How to choose a good mortgage?

<>
La formalización de una hipoteca es una operación de vital relevance para los intereses de los usuarios bancarios. No en vano, son muchos los euros que están en juego al momento de suscribir este instrumento financiero. Decididamente, debido a continuous offers that banks have been developing you can hire them with better conditions. So that from this dynamic you save a part of your money in these operations. There are many strategies you can use to choose the best mortgage on the market today. Are you willing to accept this challenge?

Mortgage loans require one of the largest disbursements that you must face with your bank. Often above 100,000 euros and low payback periods that can last practically a lifetime. These characteristics indicate that it consists of a banking product that deserves your attention and that you should only formalize the contract when it is in the essential conditions to return it within the agreed terms.

Now that you are one click away from your mortgageWe are going to present you with a series of guidelines that will help you have a mortgage with better contracting conditions. It will not be very difficult to apply due to the high flexibility that this financing model has maintained in recent years. To the point of being able to have access to a series of offers and promotions that until a few months ago it was absolutely unthinkable that you could get them.

Cheaper money

To understand in a more practical way the procedure that mortgages are taking in Spain, there will be no choice but to refer to monetary politics by the economic authorities of the European Union, and very particularly the European Central Bank (ECB). As a result of the economic crisis that the old continent has suffered, and whose effects persist today, there has been no other solution than to lower the price of money.

Because in effect, the community monetary authorities have brought the price of money in the euro zone to 0%, sus mínimos históricos. En un event sin precedentes. En la práctica significa que el valor del dinero en esta zona geográfica es cero. Entonces, ¿cómo afecta a las hipotecas? Bueno, muy simple, que para adaptarse a la realidad de los mercados financieros está teniendo que disminuir sus spreads. De esta dinámica, puedes beneficiarte de préstamos más baratos como resultado de la disminución de estos porcentajes que miden lo que debes de pagar por tu hipoteca.

There are also a series of commercial strategies, more or less aggressive, that are used by banks to sell their products and that are helping you pay a more affordable monthly rate than before. With different reductions in addition to commissions and other expenses for its administration or maintenance, including its total elimination in its contracting conditions. From this general scenario, it can be said that now it is more favorable to take out a mortgage. At least more than a couple of months ago, and decidedly linked to previous years.

Mortgage: spread reductions

The first factor that will help you improve the conditions of this special line of credit is that you now face much more competitive spreads. Even though in previous periods it was common to hire them around 2%, even with higher margins, now it is not. A good part of the proposals of financial institutions are offer below the 1% barrier, which is an important source of savings compared to previous models of home financing.

In reality, a very particular war is being waged between banks to see who generates the cheapest mortgage loan in the sector. This ability benefits your interests and those of all users. Because as a result, better proposals are being developed in this class of banking products. Without having to give up concessions. It may even be worth borrowing under these market-imposed conditions.

ING Direct and Liberbank are some of the entities that have been offering these offers to its main customers. With very aggressive proposals that even originate from the beginning without any type of commissions or other additional expenses. This action is leading, on the other hand, that the remaining banks decide to lower the interest on their mortgage loans. Or maintaining a series of hooks that arouse the attention of users. In some cases, they lead to higher customer loyalty.

Euribor below historical lows

Another incident that benefits its operations is the depreciation of the European benchmark, known as Euribor. According to the data provided by the National Institute of Statistics (INE), is linked to approximately 90% of the new contracts low variable interest subscribed to date. Above other minority indexes, or at least that do not enjoy the trust of users.

Well, the great novelty that the Euribor presents is that it has moved into negative territory, and historically trading below 0%. After having reached 5.384% of its price in the financial markets during 2008, where the economic crisis developed. As you can quickly see, a more than considerable decrease that you can detect in recent months. If the price of money is non-existent, something would have to be reflected in the credits for the purchase of a house.

¿Cómo nota este hecho con el principal referente de hipotecas? Bueno, muy favorablemente, dado que en algunos casos tendrás pagos mensuales menos exigentes, y en otros un diferencial más competitivo. Siempre saldrás ganando be cual sea el caso. Pero que en situaciones en las que exista una cláusula suelo será enormemente perjudicial para la obtención de tu target, que no es otro que formalizar un producto bancario más económico.

Credits exempt from commissions

Another very positive aspect that will induce you to choose a good mortgage will come from the progressive elimination of commissions and other expenses in its administration that are derived from the best moment through which the financial markets related to this product pass. It also serves as a pressure tool for you to opt for these models over other proposals without this feature. They try to capture the savings of their customers.

Cada vez más bancos se han decidido a aplicar esta strategy comercial. Con un resultado muy positivo para el estado de su cuenta corriente. No deberás de pagar un solo euro por los gastos de apertura, estudio o cancelación parcial o total. It will cost a lot of euros down the road. that will not leave your personal accounts. As you will see, little by little the chances of signing a more than acceptable mortgage are increasing.

Relationship bonuses

The resources that you have at your disposal to contract a mortgage with better conditions do not stop here. Because in effect, through a more active relationship with the bank, you will be in perfect conditions to achieve a reduction in the interest rate that is applied to you at this time. It will be around a few tenths of a percentage, and for that you must subscribe to some of their main products (investment funds, pension plans, savings programs, insurance, etc.). As more models are signed up, trade margins will increase, up to one and a half points above their original prices. This will be the difference that you will save if you opt for these models to finance your home.

A new strategy is based on meeting the proposals that are made for new clients. Its main purpose is attract a greater number of customers, and that these do not go to competition through their financing proposals. Decidedly, it is another scenario that opens up for you to promote your goals of signing a contract that is much more satisfactory for your personal interests.

As a culmination of all these suggestions, if you are a young person under 30 years of age, you will also be in the indispensable conditions to boost the commercial margins of these commercial products. Around one and three percentage points for traditional models. In return, you will have no choice but to extend the repayment period, and perhaps even take out home insurance.

Advantages that can be produced

As the amount requested is higher, the ability to save through these banking operations will increase. Being able in some of the cases to generate some more than estimable benefits that will help you to defray other expenses, either of a personal nature or for the maintenance of the home.

Whatever the case, it will not be a matter of signing the first mortgage that comes to you. It will be a matter of compare them, analyze them and choose the one that best suits the profile you present how client bancario. Será un esfuerzo adicional que deberás de hacer para que la deuda de este procedimiento sea menor. Y si es viable con un plazo de devolución no muy largo. No es sorprendente que esta sea otra fórmula muy eficaz para disminuir el costo total.

Knowing in advance that it is necessary to wait since Specific offers and promotions appear more frequently that are more competitive.. To the point that they are being recycled with the new economic reality of the country. It is no coincidence that mileuristas can also have access to these products through very tight loans that are developed with more satisfactory margins. The end result of all this is that now your hiring will be more advantageous.