martes, 14 de julio de 2020
Mistakes to avoid when signing a mortgage
In order to support, advise and transmit useful information to our clients, we dedicate this small space to a common topic when buying a property through five basic mistakes that we cannot make before signing a mortgage.
Who does not have a relative, a friend or ourselves with a mortgage.
Mortgages are one of the financial products offered by the most common and well-known banks, however, mortgage loans are more complex than they appear to the naked eye.
Do not depend solely on our bank of all life
It is one of the most common errors, either due to financial ignorance or due to lack of time, trusting that our financial institution will offer us the best mortgage and thus not waste time going to other banks.
To find the best cheap mortgages, you have to compare several offers at the same time, so we can contrast the conditions of each one and choose the one that suits us best.
Do not depend excessively on the bank
The mortgages with subsidized interests reward the client with a decrease in the interest on their mortgage in exchange for contracting related products (life, home, unemployment, etc. insurance) usually have a higher value than they can achieve in the channels Of usual contracts, we must assess what is more interesting, a mortgage with a very low interest and excessive linkage or a mortgage loan without linkage and a slightly higher interest.
Apart from the interest to look more deeply
Interest is one of the elements that has the most impact on the value of the mortgage loan, it is the price we pay because the bank finances us, although it is not the only determining factor.
On some occasions, low interest rates are subject to an excessive linkage, which in the long run will increase the price of the operation, in addition to the interest, we must pay attention to the linkage and the commissions included in the mortgage.
Before accepting a possible offer, understand all the conditions of the offer
The bank and the notary are obliged to explain the conditions of the mortgage loan, we must read all the conditions of the mortgage and demand that the entity clarify the points in conflict.
We have the right to request the FIPER (personalized information sheet) and the binding offer, and the bank is obliged to offer them to us. In the FIPER some conditions will appear that do not bind the bank, but it is a personalized offer that approximates the mortgage that they could offer us based on our profile. The binding offer does bind the bank, so all the conditions reflected in it must appear in the contract.
For our part, it is necessary to know and understand all the conditions reflected in both documents, in order to avoid surprises such as floor clauses, etc.
Check that the conditions are those agreed before signing the contract
Before signing the contract, we have to read the document and check that it contains all the conditions that were reflected in the binding offer.
If they do not coincide, we have the right to demand that the bank modify the mortgage contract and adapt it to the terms reflected in the binding offer.
From our company and through agreements with different banking entities, we can offer advice, presentation and request of simulations for your particular case, do not hesitate to contact us through our website or visit us at our office in Moraira.
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