When you consider buying a house, it is essential that you know the type of
financing that best suits you so that, in this way, it adapts to your needs and be the one that suits you according to your needs.
On the one hand, there are certain things to keep in mind when asking for a loan to
the purchase of a property and are:
1.Time: sometimes, the purchase is subject to certain deadlines, with what you'll have to get financing in time to be able to meet with those deadlines.
2.Documentation: each mortgage is different and its conditions vary according to
the applicant and requires certain documentation.
Sometimes, all these procedures involve a lot of time and normally, the client does not
knows how to deal with these efforts. For this, it is best to have an agency real estate
At Easy Brava, we have been experts in real estate management for more than thirteen
years, and we take care of processing all the necessary documentation for the
purchase of a home, as well as to advise you with all the paperwork a dministrative to obtain financing for the purchase of your home.
On the other hand, the mortgages offered by the market are classified according to
different criteria:
According to the interest rate:
Fixed Mortgage: it is the most comfortable of all because you know the quota
that you are going to pay during all the years that the mortgage lasts. But, be careful! you have to analyze the conditions since they usually have costs of subrogation very high.
o Variable mortgage: fees are reviewed periodically and They change based on the reference rate when the interest is reviewed. Is the most used type of mortgage in Spain.
o Mixed Mortgage: as its own name indicates, it is a mortgage that combines the previous two, with a fixed percentage agreed and anothervariable.
According to the type of fee:
o Constant fee: they are the most common, the fee is calculated every six months or each year, based on the evolution of the benchmark plus the applied interest.
o Armored fee: this is a constant fee throughout the entire mortgage, but if interest increases, the term increases, not the installment.
o Final fee: where a percentage of the outstanding amount is paid in the last installment of the mortgage, usually 30% approximately.
o Interest only: widely used by some foreigners where during the mortgage no capital is amortized and they are paid interests, it's like a kind of rent, but being an owner and At the end of the mortgage the debt is the same as when it was contracted.
o Increasing quota: where the quota grows at a fixed rate each year apart from the normal valuation of variable type of each revision.
According to the target customer:
o Mortgages for young people: are those that are granted with conditions advantageous for young people under the age of 30 - 35 years.
o Mortgages for non-residents: with much stricter criteria since the person does not reside in our country.
o Mortgages for groups: those reserved for certain groups such as officials, employees of large companies, etc.
According to the type of property:
Mortgages of bank flats: they are granted to flats that come from a financial institution.
o Mortgages for VPO: for the Official Protection Housing.
o Mortgages on urban or rural property: if the house is legalized.
o Mortgages for land: for an urbanizable land.
o For first home or habitual residence.
o For second residence.
As we can see, there is a huge variety of possibilities to get financing for our housing, so the most important thing is to know which are our needs and personal and economic characteristics to be able to choose the one that best suits us.
But do not forget that in addition to the mortgage there are other variable costs to
those that you have to face and that can suppose up to 14% of the value
total, such as:
Registry verification: which are the checks that you will have to do to know that the property does not have attachments or other owners.
Notary: both for deeds of sale and for the loan
mortgage. The Notary is also obliged to inform you well of the type of operation and explain the clauses of the mortgage loan.
Taxes: where VAT is included in the case of a dwelling new or the transfer tax in the case that it is a second hand housing.
Appraisal: you have to pay appraisal expenses to mortgage the house, and they are expenses that vary according to the final price.
Also, opening a mortgage involves the hiring of some insurance, such as:
Home insurance: to cover any eventuality that may occur in home.
Life insurance: to take charge of the repayment of the debt in case of death or absolute permanent disability.
Payment protection insurance: for the cases of unemployment or temporary disability.
As we said before, knowing the adequate financing for the purchase of a property supposes something more than going to a bank in search of information.
Therefore, go to a real estate agency where they are aware of all these administrative procedures and procedures, and where they can advise you with All the necessary documentation is an advantage for the buyer. This supposes a saving of time and headaches, since the expert advisors will explain everything you need to know and will collect all the information that need to manage to make your purchase.
From our real estate agency Easy Brava, we will help you find the financing that best suits your needs. We have a team expert of advisors who know first-hand the real estate market and that will manage all the necessary documentation to submit your application and a Once you get the answer from the financial entities we will help you choose the one thatmore convenient for you.
You can find us on our website https://www.easybrava.com/ and
get in touch with us through our email info@easybrava.com
or through our telephone +34 972 650938