What is the Ideal Debt-to-Income Ratio for a Mortgage?
When you apply for a mortgage, we assess your financial situation to determine the reasonable amount you can spend on the purchase of a property, taking into account that you are in a stable position to continue making your monthly mortgage payments. . It’s also a way...
Can I refinance my mortgage with no closing costs?
While some of the closing costs will not be negotiable in some areas you may qualify for a discounted rate. For example, you can ask the lender to waive application fees and processing fees. Origination fees are usually 1% of the loan amount. With a $300,000 refinance the...
What is the average interest rate on a mortgage right now?
Interest is often called “the rent of money” because it is an amount that must be paid between the time of the loan and its complete repayment, just as we pay rent during the term of our stay in the accommodation.
How is the interest rate determined
The interest...
What are the disadvantages of reverse mortgage?
Complementing retirement is increasingly important to be able to enjoy a moment of retirement from work with a better quality of life. The problem that many Spaniards encounter is how to do it. In Spain you do save, the problem is that its financial culture is very different...
Insurance linked to mortgages, how do they work?
The risks associated with a mortgage are unlikely, but if they do occur, they are truly damaging. There is mortgage life insurance to cushion this blow, which comes into play when the insured’s life is cut short by death, illness, disability, unemployment, or other...
What Are Mortgage Rates?: What is the APR on a Mortgage?
When a loan is obtained, what must be repaid in installments is the amount collected and the interest due, which is the bank’s remuneration for the loan disbursed, and other related expenses. So how do you calculate interest on a mortgage? Let’s take a look. When...
How to be Scotland debt free within 5 years.
What is Scotland’s Debt Arrangement Scheme?
The Scottish Government established the Debt Arrangement Scheme (DAS). It allows you to repay your debts in a manageable manner without the threat of legal action from the people to whom you owe money (creditors) like in the...
Reverse Mortgage: Is It Really Worth It?
The reverse mortgage is a way to obtain an income to complete your payment when you retire, taking advantage of your home. It can be instrumental, but it also has its risks.
There are many ways to take advantage of a house to retire better and complement the public pension....
Contract, mortgage, and other procedures
Purchase contract
The contract for the sale of a home can be made either in a private document, or in a public document (authorized by a Notary Public ), but the buyer has the right to demand the public form (the Civil Code says that it must be recorded in a public deed).
It...
What is a second mortgage?: How it works
Depending on his financial situation and his previous financial transactions, a borrower may need to obtain new credit or make a credit consolidation, in addition to a first mortgage loan.
The second mortgage allows the use of real estate held as collateral despite the...