions offered by various banking institutions (type of credit, repayment terms, etc.)
2. Find out about the types of mortgage loans
Study the type of credit that best suits your financial capacity: fixed, variable or mixed.
Fixed rate
The monthly fee to be paid and the interest rate applied are fixed.. That is, they do not vary during the life of the mortgage loan. The same fee is paid every month., regardless of whether the market interest rate rises or falls.
Variable type
The interest rate of the variable loan is linked to a reference index. It is usually he Euribor, which indicates the average interest rate which European financial institutions lend each other money on a short-term basis. The figures fluctuate constantly, as will the amount of the installment.
Mixed type
This type of mortgage loan applies a fixed rate for the first two years, and then apply a variable interest rate referenced by the Euribor.
3. Familiarize yourself with the concepts of TIN and APR
Keep in mind other important aspects in the mortgage loan selection process.
TIN
The Nominal Interest Rate (NIR) refers to the price that institutions charge to lend money. This interest is calculated by applying a percentage or rate to the capital loaned to the client. And this percentage is applied to the capital pending repayment at any given time, without including fees or commissions.
APR
The Annual Percentage Rate (APR) is the interest rate indicating the effective cost of a loan over a given periodIt is extracted taking into account a mathematical formula that calculates the nominal interest rate of the operation, the frequency of payments (monthly, quarterly, etc.), bank commissions and other expenses generated by the operation.
4. Don't forget the associated commissions
Each bank decides the commissions it applies to the total amount of the mortgage.
Opening Commission
This commission It is calculated on the total credit and is paid at the beginning of the agreement., as compensation to the bank for the procedures and steps taken to formalize the credit.
Commission of the account associated with the mortgage
It may be the case, although unlikely, that a bank requires you open a supplementary account to be able to manage the payment of the fees.
Commission for amortization
If you decide to pay in advance all or part of the outstanding capital, a fee must be paid amount as a symbol of compensation for the management of the procedures administrative costs that the entity will have to carry out and the amount that it will no longer receive in the form of interest on the remaining capital.
The same banking entities or various portals offer you the possibility of calculate the value of your mortgage through an online simulator. If you need advice on finding a new home, please do not hesitate to contact us.
From Serra we have a wide range Catalogue of properties for sale in Garraf and Penedés, in addition to offering real estate consulting and insurance services tailored to your needs.
[:ca]Applying for a mortgage is a complex process. The procedures have just begun buy a habitat, present your time to study the options you have when purchasing and obtain the financing that best suits you.
1. Assess your financial capacity
Do not precipitis and study all the possible options before taking the decision.
A mortgage credit is usually a monthly payment that ranges from 20 to 30 years. It is important, however, that you begin the process of purchasing a valued habitat with the right financial capacity. Calculate the debt quota (make sure it does not exceed 30-35% of your net income) i afegeix a margin for despeses unforeseen.
So yes, both the steps per davant, search, compare… evaluate the status of the real estate sector in detail. requires information on the conditions offered in various banking entities (types of credits, terms of amortization...).
2. Information about the types of mortgage credits
Study the credit modality that best adjusts to the current financial capacity; fix, variable or mix
Type fix
The monthly payment to be paid and the interest rate that applies are fixed. That is to say, they do not vary during the life of the mortgage credit. Every month the mateixa quota is paid, regardless of whether the market's interest rate is up or down.
Variable type
The interest rate of variable credit is linked to a reference index. Usually it is l'Euribor, which indicates the tipus d'interest mitjà to which European financial entities are lending money at short notice. The rates fluctuate constantly, in the same way as the amount of the quota.
Mixed type
This mortgage credit modality applies a tipus fix during the first two years, then apply a variable interest reference to the Euribor.
3. For attention to both the concepts TIN and TAE
We cover several important aspects of the mortgage credit selection process.
TIN
The Nominal Interest Rate (TIN) refers to the charge that entities charge for lending money. This interest is calculated by applying a percentage or rate on the capital loaned to the client. This percentage is applied to the capital pending repayment at any time, without including expenses or commissions.
APR
The Annual Equivalent Tax (TAE) is the tipus d'interest that indicates the cost effectiveness of a credit over a given period. The last one contains a mathematical formula that calculates the nominal interest rate of the operation, the frequency of payments (monthly, quarterly, etc.), the bank commissions and the subtraction of expenses generated by the operation.
4. Do not oblige the associated commissions
Each banking entity decides the commissions that apply to the total amount of the credit
Opening Commission
This commission is calculated on the total of the credit and is paid at the beginning of the agreement, as compensation to the banking entity for the procedures and efforts that formalize the credit.
Compte Commission associated with the mortgage
It is possible to donate the case, unlikely, that some banking entity requires a complementary fee to be able to manage the payment of the quotes.
Commission for amortization
If you decide to pay in advance all or part of the capital pending amortization, you must pay an amount as a compensation symbol for the management of the administrative procedures that the entity will have to carry out and the amount that will have to be entered. as interest on the remaining capital.
The materials bank entities or various portals offer the possibility of calculate the value of the mortgage teva through an online simulator. If you need advice on finding a new habitat, do not hesitate to contact us.
The Serra has a large property catalog for sale in Garraf and PenedèsIn addition to offering you services of real estate consulting and insurance adapted to your needs.
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