Mortgage to buy a home: are these mortgages beneficial?

The technology changing the business residence. And not only in the way it is built by incorporating various technological devices and systems or in its marketing to see real 3D entertainment or augmented reality, which allows you to experience on what it will be like to live in that apartment, although, almost.

Changes are also taking place in the Committee mortgage contracts with exposure mortgage 3.0 or hypotech. There are some terms that refer to the mortgage loans contracted through the online channel. This sector, online mortgages, continues to expand, largely due to new generations. In particular, 60% of digital profiles go to the Internet.

And why this rise in mortgages? ?They are actually more beneficial the mortgages contracted through the usual channel in a bank office or branch? There are several factors that need to be taken into account.

Among the most beneficial points of 3.0 mortgage is the increased customer access to financein addition to the immediately. There is more too legal certainty since all documents are sent in writing online to the person requesting the funding, and in an office most of the information is verbal.

However, there is another series of factors that must be taken into account before you decide to take out a mortgage online or in an office. The first of them is aimed at the interest rates, which differ between the online and physical channels.

In general, mortgage offers on websites are said to have higher interest rates than mortgage loans in offices, which usually offer better conditions, but because they carry linked products such as contract insurance, pension plans, savings plans or investment products. That is, in the office it is common to bonus product. And, although the interest rate seems to be lower because of that advantage, when you contract on other products, it will be more expensive in the end.

This there is no link in the online channel in which you can also find mortgages with and without a bonus and without additional conditions, favoring more informed decisions, as stated in the ‘Analysis of the current online mortgage offer and the impact of measures mortgage support’, made by Aicar-Adicae.

Commissioners

The form of contracting is also different. While you are in the office, you have a salesperson, the hypotech can be hired in three ways. One of them is through web pages that mortgage mixers. In this case, the person does not have to pay to get information about the most suitable mortgage loans for their home financing work.

But, you need to know that mixers are funded with the commissions, payments at the end of the contract or agreements they establish with the banking groups that have the mortgage products they compare, although there are groups that are not willing to pay.

And this is an aspect to take into account because the information offered may not be reliable if only the comparator works with the organizations that pay him or maintain an agreement. One reason why these mortgage comparisons should submit at least three offersaccording to the current legislation to guarantee independence. In addition, to find out if the comparator is safe, it is advisable the confirmation by the Bank of Spain, because they must be authorized.

And another feature to note on these comparative pages is that the information that the person initially provides is very general, making it necessary to break it down to transfer it to the financial institution.

Brokers

Another way to contract the mortgage is through it mortgage brokerswho work as managers or intermediaries, providing a personalized service, with at least three offers.

And here you have to be careful if you don’t have many financial resources because the client receives a guarantee to pay an amount which can be understood among the 3,990 euros and 4,5000 euros. There are also some who cworking 1% of the price of the house.

This cost is more serious and its payment is guaranteed when you sign that there are interesting tips for mortgage finance. They are more recommended options for people with a special solution or when seeking financing higher than 80% of the price of the home.

Financial website

The third option is online contracting through the financial institution website. Currently, usually a simulator of the allowances according to the price of the home, the amount needed to finance it, years of depreciation, whether it is a main residence or not…, among other parameters .

In this case, we work with more general information about the client, which must be more detailed in a second step for contracting and ensuring the economic capacity. Next, it is common for a seller to contact you by phone to close the transaction, which ends with the formalization of the loan, usually in a notary’s office.

And, above all, be careful with one issue: even if you have to go to the notary, that is understood you understand what you are signing and that you agree with the established terms. Likewise, with the telematic signature.

WhatsAppTwitterconnectedLive