As we have told you on other occasions, buying a home and financing it is one of the most important decisions in a person's life. Although mortgage regulations increasingly establish reflection periods, it is important to study beforehand what house we can buy and have knowledge or training in mortgages to know what type of mortgage is best for us or how much the mortgage's ties will increase in price.
In this regard, the real estate portal Idealista has conducted a survey to find out market perceptions and to understand the mortgage training that citizens have.
Mortgage training: How much savings should you contribute?
When asked about the savings required to apply for a mortgage loan, very different opinions were expressed among the people in the sample. While the vast majority of respondents, 2 out of 3 people, believe that to obtain a mortgage loan, up to 20% of the transaction price must be contributed, 26.3% consider that a figure between 20% and 10% will be sufficient to obtain the loan. Meanwhile, only 3% of the sample believes that a sum of money less than 10% would be enough to grant them the loan. The remaining 4.7%, a high sum, supports the belief that it is not necessary to contribute capital to obtain financing for the purchase of the property.
Mortgage training: The cheapest mortgages
More than half of the people surveyed, 67.7% of the sample, opt for the variable rate as the most economical option for taking out a mortgage. On the other hand, 30.7% believe that a fixed-rate mortgage, with no variations in its instalments, provides security that will translate into savings in the future.
1.6% of respondents say that loans that allow payment in other currencies, known as multi-currency mortgages, are the cheapest mortgages for them.
Mortgage training: factors that affect the price
For almost 70% of respondents, the interest rate or the spread are the two factors that can determine the initial amount stipulated for a mortgage. 19.2% believe that the commitments of the loan will increase the purchase price, and 11.7% believe that the commissions that accompany a loan will increase the percentage of the mortgage.