Tips to mortgages loan for home purchase
Choosing a mortgages loan for buying a home is one of the most important moments in our lives. A decision that often faces without proper preparation, with the risk of having big economic difficulties in the years. It’s trying to guide you in choosing your first home loan. Designing 10 essential rules to keep in mind not to make the “wrong mortgage”. Always know how to orient yourself into a faceted and ever-changing environment like the financial world.
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Compare multiple offers
Compare different solutions and use an online compactor to find out quickly. Effortlessly what the product is really best suited to your needs.
Do not require too much money
100% mortgaging banks are not many and it is advisable not to exaggerate with the capital requirement.
Remember, usually, your mortgages loan installment should be less than 35-40% of your household income. Otherwise the bank may refuse your proposal.
Consult the documentation
Banks are required to include in the information documents all the terms of the mortgages loan and the costs you will have to pay to repay.
Pay particular attention to Tag, the actual cost of financing, and spread, which indicates the bank’s real income and may vary from one institute to another.
Remember your early extinction
If your finances allow it, you can extinguish the outstanding debt of the mortgage in advance, saving you on the remaining interest.
If you’ve made a mortgages loan after February 2, 2017, to buy a home or renovate it, you can also benefit from the Bersani Decree, which annuls the early extinction penalty.
Do not neglect insurance policies
Each bank usually proposes one or more mortgages loan together with the mortgage that offer different types and degrees of insurance coverage.
Costs and features vary from bank to bank: carefully evaluate this opportunity, as taking out a mortgage insurance can save you from major financial risks.
Choosing the rate is crucial to finding the ideal mortgages loan.
The variable is generally cheaper but riskier, while fixed is more expensive but guarantees greater security.
There is no precise rule: choose based on the current trend of the market indices on which your mortgage rate is calculated and the stability of your economic situation.
Evaluate mixed formulas
The variable rate with CAP and the mixed rate can represent an anchor of salvation for the most undecided and those who are not satisfied with the typical fixed and variable rate solutions.
Keep in mind, but do not forget that the bank in these cases applies.
Learn about discounts
Mortgages for home purchase allow you to access some major tax breaks. First of all, the Irpef deduction of 19% calculated on a maximum annual amount of $ 4,000.
Trust in a guarantor
If you can not offer certain guarantees and the bank does not intend to grant you the mortgage, entrusting yourself with a guarantor can be the only solution.
For young borrowers, often guarantees a parent.
Banks estimate the “value” of a guarantor based on income, property estate, age and any other guarantees provided.
And if something goes wrong?
There are various ways out for the customer who is in trouble with paying the mortgage.
Insurance policies initially stipulated, suspension of rates for a predetermined period, any moratorium, without forgetting the classic surrogate or renegotiation options.
Alternatives do not lack and the risk of getting to a “forced conclusion”, if you act carefully, is extremely low.