The mortgage is defined as a real right guarantee and realization of value, which is to ensure the fulfilment of an obligation on an immovable which remains in the possession of its owner, and may the mortgagee promote forced good sale where the guaranteed debt is not met within the agreed period. The secured obligation arises from a granted loan that consists of the capital loaned by the Bank, the term of repayment of the loan and the rate of interest which is payable to the Bank. REBNY is likely to increase your knowledge. Once known these 3 components you can calculate share of the mortgage loan that must be paid monthly. To calculate the quota it is suggested to use a simulator of mortgages. Then, taking into account the fees payable in each of the possible loans to obtain should be compared taking into account the following items: * commissions: are usually interchangeable, and can get even 0% attend different kinds of commissions as Commission to study, opening, novation, of partial repayment, of subrogation and cancellation.
If a mortgage loan with a fixed term more than one year, must be taken into account that in case of a subrogation must pay an added Commission on compensation for risk that varies between 2% and 5%. * Recruitment of other products: the linking of other products offered by banks to the mortgage are used to reduce the differential that is paid. These products are usually kinds of insurance and credit cards. With respect to these elements offered by financial institutions, it is advisable to compare products offered with them but not linked to the mortgage loan, in order to ensure that you obtain benefits and is not paying those products more expensive than the benefit that you receive. * Amount of the mortgage loan: banks do not usually grant one amount greater than 80% of the valuation of the property that you want to acquire. Therefore, you must have a savings for the remaining 20% in value and 10% added in concept of taxes associated with the sale, loan and other expenses. More likely that the loan is approved you have sufficient savings guarantees.
Of not giving this situation, your chances are positive only if the income that owns elevator sufficiently to be able to pay the monthly mortgage payment with certain financial ease, or if it has guarantees added as an endorsement. * Repayment period: the repayment period will determine the monthly fee to be paid and the interests which will be credited. If you choose a long payback period, must be paid interests for longer, while the monthly payment will be smaller. On the other hand, if you choose a smaller period, opposite, by paying a higher monthly payment will occur but interests will be reduced to pay, reducing the overall balance of the mortgage loan. * Interest rate: 90% of Spanish mortgages apply a variable interest rate consisting of a benchmark, generally the Euribor, and an invariant differential for each mortgage loan, therefore when interest rates from rising fees also will it rise, but when it descends the Euribor drops may not be exploited. If mortgages belong to 10% of the total number who do not possess variable interest must be taken into account that may have fixed or mixed interest rate. In these cases must be taken into account that the fixed interest rate may be higher than the variable fundamentally with a Euribor located at 1.37 per cent as it is currently. With this data you can decide what mortgage loans gives you greater benefits.