How can I make a successful mortgage application?

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After months of searching for a house, you have finally found it and now it is time for the next phase: making a mortgage application . This process can be quite frustrating and complicated, so today we are here to give you a few tips to make a successful application.


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In today's article we will see the steps you have to follow to make the request and what aspects you have to pay attention to to get good conditions.

Make a successful mortgage application
Step by Step
Let's briefly see what are the steps to follow to make a mortgage application :

See your financing possibilities: permanent employment contract, 20% of savings and good credit history. If you do not have these requirements, it will be much more difficult to get a mortgage with good conditions, without the help of a mortgage broker . You can try our mortgage simulator to see what your payment would look like.
Ask for information . It is important to ask for information from several financial Chinese Overseas America Number Data entities to be able to compare and see what each one offers. To facilitate this step you can use a mortgage comparator.
Send the documentation.
See the conditions offered by the bank and negotiate the mortgage .
Sign the deed before a notary.

Recommended reading:   5 Keys to negotiating the best mortgage on the market
Aspects to take into account when applying for a mortgage
As we have seen, one of the steps before signing the mortgage is to see the conditions . This point is very important and you must read the contract and the clauses very carefully. To help you, we will see what factors you will have to take into account:

Types of interest
In a mortgage we can find three types of interest: fixed, variable and mixed. The most common are the first two, but it is interesting to know that there is a third option for those who do not want to take so much risk.



Variable mortgage . This interest rate is linked to a reference index, most often the Euribor. This implies that your quota will vary depending on the index , currently it is in negative numbers so the quotas will be lower. Of course, there is a risk that the index will rise and you will find yourself with a much higher fee.
Fixed mortgage. It is the most stable and implies the least risk; throughout the loan you will have the same installment without variables. The most common thing is that mortgages with this interest rate are more expensive.
Mixed mortgage . During the first years you will pay a fixed fee and after this period you will move on to a variable mortgage.
Which is the best option? This will depend on the person and what type of interests they are most interested in for their finances. It is a decision that will influence your life in the long term, so you have to weigh the advantages and disadvantages of fixed and variable mortgages.