The decision is made, you have made the accounts and you have enough money saved to buy a house. But before buying it you must understand the mortgage process. The payment of a housing loan is usually one of the most important expenses within the family budget and the one that is acquired in the longer term, usually the financial entities grant them for up to 20 years.

So that you do not take a leap into the void and get caught in an undesirable loan, here is a short summary of the 4 most important things you have to consider when buying a mortgage.

 

1. Know the percentage of financing granted by the bank

1. Know the percentage of financing granted by the bank

Most banks lend on average up to 80% of the value of the property. Experts recommend that you only allocate 30% or 35% of your monthly income for the payment of the mortgage, so you will not neglect other basic needs.

 

2. Calculate if it suits you more to pay a fixed or variable interest rate

Mortgages with a fixed interest ensure that we always pay the same installment established at the time of obtaining the loan. On the other hand, the variable interest rate is changing, the fees can go up or down depending on the market situation.

 

3. Always take into account extra expenses

2. Calculate if it suits you more to pay a fixed or variable interest rate

When you buy a house you should not only pay the sale price of the property, there are sectors where you pay a monthly fee for gardening, security and maintenance. Research the cost of IUSI to get a clear idea of ​​the monthly expenses you will have when you own.

 

4. Do not forget that it is mandatory to take out insurance

Take out insurance that covers the balance of the credit granted, fires, earthquakes or any other natural catastrophe that decreases the value of your property.

Finding the ideal home is not a simple task, but applying and getting the most suitable mortgage if it can be. If you need more advice on the subject, do not hesitate to contact us! We invite you to click on the image below to learn more about mortgage loans and achieve your immediate goals.