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Posts Tagged ‘mortgage’

Ensure you negotiate well your mortgage conditions

When choosing between mortgages, you have to study and negotiate the fees that the different financial institutions establish. Amongst the many different charges they apply, today we will highlight the commission paid on partial or early repayments and the full cancellation fee.

Although at the time we formalize the mortgage we do not take into consideration the option of early repayments, we have to negotiate the commission the bank will apply, since the life of the mortgage is very long and situations may vary.

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The mortgage reference rate increases again in June

The Euribor interest rate, which is used as reference for most mortgages in Spain, ended the month of June 2010 at 1.281%, which make these three consecutive months on the rise and marks its highest value since August 2009 when it stood at 1.334%. Analysts say it will continue to increase its value slightly.

The reason for predicting the increase of the Euribor rate is the uncertainty in the interbank market, which has not improved even after the European Central Bank guaranteed liquidity or the Spanish Treasury auctions closed successfully.

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Taking out mortgage insurance

Mortgage insurance is one of the formulas used in recent years because it allows the insured to protect oneself from the risk of defaulting on monthly repayments. Many banks do not consider it mandatory to issue mortgage insurance, however the number of people who take out this kind of insurance policy is on the rise as in the current economic situation it provides peace of mind with regards to the prospect of becoming unemployed or not being able to meet the monthly repayments due to a rise in interest rates.

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Number of mortgages on the increase

The upward trend of mortgage granting continues, according to the latest data on capital borrowed from financial institutions to purchase homes, which now reaches 6,478 million euros.

The signs of recovery in the housing sector in Spain are becoming clearer, as indicated by the last data published concerning the number of mortgages on homes. In February 2010 this figure increased by 8.5% compared to February 2009, reaching 54,813 the number of mortgages granted, according to data released by the National Statistics Institute (INE).

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Mortgages are on the increase again in 2010

The financial institutions have signed a total of 53,747 housing credits in January 2010, this finding is the first positive value for two years. The number of mortgages constituted in January 2010 increased by 2.3% over the same month in 2009. Another positive fact is the increase of the inter-monthly rate by 12.3%.

These data certainly show signs of recovery but we should wait to see if we are facing the start of an upward trend in the number of mortgages on residential property or if this is only a temporary improvement.

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