Have you thought in take out a mortgage this year? Do you want to stop paying rental y live in your own house? You have made a very important decision that will mark a new stage in your life and will allow you to live in a more comfortable way and at the same time will give you excellent stability in your years to come.
Currently, the financial entities in Spain they are granting credits mortgages that are affordable for your economy, and thus, you can achieve the acquisition of your home; Thinking that this expense is viable for you and your income family. However, it is necessary to take into account some specific requirements that you must meet to successfully achieve your bank financing.
We congratulate you because you have reached this point to advise you before take out a mortgage The first step to take into account is that you must:
Know all the requirements to contract a mortgage
As a first step to apply for a home loanyou should know all requirements requested by the banking entities that adjust to the type of housing what you want to buy Among these requirements, one of the most important that you should take into consideration will be economic.
Consequently, after knowing all the requirements demanded by the banking entities to request your mortgage, we will explain with more details the economic aspect below.
Evaluate your economic solvency
Your economic situation must be steadythat is, you must have an income fixed monthly cost that covers all your basic expenses, your credit installments that you have in force and, in addition, you must add to these expenses monthly, the new bank fee of your mortgage.
In accordance with the aforementioned, your monthly credit expenses should not exceed 35% of your income net monthly, according to the Bank of Spain. And If a person exceeds that percentage, they will be financially affected by not being able to pay the debts.
In some circumstances, some clients can assume this type of loan while enjoying an excellent economic conditionhowever, it is recommended that this type of debts are faced by two applicants, for example: a marriage; which will allow that in case of an eventuality that alters the economic income of one party, the other party is capable of assuming the corresponding debt.
If a person, receives 3000 euros monthly for your salary, and you have a debt current of 350 euros monthly, your mortgage debt may not exceed 700 euros.
If by reading these tips you have come to the conclusion that you meet this requirement, then you are ready to move on to the next step.
Have enough savings
It is important to know that the vast majority of banks they do not assume 100% Of value mortgage, therefore, you must have enough savings to be able to cancel your initial fee that will be 20% of the total value of your property, in addition to another 10% that will cover tax expenses, notary expenses and costs associated with the registration of your house.
Choose the best modality of interest
You must choose the interest conditions for your mortgage that best suit you benefit according to your economic income.
For your mortgage credit you must decide between one type of interest or another. There are two interest rates: fixed interest or variable interest.
According to financial comparators, the interest rate that is stable is: the fixed interest, regardless of whether the value of the Euribor index changes. Also According to this comparator, the fixed interest percentage is 1.50% and must be above below average.
In the case of the BBVA fixed mortgage, your interest is 2.05%. adding 1% if It is variable, in addition to not requiring an opening commission for a term of thirty years. If you decide on variable interest, the variable rate mortgage Open Mortgage Varies from open bank also does not include opening commissionoh combine your interest with the Euribor interest rate at 0.95%namely, (1,95% fixed interest only the first year), but after that, its value may vary constantly. In case the value eurybor descended, it would be an excellent option, however, if this is not the case, and on the contrary it is increasing, you must have a higher income to be able to afford this extra cost to your mortgage.
Have job stability
If the future mortgagee or the future mortgage partner has a stable job, an indefinite contract and that indicates that they have worked for a company for years or that their income as independent workers of a company is high and stable, this will guarantee the bank the return of their money, and the applicants will be safe candidates for credit approval.
Get an intermediary to negotiate with the bank
Lastly, a excellent advice to get a good mortgage credit according to the expert analysts of comparators online, is that you review the different credit offers that you can find in at least three banks without having the Bank entity in which you have your accounts.
After analyzing the credit proposals of each bank, you can get a intermediary or broker who is in charge of negotiating with each of the entities banks to propose a best credit optiontrying to persuade achieve a better condition in the credit agreement such as: get better interest, a higher percentage of credit or even get more products associated with the credit for your mortgage.
We hope that, by following these simple steps, you can achieve an excellent credit and thus, be able to obtain the house of your dreams.