In this section we will try to answer many of the questions that a person is asked when they need to take out a mortgage loan, change your bank mortgage or negotiate a debt reunification, among other mortgage situations. Mortgage questions and answers that allow users to make an intelligent and prudent debt decision.
We leave the “Finance” section for the most theoretical information of the mortgage world and reserve the ” Questions and Answers ” section for all those practical issues that usually arise when facing for the first time with the process of contracting a mortgage loan.
Main mortgage doubts
Do I go to many banks to ask for the mortgage?
Our first recommendation is that before going to the bank, the tools to compare mortgages are used, although many offer the results of the mortgages that they pay to the comparator, not the best ones; also, that the bank in which we have domiciled the payroll or income of self-employed, who in theory knows our economic profile better. In the not too distant future, the best mortgages of fintech banks can be compared on the Enfintech.com portal.
You must prepare a dossier with all the updated information, the latest payroll, contract and working life, among other documentation. I also recommend preparing a basic report of our curriculum, in order to explain clearly our training and experience, factors that guarantee that we will be able to obtain income in the future, which will determine that we can pay the mortgage without problems today and tomorrow. This dossier is recommended to deliver to the 2 or 3 banks that offer the best conditions in mortgages adapted to our profile and needs. Our suggestion is that banks are not being told that we are negotiating with other entities, since if we know it, they may take our request calmly, knowing that no matter how much they give us the mortgage, we still sign with another entity (and the Bank staff would have worked in vain). Only when we have approved the mortgage does it make sense to communicate the conditions approved by the other banks, to have more strength to negotiate better conditions.
The mortgage consultants who collaborate with our portal are experts in negotiating for you the best mortgages. What are you waiting for without obligation?
Fixed or variable rate mortgage?
It depends on the fixed rate and variable rate conditions that have been approved, on the one hand, and the profile of the mortgaged.
An important issue that is not usually taken into account when requesting and granting a mortgage is the type of client that requests it. There is no better mortgage in general, there is a better mortgage for each client in particular. We must assess the economic situation of the client, their financial culture, their ability to save and other circumstances to recommend a fixed or variable rate mortgage. By way of example and generalizing, a non-customary savings officer would be a good candidate for a fixed rate mortgage. On the other hand, an entrepreneur with savings capacity and investment knowledge, who saves when the mortgage is low and prepays early if the rates rise, should opt for a variable rate mortgage.
Is it worth hiring insurance with the bank?
As a general rule: do not take out the insurance offered by the banks, or have worse coverage than those contracted directly with the insurer, or are more expensive. We recommend going to an insurance expert, basically independent insurance brokers.
There is no Law that requires the insurance offered by the bank, none.
Related products, do they suit me?
We consider it normal for the bank to require us to pay the payroll or income. And that we have a debit and credit card, if you don’t have commissions. If they offered us good home insurance, it would also be a good link (the bad thing is that they don’t, they are worse or more expensive). Life insurance makes sense for many families, but we recommend consulting with independent professionals, not the bank.
The idea is not to contract mortgages with banks that force us to pay for other products that we do not want or agree with. In addition to illegal, it is not ethical.