🙌 ERRORES A EVITAR SI VAS A PEDIR UNA HIPOTECA

Summary

This video offers expert advice on mortgages, covering essential topics like how temporary public employee contracts are viewed by banks, the pros and cons of different mortgage types, and the best times to change banks or refinance. It emphasizes the importance of individual negotiation for securing the best terms, discusses the challenges faced by non-residents and older applicants, and clarifies the fees for personalized mortgage brokerage services. The speaker's approach prioritizes tailored, client-focused assistance, offering a distinct alternative to automated fintech platforms.

Takeaways

• 😀 It's important to understand the type of mortgage you have before considering options like changing banks or paying off the mortgage early.
• 😀 Public employees with temporary contracts (interinos) are almost treated like permanent employees by banks, though they are not officially considered civil servants unless their position is published in the Official State Bulletin (BOE).
• 😀 Changing your mortgage is possible at any time, but it's recommended to wait at least 1-2 years to ensure the mortgage has matured and is more attractive to banks.
• 😀 Banks are less likely to approve mortgages for individuals over 55, and by 60, it becomes even harder to get a mortgage approved.
• 😀 Fixed-rate mortgages above 3% are considered too expensive, and mixed-rate mortgages are generally a better option, especially if you can get a rate under 2%.
• 😀 Non-residents typically have a hard time securing favorable mortgage conditions, with most banks offering only up to 70% financing for non-residents.
• 😀 Jesús charges a fee for his mortgage brokering services (2,900 euros) and works directly with clients to ensure they get the best terms, unlike fintech platforms that work on behalf of the banks.
• 😀 If a mortgage deal falls through or is denied, Jesús guarantees a return of the money as long as the client is honest about their financial situation.
• 😀 When applying for a mortgage, it's crucial to ensure your financial information is correct, such as checking for any existing debts that could affect approval.
• 😀 For loans around 150,000 euros over 10 years, a mixed-rate mortgage with an interest rate under 2% is often better than a fixed-rate mortgage.
• 😀 Joining Jesús' Telegram channel is recommended for more information and updates on mortgage advice and live sessions.

Q & A

What should I consider before changing my mortgage?

It's important to let your mortgage mature for at least 1-2 years before changing banks. A 'mature' mortgage means it has been active long enough for the bank to consider it stable. Changing it too soon could result in higher financial penalties and difficulties with securing a new deal.

Can I change my mortgage at any time?

Yes, you can change your mortgage at any time. However, it’s advisable to wait a year or two to avoid penalties and increase the likelihood of finding better deals. Banks prefer mortgages that have been in place for at least a year before considering them for refinancing.

How does the bank view temporary or interim government workers when applying for a mortgage?

Banks treat interim or temporary government employees as if they have a fixed contract, especially when they're working in health sectors. However, only those who have an official, permanent position published in the BOE (Official State Gazette) are considered full civil servants.

Does my age affect my ability to secure a mortgage?

Yes, age can impact mortgage eligibility. If you're 55 years old or older, banks may be less inclined to approve your loan. By the time you reach 60, many banks might refuse to give a mortgage due to perceived risks regarding your ability to repay.

How much can non-residents borrow in Spain?

Non-residents can typically borrow up to 70% of the property's value, and the loan term is often limited to 20 years. Some cases might allow for more if there's personal negotiation, but it's not the norm.

What is the maximum term for a mortgage under the ICO program?

The ICO program generally doesn't offer loans for more than 35 years. While there were some discussions about extending it to 40 years, that's not currently common practice.

Can I get a better mortgage rate by negotiating individually or with a group?

It's generally better to negotiate your mortgage individually. While group negotiations might offer some leverage, individual negotiations can be more effective as banks may offer better terms based on your specific profile.

Why is it better to work with a mortgage intermediary who charges clients directly?

An intermediary who charges clients directly works to get the best deal for you because their interests align with yours. If they are paid by the bank, they may not be as motivated to negotiate the best conditions. Direct payment allows the intermediary to focus entirely on your needs.

How does the bank assess whether I am eligible for a mortgage as a non-resident?

The assessment process for non-residents includes reviewing your financial stability, such as your income, debts, and credit history. Banks are stricter with non-residents, and usually, the loan amount is capped at 70% of the property’s value.

Is it possible to get a mortgage if I don’t sign a contract?

If you don’t sign the contract, the bank won't finalize the mortgage, and you won’t be charged for the intermediary's services. However, if the mortgage is approved and you change your mind later, the intermediary may still charge you for their work. If the mortgage is denied due to external factors, they may refund the fee.