learn how to Request Housing finance from financial institutions?

Housing finance, the most important transaction that takes place in life, because it is the commitment that takes more time with a financial institution, between 10 and 20 years. Therefore, the decision to invest in the property must be planned, as well as considering a series of factors along the way. We chose the perfect house and decided to take the big step of buying it.

Housing Finance Process

After passing the process of the search and the corresponding paperwork, for most of the future owners another great chapter is opened: to request the housing finance. Then, how to choose the most convenient type of housing finance? How to calculate the term and coverage that suits us best? Which bank offers the most advantages when granting a home loan? The main thing is to learn about the financial institutions that have products for the purchase of housing with appropriate rates and terms according to the payment capacity of each person or family. It must be borne in mind that some entities offer loans for the acquisition of the first home and others also include for construction, renovation, expansion or termination, always depending on the objective or family project. When you choose the mortgage, you should look at something more than the publicity made by the bank and thoroughly examine the condition of the mortgage.

Once you sign it, there will be no going back. For this, you can count on the help of a lawyer or real estate expert to guide you and warn about certain abusive conditions whose application is illegal, such as some ground clauses that are not clearly reported to the user, since they set a minimum interest. There is no single mortgage, but there are several types. The most widespread are the mortgage at a fixed, variable and mixed interest rate. The first one provides security because it keeps its interest rates unchanged, that is, throughout the duration of the loan, the fee payable will be the same because it is independent of the fluctuations of indicators such as the Euribor.

However, they tend to be more expensive because the interest rates are higher since in this case, it is the bank that assumes the risks of interest rates going up. Finally, it is very important to know the ease with which you can communicate with the financial institution. You will not know this until you have chosen the home loans, but you can ask friends and family about their experiences acquiring housing finance with the entities you are considering. The comments that they give you will help you to get a glimpse of which entities make the most effort to solve doubts and help mortgage loan clients. Beyond the number of offices that an entity may have, verify the facility to contact the corresponding area by mail or phone, and above all, validate the speed with which they usually respond.