During the first quarter of 2019, 98,566 mortgages were taken out on homes in Spain for an average value of 123,282 euros, according to the latest data from the INE . Of these, online mortgages represent an increasingly larger percentage , overcoming the initial reluctance that existed regarding this type of credit.
And just like you file your tax return online, shop at the supermarket with a click of a button or book your holidays through virtual agencies, why not take out an online mortgage? At Hipotecas.com we tell you what this type of credit consists of and why it is becoming one of the main trends in the financial sector.
What are online mortgages?
When we talk about online mortgages, one of the main differences with a traditional contracting system is based on the environment in which you carry out the procedures prior to signing before a notary: while in traditional mortgages, you have to go to the financial institution physically, with online mortgages you can formalize all the procedures through your computer, mobile phone or tablet.
The rest of the characteristics are the same, that is, it is a contract by which a credit institution grants a loan to a third party for the acquisition of a good, which remains as collateral for said payment under certain conditions and for a specific period, governed in both cases - both in online and traditional mortgages - by the same regulations and being subject to the same consumer protection requirements .
Why should you consider this type of credit?
However, they are encouraging citizens to take out mortgages. What are the benefits of this type of mortgage loan compared to traditional models?
Better financial conditions
By having a smaller cost structure, online mortgages usually offer more advantageous economic conditions for users. “In the market for loans for the purchase of a home, online banks compete directly with traditional entities by offering the most advantageous conditions for the user,” says the economic portal Bolsamanía .
Generally speaking, mortgage products sold online have much more competitive interest rates and, in addition, they usually do not charge commissions - or they have lower commissions - so you can save a lot of money in the short and long term.
Thus, Hipotecas.com leads the ranking of the best online mortgages from HelpMyCash with the Variable Mortgage , a commission-free product.
Personalized attention
According to a report prepared at the end of 2018 by HelpMyCash, a third of citizens who are reluctant to take out mortgages online would do so if they had a personal manager .
For this reason, some banks that operate online have incorporated personalized customer service and have even opened physical offices to serve their clients. This is the case of Hipotecas.com, where you have your own manager at your service, a professional who will accompany you throughout the entire process and who will assist you both by phone and in person - at the offices in Valencia, Seville, Madrid and Barcelona - whenever you decide.
Transparency
Another aspect that raises more suspicions among the population is the transparency of online credit companies. However, as HelpMyCash reminds us, in the case of online banking, you can consult all the financing conditions on the website itself , so you have access at all times to comprehensive information about the products.
Security
Do you think that the digital environment is less secure or subject to less control? Not at all. When you take out mortgages online, the data is encrypted to protect that information and ensure that only the bank can access it.
Similarly, online lending institutions carry out the same risk analysis as traditional banks, studying your profile in detail to confirm that you meet the necessary conditions to approve the loan.
Comfort
Finally, you cannot forget the great conveniences that come with taking out mortgages online: no travel, no office hours, no waiting...
With all the information online, it will be easier and faster for you to evaluate the different credit proposals on the market and hire the one you consider most appropriate . Best of all, you can do it from the comfort of your own home, without having to travel across the city from office to office, which also makes it easier for people with reduced mobility or citizens of small towns to access. In addition, online banking is much more agile, so you will receive a response on whether or not your credit has been approved in a matter of hours .
Still unsure about the advantages of online mortgages? Put us to the test !