Nowadays it is not strange to be able to obtain a mortgage for the purchase of the home through the Internet, either from the financial institutions’ own pages or through fintech or marketing companies and even brokers. However, they are mortgages that have differences with those offered in bank offices or savings banks, especially in terms of their cost. AND,what is more economical for the consumer? An online mortgage or an office mortgage?
The answer depends on each entity and what is offered because, in addition, there are banks and savings banks that establish certain Mortgage conditions based on income of the person who is going to buy the home. In fact, the volume of income of the person who is going to buy the home is the main negotiating element when it comes to the mortgage.
And we must not forget that many mortgage offers that are shown through mortgage comparators or fintech are not offers in themselves, since they respond to the mortgages on the websites of financial institutions.
And then which one to choose? Taking into account the cost of the mortgage, it is observed that in general The one that is carried out through an office is more advantageous for the consumer.. That is, according to the traditional method with banks and savings banks. And why? There are several differences between the online mortgage and the office mortgage in this case.
The first of them is that a bank office employee has more room for maneuver upon knowing the last-minute guidelines of the entity and the behavior of its risk department in terms of granting and denying mortgages. However, in the case of online mortgages, the call made to the consumer is usually from people from companies or contractors outside the financial institution and who work one month for one bank and another month for another. This means that they have less flexibility, according to the Aicar-Adicae ‘Study of the online mortgage offer’, presented today in Zaragoza.
Nevertheless, In the face-to-face offer, a link is usually made with other products to reduce the mortgagewhich means that this economic advantage can be lost compared to the online mortgage. Sometimes, The cost of contracting these products does not offset the bonus in the mortgage loan.
Normally, The maximum bonus offered on the interest rate is 1%offered gradually depending on the number of products contracted. In this way, it is common for 0.25% to be applied first, then 0.50% and, finally, that 1%.
This 1% bonus on an average mortgage of 150,000 euros amounts to 125 euros per month in the first years, reaching 1,500 euros per year, but is reduced to zero over 30 years of mortgage.
And the products linked to the mortgage to benefit from the bonus have a cost that is not always known. It is the case of the direct debit of receipts and payroll with which the consumer renounces the exemption in maintenance fee from the bank account, which amounts to between 120 and 200 euros per year on average. In this way, an increase in commissions may occur in the account from which the payroll and receipts are withdrawn.
Another of the most common linked products is insurance. For example, the Home-fire insurance implies an additional cost of between 120 and 200 euros per yearalthough it depends on the policy subscribed, while Life insurance means adding between 440 and 360 euros per year. Furthermore, in some cases the so-called single premium is established, which requires paying the premiums for every year from the first day.
Also linked are the credit cards with an average of 40 euros per year for maintenance and provided that a minimum number of purchases are made per year, as well as the pension plans with a minimum contribution of 600 euros. Sometimes they even link investment funds in which a minimum contribution of 900 euros is requested.
It is thus time to do the math and make sure which mortgage is the best in terms of cost, whether online or in office and depending on whether you opt for the bonus and the linking of various products.
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