Real Estate and Home Design

With the rise in the Euribor many people may think very carefully before having to take out a mortgage, but for some it is the only way to get a house so here are some hints to get the best mortgage that we hope will be of help.

* What percentage of your income should be the maximum that equals the mortgage payment, good number of experts say the mortgage payment should not exceed 30% of revenue as this tends to rise.
* Remember to negotiate the rise of the Euribor, but this will slowly rise gradually have to pay more money.
* It is best to hire a mortgage that is reviewed annually to one that is reviewed every six months as this will have to pay a fixed fee for a year, whereas mortgage payments tend to increase the half-yearly review can make you end up paying more money.
* We must take advantage of the Internet allows us to have mortgages comparators which can see the different pros and cons of certain mortgages, however we must be careful not to enter outdated content, I also do not forget calculators mortgages.
* The best way to learn how to operate a bank is through friends or acquaintances who are customers of these and not through intermediaries and staff of the institution, there are sites like Hipolisto where you can get feedback and experience different customers of banks, there are mortgage seekers as HelpMyCash. (more…)

The repayment of the mortgage is very variable, although the average is about 30 years. There are also deals on the market with maturities that extend up to 40 or 50 years, although the latter are rare.

The applicant’s age plays a key role in determining the period for refunding the mortgage, since the limit is tied to how old you are at the end of the mortgage. In general, the banks now determine the 75 years age limit for the repayment of the mortgage. Thus, if a person has 30 years to apply for a mortgage could get within 40 or even 45 years, but not an applicant for 45 years, which would be granted a maximum 30-year mortgage.

“Better a short mortgage term or long?
There are ideal repayment terms for each profile, but can not be said to exist within ideal. This largely depends on the applicant’s income, age and conditions of the mortgage. Below are some tips that will be useful to choose the best term of your mortgage:

1. Mortgage payment: If you choose a longer repayment period will pay a lower premium for longer, which means that you must pay interest and, therefore, pay more for the mortgage. On the contrary, if you can afford a higher fee you’ll pay less interest, reducing the total cost of the mortgage. It should be borne in mind that banks calculate the mortgage payment does not constitute more than about 35% of your income (including the rest of your debt), so that an extension of repayment period will always reduce that percentage and enhance your chances of getting a mortgage. If you want to calculate the mortgage payment, there are very practical and simple calculators to help you adjust the rate to return deadline.

2. Tax benefits: The mortgage allows you to get tax deductions, but only on a maximum annual amount, currently € 9,015.18. If the fee you pay for your mortgage is less than this limit you may want to increase what you pay now for tax benefits in the statement of income.

3. Fees: Some mortgages may allow capital to make cancellations, whether partial or no commission. If the bank offers this option, you can decide to opt for a longer repayment period to reduce the amount of the fee. These more flexible mortgages allow you to reduce the outstanding principal on time, allowing you to pay a lower monthly payment or reduce the repayment period.