vWhen we want to buy a house, most of us must sign a mortgage in order to pay it. Even though at the beginning may turn out as a headache, especially for those without experience… truth is, it is not as bad as it seems.
The most important steps to ask for a mortgage in Barcelona are:
1. Analyze the market
If money is kind of a matter, when asking for a mortgage in Barcelona, you should analyze and study deeply the market, using the simulators that banks own on their sites. This way, by introducing simple data, you might get an idea if you would be given a mortgage and the maximum quantity you might get.
It is a good idea to use that filter to know your maximum quantity to look for a property. It will make the process easier due to the fact that you will not loose time with prices you can not handle, so you will go directly to those prices within your budget. That will save time.
2. Interests types and related products
Once you have chosen a property, make an appointment with the bank which offers you the best mortgage. Ask for information about the interest type, if it fixed or variable interest, and the related products.
Among the documents they will provide you, there has to be the “Pre-contractual Information Sheet” where they detailed explain you, the offered product and the Personalized Information Sheet regarding your demand.
Get informed about the different kinds of mortgages banks can offer, since they might differ from one another.
3. Property Status
One of the most important documents you must own before talking to the bank is the simple copy of the property. This document you might easily get it asking to your local Property Register. On that document it is explained the current status of the property, if it is an unencumbered property, square meters, precise location…
4. Subrogated Mortgage
Occasionally, the property seller, offers the chance to the buyer to be subrogated to his current mortgage (debtor’s subrogation) avoiding to sign a new one; this comes with pros and cons. As pros, you might save some costs from a new mortgage, but one of the main problems is that you won’t be able to choose the banks or the conditions within it, meaning you will have to agree with every term the former owner signed.
If you know someone that might be interested in this information, do not hesitate on sharing the post and letting him or her know about all the steps to be followed. You might also get in contact if you have any questions or doubts in order to get them solved. Was it easy for you to get a mortgage or did you have more trouble than expected? Tell us your experience!