The technology is changing the industry dwelling. And not only in the way it is built with the incorporation of different technological tools and systems or in its marketing to see authentic 3D or augmented reality recreations, which allow you to experience what it will be like to live in that apartment, although yes, virtually.
Changes are also taking place in the mortgage contracting with the emergence of mortgages 3.0 or hypotech. Some terms that refer to the mortgage loans that are contracted through the online channel. This segment, online mortgages, continues to expand, largely thanks to new generations. Specifically, 60% of digital profiles go to the Internet.
And why are hypotechs having this boom? ¿They are really more advantageous than mortgages that are contracted through the conventional channel in an office or bank branch? There are several factors that must be taken into account.
Among the most advantageous points of 3.0 mortgages is the greater customer accessibility to financingas well as the immediacy. There is also more legal certainty because all the documentation is sent in writing online to the person requesting the financing, while in an office most of the information is verbal.
However, there are another series of aspects that must be taken into account before making the decision to take out a mortgage online or in an office. The first of them focuses on the interest rates, which differ between the online and physical channel.
In general, it is observed that the mortgage offers on websites have higher interest rates than mortgage loans in offices, which usually offer better conditions, but because they carry linked products such as contracting insurance, pension plans, savings plans. or some investment product. That is, in the office it is common to offer a bonus product. And, although the interest rate seems lower because of that bonus, when contracting other products, it ultimately becomes more expensive.
This link does not exist in the online channel in which you can also find mortgages with and without a bonus and without additional conditions, favoring more informed decision-making, as stated in the ‘Analysis of the current online mortgage offer and impact of mortgage aid measures’, carried out by Aicar-Adicae.
Comparators
The form of contracting also differs. While in the office, you have a salesperson, the hypotech can be hired in three ways. One of them is through web pages that are mortgage comparators. In this case, the person does not have to pay to receive information about the most suitable mortgage loans for their home financing operation.
However, you have to know that comparators are financed with the commissions, payments at the end of the contract or agreements that they establish with the banking entities whose mortgage products they compare, although there are entities that are not willing to pay.
And this is an aspect to take into account because the information offered may not be reliable if only the comparator works with the entities that pay it or maintain an agreement. One reason why these mortgage comparators should submit at least three offersaccording to current legislation to guarantee its independence. Furthermore, to know if the comparator is safe, it is advisable to do the verification with the Bank of Spain, since they have to be authorized.
And another factor to take into account on these comparator pages is that the information that the person initially provides is very generic, making it necessary to break it down to transfer it to the financial institution.
Brokers
Another way to contract the hypotech is through mortgage brokerswho act as managers or intermediaries, providing a personalized service, with also a minimum of three offers.
And here you have to be careful if you don’t have many financial resources because the client acquires a commitment to pay an amount which can be understood among the 3,990 euros and 4,5000 euros. There are also some that cworks 1% of the price of the house.
This cost is more exorbitant and its payment is committed when signing to have interesting mortgage financing proposals. They are more recommended options for people with a certain solvency or when financing greater than 80% of the price of the home is sought.
Financial websites
The third option is online contracting through the website of a financial institution. Currently, all of them usually have a simulator of the installments depending on the price of the home, the amount needed to finance it, years of amortization, whether or not it is a primary residence…, among other parameters.
In this case, we work with more general information about the client, which must be more specific in a second step for contracting and ensuring their economic capacity. Next, it is common for a salesperson to contact you by telephone to close the operation, which culminates in the formalization of the loan, normally at a notary’s office.
And, above all, be careful with one issue: even if you have to go to the notary, it is understood that you understand what you sign and that you agree with the established clauses. Likewise, with the telematic signature.
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