What do I need to know to apply for a mortgage loan?

A home loan or mortgage consists of obtaining money to buy, refinance or improve a home. Before applying for a mortgage loan, you should take into consideration the following recommendations:

1. Find out the current interest rates: You will need to do internet searches or call several mortgage lenders to get this information.
2. In Spain, the reference interest rate is the Euribor, and you must know that the French method is used; that is, in the beginning, you pay most of the interest, and they are reduced as the years go by. For this reason, the less time you choose to repay the loan, the less interest you will pay.
3. Look for information in different banking entities: with the information provided by various banks, you can compare the other loans and terms. Likewise, you must ask for the requirements that they put, that is, what they ask of you to give you those conditions: life insurance, home insurance, direct debit payroll, cards, pension plans, etc.; this is very important because it will provide you with the information of the total amount that you are going to have to pay throughout the year. Likewise, it is essential to see both things, since if you have a low-interest rate, but the requirements are many, you will pay more than with one that asks you for fewer requirements and a higher rate.
4. Find out if they work with fixed or variable interest: variable interest rates can vary during the mortgage period, so you only have the security of the amount of the letter during a period, and it is usually reviewed after six or twelve months. The fixed rate is usually a little higher than the variable, but this gives you the peace of mind that you will always pay the same letter and not change over the months and years.
5. Most banks ask for an initial contribution of 20% of the price of the house. However, some banks grant you 80% of the appraised value, which in some cases is higher than the sale price.
6. Ask what interest they will give you if you pay the loan in advance or advance amounts partially. With this last option, you can choose between lowering the letter's total or decreasing the financing time.

This article is for informative and informative purposes. For this reason, it is essential, before making any decisions, you visit or contact a certified specialist in the field, as the expert's opinion is what should be considered.

Equipo Inmo-Platinum

After more than 15 years of experience in the real estate sector working in the province of Madrid and the Costa del Sol, Maribel Bautista and Inmaculada Ruiz launch the Inmo-Platinum project in 2019.

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Maribel Bautista is a real estate lawyer, and head of the Legal and Mortgage Department.

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Inmaculada Ruiz has a degree in Law and is responsible for the Department of Coordination and Administration.

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Together with commercial specialists in each area, at Inmo-Platinum we try to build solid relationships with our clients, always based on credibility and trust so that, throughout the process of sale or rental, we respond effectively to their demands. Together, with our team, we consider ourselves fellow travelers capable of guiding, guiding and dispelling doubts. We will be by your side from the first moment to help you make a good decision about your home.

Since our origin we have helped many families and legal entities to function in the real estate world. Specialized in the new construction market, we pride ourselves on the one hand, on knowing the market well, and on the other, on training ourselves day by day in this complex scenario. Maribel Bautista is ETI (Real Estate Technical Expert), Master in Real Estate and Urban Law, specific training as Real Estate Agent, Civil and Commercial Mediator, Prevention of Money Laundering and Master in Quality Management, specializing in Owners' Associations.

Currently, he is training on Mortgage Management, approved by the Bank of Spain, and a master's degree in business management. Inmaculada Ruiz has a Master's Degree in Real Estate Business Administration and Management, Real Estate Judicial Expert and Real Estate Accounting. Services we offer: - Real Estate Advice - Real Estate Personal Shopper - Real Estate Legal Advice - Mortgage Advice - Home Staging - Advice on Decoration - Asset Management - Rental Management - Free registration of supplies in new acquisitions - Golden Visa Currently we are 4 agents and several external collaborators who manage the offices of Majadahonda (which covers the northwest area of ​​the community of Madrid) and the Costa del Sol.

OUR ADDRESSES

C/ Vaguada del Arcipreste 2 bis, 28220, Majadahonda (Madrid), Telephone: +34 911-599-706

Calle Virgen del Rocío s/n, Marbella, Málaga 29670, Telephone: +34 951-419-974