Many banking entities take advantage of the granting of mortgage loans to link a series of products that can increase the final price of the product in question. We tell you what they are.
He mortgage loan It is the most used solution to access the purchase of a property. The Bank entities, When they carry out the granting of the same once they have studied the risk of our profile, they usually link some products that are not mandatory and that, if we take into account their cost throughout the entire useful life of our loan, we can reach to translate into several thousand euros. In some cases, they are a good option, but in others they are not. We tell you some of the aspects that we should pay attention to.
Mortgage conditions
One of the main elements that we must take into account is that the mortgage we choose must meet our needs at all times. Banks, like other companies, have objectives that may not coincide with the type of mortgage you need. Therefore, we should not only sign the first options that are offered to us, but we must evaluate the advantages and disadvantages of the different mortgage loans. Especially regarding interest: fixed, variable or mixed.
Furthermore, we should not only think in the short term. If there is a real possibility that at some point you can pay off the mortgage early, the interest rate you opt for may have a very important value that is key for you to take into account before opting for one option or another.
Linked products
Along with the interest rate, another of the major expenses that can increase the price of our mortgage are linked products such as, for example, the insurances. The contracting of certain insurance is not mandatory, however, many entities make these policies a condition to be able to enjoy a more advantageous interest rate. It is possible that we might actually benefit from taking out the insurance in exchange for enjoying a cheaper interest rate. However it is not always so. Therefore, it is recommended that we demand from the entity in question the maximum possible transparency to know if, indeed, it benefits us to assume the cost of the insurance in exchange for saving a percentage of our insurance.
Furthermore, and as stated by the media 65ymás, it is advisable to reduce all products that subsidize interest to a minimum, since they represent an additional monthly expense which, in many cases, increases in cost annually. So although it may be profitable initially, it may not be so in the long term.
The commissions
Commissions are another aspect that can make our mortgage more expensive, as pointed out by the same media cited. Especially the surrogacy fees either early amortization. The first of them refers to the cost of changing the mortgage from the current entity to another bank with better conditions. While the second should be considered if we have the idea of being able to cancel the mortgage at some point.
Once we have studied everything above, the last thing that remains is analyze the offerWhat the bank offers us and ensure that the conditions cannot change over time. In this way, we will avoid unexpected increases that could strain our financial stability more than necessary.
