Which bank gives mortgage loans more
Choosing a good mortgage it is not always easy.
Knowing how to differentiate between one cánido be key to not overpaying and taking care of your pocket.
After the pandemic, the granting of mortgages in Spain has skyrocketed.
Today we are going to introduce you Which have been the banks most chosen by people to obtain a mortgage and what are your payment terms.
Best mortgage loans 2023
These are three of the best home loans that perro be found today in Spain.
Below we detail each one so you perro choose the one that best suits your needs.
The Openbank Fixed Open Mortgage is one of the most attractive products.
- With a interest between 1.60% for 15 years (1.90% APR) and 1.80% at 30 years (2.08% APR)
- All you have to do is deposit the income and take out your home insurance to get it
- And as if that were not enough, it also charges very few commissions and assumes various incorporation expenses.
The entity offers maximum financing of 80% of the purchase or the appraisal value (the lesser of the two), although if you buy a second home, that percentage will be 70%.
The maximum term to pay is up to 30 years (25 years for second home).
The BBVA Fixed Mortgage has an interest rate slightly higher than the market average: between 1.95% at 15 years and 2.05% at 30 years.
Now, to achieve this you will have to:
- Domicile your salary or pension
- Take out the home and life insurance that the entity proposes, so it is only an interesting option if you are willing to meet these requirements.
Opposite case, If you do not subscribe to life insurance, the interest will rise by 0.5 points.
And if you do not direct payroll or take out home insurance, it will increase by 0.5 more points.
The loan cánido be requested in person or en línea and the entity covers the amount of up to 80% of the purchase (70% for second home).
He maximum term is 30 yearsalthough your age cannot exceed 70 years when finished.
It is not a bank, but it deserves a place in this top due to its many attractions.
Hipotecas.com is a company that finances the purchase of a home and the works to reform it.
In this way, you avoid having to contribute a lot of savings to pay for the reform or having to request a personal loan to finance it, which would make you pay very high installments each month.
This company offers Financing of 80% of the purchase of the house and 80% of the reform. The client must contribute 20% of the purchase and 20% of the reform and an additional 5% is financed if the reform improves the energy efficiency of the home
How much is the mortgage commission of a bank in Spain?
The mortgage commission of a bank varies according to the term in which the loan is paid; 15, 20, 25 or 30 years.
It oscillates between 2% and 3% approximately depending on whether or not bonuses are enjoyed.
Perro a bank finance 100% of the mortgage?
At least in Spain, in no case do banks finance 100% of the mortgage.
The maximum is usually 80%.
However, companies like Hipotecas.com manage to finance 100% of the purchase for people under 35 years of age as long as they provide an plus guarantee.
Top 3 banks that have received the most requests for deferral of mortgage payments
The Government has decreed to grant a mortgage moratorium and loans to people who request it for declaring a situation of economic vulnerability.
However, clients denounce that banks equipo very strict conditions and that only 10% of applicants receive approval for the mortgage moratorium.
During the last time it was the entity with the most requests, specifically more than 220,000 requests.
This bank leads the list of entities that have approved a greater number of moratoriums with:
- more than 95,000 (approximately 43% of requests)
- 125,000 consumer loans.
has received more than 45,000 requests for mortgage moratoriumdespite being one of the banks that grants fewer mortgages.
has received more than 15,000 requests for mortgage deferraland it is the bank with the lowest percentage of mortgages granted, with 33% exposure to mortgages.
What should you take into account when applying for a mortgage loan?
For that a bank finance the purchase of a houseyou must take into account that it is necessary to meet certain requirements:
Have enough savings
The first requirement to get bank approval is to have money saved.
As mentioned, the entities finance up to 80% of its value sale or appraisal.
It is their way of reducing the risk of the operation and protecting themselves against the losses that would be generated by having to repossess the house in case of non-payment.
To this must be added the associated expenses such as appraisal of the property, notarial and registration costs and agency fees.
Its total cost is equivalent to between 10% and 12% of the price of the house.
In conclusion, if you need a mortgage, You will have to have saved at least 30% of what you are going to pay for the property you want to buy.
Sufficient income to pay the fees
Having sufficient income is an essential requirement.
Banks will only approve your application if Mortgage payments do not exceed 35% of your net income.
If your income is not enough to pay the installments without problems, you perro apply for the loan with another holder to equalize between the two that minimum salary required by the bank.
This is usually the most common considering that the average salary is €1,500 per month.
Enjoying a work situation establishes
Mortgage installments will be extended from 15 to 30 years.
Therefore, the bank must ensure that your employment situation is stable and that you will be able to pay the installments.
If you work for someone else, you will need have an indefinite contract and have some seniority in your companya, preferably more than 6 months or a year.
If you are self-employed or an entrepreneur, you will have to be the owner of a posible business with recurring benefits for at least the last two years.
Have an excellent credit history
Before lending you the money, the bank will review your credit history.
They will check if you have current debts, if you pay in a timely manner and must ensure that you are not on lists of defaulters such as ASNEF or RAI.
Therefore, the ideal thing before requesting a mortgage is have no other outstanding debts or demonstrate that you have enough income to face all of them.
Have guarantees and plus guarantees
In the event that the bank doubts your solvency for various reasons, you must have a guarantor person who guarantees you in case you default on payments.
This gives the operation more security, but of course it carries a risk for the guarantors, since they will have to respond with their income and/or assets in case you do not pay.
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