Things that it is necessary to know about the mortgages

www.minus19.com

05-02-2009 | Javier Gomez

In the previous article on how taking the negotiation of the mortgage, one of the first points that we were advising was of having all the possible information before entering the Bank. And to have information refers to knowing not only the offers of the different rival banks, but to being able to handle the economic concepts with which we are going to face in this art of the "negotiation" the shift TV/radio commercial.

We will have a profitable position if this one sees to us insurances of us ourselves and knowing about what we speak. But for that we must know where and in what paragraphs of the mortgage we will be able to manage to cut away the expenses, which after all it is what we are interested in:

These are the principal economic concepts which we face whenever we speak about “mortgage“ and the things that we must know about them:

- Commission of Opening: it is the amount that is paid at the moment of formalizing the mortgage, and that usually includes expenses of study, of administration and of management. Generally they apply a percentage to us on the capital that they give us. We have to know that this is one of the points in which we can haggle, and which with good hand, we can go so far as to achieve that these expenses are 0.

- Commission of Early Amortization: unfortunately, it does not happen to many to think that in any certain moment of the life of the loan, we can walk liquidity attics and decide to cancel a part of the loan. And when we go to the bank to cancel it, we meet that will apply a strong commission to us on the amount that let's want to remove. The amortization can be partial or entire, and generally, the banks, they usually ask for a commission for both types of cancellations. Nevertheless, this is an important trick to haggle: to achieve that they us leave to the possible minimum, especially, the partial one.

- Indebtedness capacity: now more that there never looks this capacity that we will have to confront the payments of the mortgage in a future. Technically it is the money quantity that we can destine to pay loans according to the income that we have. The normal thing is that they say to us that beyond 50 % of the income that we should have we must not get into debt mensaulmente, although this low quantity when there is crisis and the banks are not for the work of being big enough. Namely if we have a payroll for 1.000 euros, and the indebtedness capacity they fix it to you in 50 %, that will mean that the Bank will not grant a loan to you that supong that you have to pay a monthly quota bigger than 500 euros.

- Principal: it is the part of the mortgage that we have left hanging of being sick to the Bank, without bearing in mind the interests.

- Lack period: it is a time that grants to itself the holder of the mortgage during whom one stops paying capital and there are paid only interests (it is the most frequent thing), although also there fits the possibility that there are the interests those who stop being paid, or even be both capital and interests jointly.

- Pay-off period: it is the time in which we will establish to return the loan. Remember that in major term less we will pay a month, but major will be the final invoice since we will pay more interests quantity.

it will continue …

To read more on: Economic concepts, Mortgages, finance
Related articles:

There are no comments yet...