Si estás pensando en comprar una casa, seguramente también estés pensando en calcular una hipoteca. Y es que, por mucho ahorro que podamos tener siempre es interesante to know what options banks offer us. But, Is it possible to calculate your home mortgage in a few clicks as advertised by the banks? We tell you everything you need to know.
What does the bank take into account when granting a mortgage?
When we contact the bank to apply for the mortgage, the first thing it does is to carry out the following steps un estudio económico en base a nuestros ingresos y endeudamiento. Este estudio mide nuestra capacidad de pago y le dice al banco si suponemos un riesgo de impago.
As mentioned above, two things are measured in this study:
- Los ingresos totales de la unidad familiar. That is to say, the income of all buyers. This can be individual income if we buy alone, or the income of the marriage if we have a community of property. From the net total received in the household the debt ratio will be used as a starting point. For the calculation of revenues also se tendrán en cuenta otro tipo de rentas percibidas como ingresos por alquileres o dividendos de inversiones.
- El ratio de endeudamiento. Es el total de pagos mensuales que tiene la unidad familiar, es decir, la suma de todos los pagos como préstamos, otras hipotecas, tarjetas de crédito y en general, anything that involves a family debt. As a result, the debt ratio will be at resultado de ingresos brutos – pagos.
Therefore, although many websites offer you an online pre-approval. We cannot count on a real approval until the bank has all the data and finishes the economic study.
When will the mortgage be viable?
The bank will grant us the mortgage as long as the monthly expenses do not exceed 30-35% of our total income.
Let's look at an example:
- Monthly income: 2000 euros
- Monthly expenses: mortgage of 750 euros
In this case, the operation would not succeed because the total expenses (mortgage) amount to 37.5% of the income and the bank considers that the person may default.
Value of the property and valuation
These two concepts are also very important when calculating the mortgage. Since the 2008 crisis credit institutions are not offered as a general rule, more than 80% of the lower of purchase price and appraised value. This means that, for example, if we want to buy a house worth 200,000 euros but the official valuation is 180,000 euros, the bank would offer us the 80% of the latter value, which is the lower one.
Savings contributed
It is essential if we are going to buy a home that dispongamos de un cierto dinero ahorrado. En la compraventa, además del porcentaje que debemos aportar per se en la operación (20%) también se añaden los gastos derivados: notaría, tasación, impuestos y registro. Estos gastos suelen estar en torno al 10% del valor total de la vivienda. Por lo que, si vas a adquirir una casa, debes de tener aproximadamente el 30% del valor total en ahorro. Aunque los impuestos y gastos varían, el porcentaje de ahorro es muy similar en obra nueva y en segunda mano.
Types of mortgages
Once the operation is clear, we must choose the mortgage that best suits our needs.. In this case we have several options:
- Hipoteca fija: Currently, due to the rise of the Euribor, banks are not offering fully mixed mortgages. However, these types of mortgages are based on a single interest rate during the whole operation. Lo que significa que pagarás la misma cuota de hipoteca durante todo el préstamo.
- Hipoteca fija bonificable: es el mismo caso que el anterior, pero this fixed interest rate depends on whether you have certain conditions contracted with the bank, such as home or life insurance, pension plans and direct deposit of salaries. As long as these conditions are maintained, there will be no problem. If you modify any of them (such as cancelling an insurance policy or changing your pay cheque, the hipoteca subirá, ya que se revisa cada 6 meses).
- Hipoteca mixta: este tipo de hipoteca es una mezcla entre tipo de interés fijo y variable. Durante los primeros años de vida del préstamo, tendrás an interest rate that will always be the same and you will pay exactly the same mortgage amount. After the period agreed for the fixed mortgage has elapsed, will become variable and the interest rate, and hence the interest rate, la cuota se calculará sumando un tanto porcentual al tipo de interés del euribor en ese momento.
- Variable mortgage: este tipo de hipoteca depende completamente del tanto porcentual al que se encuentre el euribor en cada momento de vida del préstamo. Generalmente an interest rate of between 0.5% and 1% is added to the percentage rate of the Euribor.r. So, for example, if the Euribor is currently at 4.16% we would pay approximately 5.16% interest.
What type of mortgage is best for me?
There is no universal answer to this question. Fixed rate mortgages are always good in the sense that you know exactly how much you are going to pay each month.However, taking into account that banks are offering them at an interest rate equal to the variable rate + Euribor, in times when the Euribor is high, you will end up paying the same for both types of mortgage. However, with a variable rate, when this indicator goes down, ahorrarás dinero de la otra manera no.
Para elegir una hipoteca, lo mejor es estudiar nuestra situación personal. Qué es lo que más nos interesa en ese momento y cuáles son nuestros planes de futuro.
