The 5 steps to get a mortgage loan

Realize a real estate purchase is a major project, probably one of the most important of a lifetime.

2 # The mounting of the mortgage

If becoming a homeowner can be very attractive, it can also be scary, especially when it comes to a first-time purchase.

It is sometimes difficult to navigate the many steps to take. To help you, here is a quick overview of the different steps that will follow until you get your new keyring!

1 # The contribution of supporting documents

First and foremost, it is essential to find your financing and do a study of your repayment capabilities. For this, all banks will ask you for proof. Generally, you will need to provide your last two tax notices, your last three payslips, your last three bank statements, your credentials, your current proof of residence and, if you already own, your compromise of sale. Some professional situations require additional pieces. For example, all self-employed or business owners must provide at least their last three balance sheets. Know that when you finance your property with a mortgage, you have 45 days to get a bank loan. Do not hesitate to play the competition between the institutions to obtain the best possible conditions.

2 # The mounting of the mortgage

Once your bank’s choice is finalized, it’s time to mount your file. The banker then studies whether you are entitled to special conditions such as a zero rate loan, a home equity loan or a home loan. It also establishes the duration of your loan and the amount of your monthly payments. Sometimes a loan has only one line. The assembly is very simple. On the other hand, at other times, it contains several different loans that overlap and are then smoothed to harmonize your monthly payments. Your financial advisor then provides you with a schedule.

3 # The cost of loan

To have a complete vision of your loan, it is important to have an understanding of its overall cost. In fact, a real estate loan is not made free of charge and, by financing your property in this way, know that it will be more expensive than if you pay it in cash. To know the cost of your loan, you have to look at the amount you borrow, the impact of your interest rate, the cost of your insurance, the fees and the amount of the guarantee. Also, look closely at the penalties applied by the bank in case of early repayment.

4 # Acceptance of the loan offer

Shortly after studying your file, the bank tells you whether or not you accept the loan. This is called the agreement in principle. Therefore, the loan offer is sent by the bank to formalize the terms of your loan. You have a reflection period of 10 days to retract. It is only after this term that you must return your signed loan offer by registered mail.

5 # Refund

Finally, once your acquisition is signed in front of the notary, all you have to do is repay your loan. The monthly payments will begin one month after the signature of the deed of sale, according to the schedule initially established by your bank.

In general, to achieve all of these steps, it takes an average of three months.

Are you a businessman? Request your loan now

An business loan is a loan for self-employed workers with attractive interest and a repayment period, depending on the bank with which you request it, for up to 20 years.

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The operation of business loans is similar to traditional financing in the form of a loan. However, in this form of subsidy three entities are affected: The Official Credit Institute , which will lend the money and set the conditions for its return; the credit institution, which will analyze your financial solvency and credit viability and, in addition, assume the risk in case of default; and the applicant, which must return the amount within the time limits set, together with the interest . aff i?offer id=22&aff id=1291&file id=435

Also for entrepreneurs

The acts as a mediator between the financial institution and the client, so that it can fulfill all the projects in which it wants to invest. Creating a startup , designing a good logo and doing a market study takes time and money. business loans give you a hand to move forward a SME in the short, medium and long term.

Financing lines

Once you have chosen the best model for the financing you need, you must know the types of lines and distinguish the one that best suits you.

  • Companies and Entrepreneurs : A line aimed at freelancers and entrepreneurs who need instant liquidity or want to make investments within the national territory. This method of financing is valid for both private and public entities.
  • Guarantees SGR / SAECA : A line referred to companies, freelancers and public or private entities that have the endorsement of a Reciprocal Guarantee Company or of the State Corporation of Agricultural Insurance.
  • Commercial Credit : Intended for companies that need liquidity through the advance payment of bills pending collection.
  • Exporters : Focused on legal entities that can achieve liquidity through the advance payment of invoices from export activities or the previous production costs of their goods or services for the foreign market.
  • International : It is the only one with two slopes. On the one hand, it is directed towards self-employed workers, companies and public or private entities that need liquidity; and on the other, towards Spanish or foreign companies that want to finance the purchase / sale of goods or services.

Conditions to receive an credit

In general, the maximum amount granted in an business loan does not exceed € 12.5 million and its amortization period is 20 years . Despite this, most of the business loans granted do not exceed € 25,000 and are mainly destined for SME and micro-SME companies.

No opening fees

In addition, business loans do not have opening or study fees, but a cancellation fee in case of early repayment.

How to apply for an business loan

To be able to access an business loan, you must fill out this application and go to one of the entities associated with the Institution, in addition to submitting a proposal detailing who is the applicant for the financing and so that, and the capacity of payment and solvency of the interested party.

With all this, you can already enjoy the money to start a small business, invest and earn even more. Do not wait any longer and ask for it now!

Loan with instant confirmation

In an instant loan, it usually takes only a few days from the application, to the disbursement of the loan amount.

 Lending with immediate decision

Lending with immediate decision

A loan with immediate decision or immediate payment is best received on the Internet at the direct banks. Online, you can usually put together your desired loan yourself and also submit it directly. After entering your personal data, you will often receive a non-binding confirmation or refusal.

Your entries are automatically checked by a system in the background and as soon as you meet the requirements, usually speaks against a final commitment.

The benefits of a loan with instant confirmation

If bills can no longer be paid in time and the car repair is no longer deferrable, quickly has money in the budget. With an instant loan, you are financially independent within a very short time. In addition, direct banks do not have as stringent loan checks as conventional loan institutions. Although some guidelines and criteria must be met to get an instant loan, if you have a fixed monthly income, an instant loan should not be a problem under normal circumstances.

Fast payout and short exam

Of course, the benefits of an instant loan are obvious, as most of the time the payment is made about 1 to 3 days after the application has been submitted. In addition, the loans convince with an immediate decision more and more with a low interest rate . As the demand for such loans has steadily increased in recent years and more and more direct banks are opening up, the battle for customers naturally has only advantages for you as a borrower. Of course, you should not rush to sign a loan agreement and get some comparison quotes.

For this the internet with its financial portals is also a very good tip. You can see at a glance all the available offers and can also use the loan calculator to put together your own personal loan.

Is an instant loan reputable and secure?

Especially when it comes to the money there should be some skepticism. Nevertheless, the providers are usually serious and safe. Of course, you should only take out a loan from a known institution and check the loan agreement for hidden costs and fees . In addition to an attractive interest rate, you should pay attention to special costs and whether it is possible for loans to pay back completely at any time. However, if you have found a suitable loan, it will (after positive verification of your details) also be paid out in the coming days.

An immediate decision loan can be a very sensible investment for many people and is therefore applied for relatively often.

The loan comparison

Before applying for a loan with immediate decision, the user should always inquire whether it is not a better offer from another provider. Various portals can be used on the Internet to compare the individual conditions and services of the provider.

In general, the user must specify the amount, the duration and use itself and then receives a list of the best providers. This loan can often also be requested directly on the Internet, so that the visit of a bank is directly omitted. Also, the decision and the commitment falls immediately with this loan, so that it can be paid without waiting.

Of course, it should be noted that it may take a few business days until the transfer itself is processed and the money has arrived at the bank. However, this depends on the day of the week and the bank, so the user should plan a few days.


Microloan, a solution to deal with exclusion

This system of mutual aid and solidarity consists of lending small sums to beneficiaries who can not normally qualify for conventional loan .

The microloan is designed for all those who have difficulty accessing standard loans. It must make it possible to carry out certain professional or personal integration projects.

The history of microloan

microloan was born in Bangladesh thanks to Muhammad Yunus, economist and founder of Grameen Bank, and 2006 Nobel Peace Prize winner for “promoting the economic and social development of the poor”. Gradually, this method of financing has spread around the world. microloan arrived in France in the late 1980s.

French microloan in a few figures

microloan in France is aimed at both professionals and individuals. In total, it generates 1.3 billion outstanding. In 2015, 187,000 professional microloans were distributed for an average amount of € 6,000. 75,000 personal microloans were also granted for an average of € 2,200.

The operation of microloan in France

The professional microloan

Professional projects make up the bulk of microloan financing. In this case, it often involves helping to create, take over or develop a small business. In addition, most of the professional micro-credits concern the tertiary sector. This financing makes it possible to start or resume an activity and to acquire the necessary equipment.

Personal microloan

Nevertheless, microloan can also be used to finance personal projects. In this case, it is a question of helping the social reintegration, to find a job, a housing, a formation or to help the mobility.

The convergence of several actors

French microloan has a specificity compared to that of other countries. It converges several actors like associations, public services or banking institutions. Thus, competent organizations accompany the projects, making them safer and, at the same time, lowering the cost of microloans. The State also intervenes in certain cases, through the guarantee of the Social Cohesion Fund.

Microloan, a socially advantageous but expensive system

microloan is usually small compared to conventional loans from banks. In general, personal microloans range from € 300 to € 5,000 and professional microloans do not exceed € 25,000. The duration of these loans is also quite short, from six months to three years for personal projects and four years maximum for business loans. While microloan has a very positive social impact, it is also very expensive. microloan is still subject to fixed rates that remain high, given high management costs and high risks of non-repayment. They nevertheless make it possible to fight against very precarious social situations and are in this sense a durable solution for creating and maintaining employment.

Online loan: the most requested

Online loan is a product whose use has grown exponentially as new technologies have evolved, which have been incorporated into the field of finance.

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The immediacy, absence of intermediaries and favorable experience of use offered by these companies that are dedicated to lend money online have made it possible that it is increasingly the preferred option by consumers.

The main banking entities have accepted and understood this new model and have launched themselves to participate directly in the game, so that 45% of the Spanish conventional banking already collaborates with these fintech companies in some way; and it is expected that, in the near future, the figure will reach 85%.

It is the most powerful economies that register the highest percentages of users of this type of quick loans. Countries like England, Germany, Sweden, the United States, Norway, Finland or Switzerland are leading the way , in this matter.

These loans are designed for consumption and most people who request them do so for secondary purposes. Buying a car, changing lounge furniture, financing dream vacations … are the main reasons why users turn to these services. aff i?offer id=22&aff id=1291&file id=435

Hence, it is in the high-income economies where these fast loans are most successful online , since the per capita income is higher and the purchasing power of the average population allows embarking on this type of project.

One of the keys for which this financial product is so claimed is that it offers great transparency to the consumer. The credit companies simplify processes and eliminate intermediaries, so that they represent a great attraction for those who claim their services. This has revolutionized a historically conservative, tight and highly regulated industry that has had to adapt to the new times. The traditional bank moves tab to recover the lost ground.

Germany is one of the leading countries in this sector of online loan . The European Central Bank has put in place measures to stimulate the credit market in Europe and the German country has taken it very seriously. So much so that you can find loans with negative interests , in which the bank grants more money than the client ends up returning. The online bank Fidor Bank and the comparator Smava have launched this type of offers, which, however, are two isolated cases.

The new TLTRO II plan, which grants credit with negative interest to banks that increase their net loan volume by 2.5% between 2016 and 2018; the reduction of the cost of money to 0%; or the deposit facility at -0.4 are the measures of the ECB that have succeeded in stoking the credit market for consumption in Europe and, of course, in Spain.

Interest experienced such a sharp decline that forced the intervention of the Bank of Spain, which decreed that interest on a loan could not be lower than those of any reference index. In addition, it requires entities that these interests cover the costs of capital, risk and non-payment.

These measures, which seek to prevent the profit margin of financial institutions from falling so low that they do not meet the demands of investors, have put a brake on the evolution of consumer credit in Spain and, consequently, on online loan. .

In spite of everything, the volume of money lent to households grew spectacularly in Spain throughout 2016. Specifically, during this fiscal year, Spanish financial institutions received 25,356 million; 28.4% more than the previous year and more than double what was lent in 2012, in the middle of the financial crisis. 12,811 million, according to data offered by the Bank of Spain.

These data yield two interesting readings. In the first place, the evolution of the consumer loan market is growing in Europe and Spain, which also includes the market for fast loans, which are increasingly gaining ground to the traditional ones . Secondly, the greater interventionism of the competent financial and governmental entities causes that, in this sector, Spain will be several years behind other countries with more powerful economies.

Nations such as the United States, the United Kingdom or Switzerland have smoothed regulations, which has encouraged the creation of hundreds of fintech companies that are dedicated to lend money online. The new platforms of

E-lending or fast online loans allow consumers to tailor products, control their personal information, have ease in terms of amounts and payment dates, not be chained to permanent contracts and enjoy greater transparency with respect to the conditions.

In these countries, the consumption of fast credits has become a very common practice. The evolution of technology and all the advantages that this has entailed, the incentive measures of the European Central Bank and its national governments and the facilities offered by companies engaged in this activity have led to an increase in their consumption. throughout the last years.

In the case of Spain, its growth is moderate, although there has been a considerable increase in the money that financial entities lend to households. This allows the forecasts of experts to be very promising, so it is expected that, in the coming years, in which economic growth will be the predominant note, the evolution of online loan for consumption will advance by leaps and bounds and Spain equates with other European powers, in which the use of these financial products is the order of the day among the population that wants quick access to credit.


Online loan: Easy money, fast and without paperwork

Today, there are many people who consider applying for an online loan to cover their financial needs quickly, quickly and safely.

 Knowledge needed to request fast loans online?

To cover all the types that may arise and to help, we have created this simple guide.

Knowledge needed to request fast loans online?

The majority of companies that offer fast loans run a greater risk than traditional or conventional financial institutions but prefer to sacrifice that security and cover the needs of all users who prefer to resort to financing adapted to the times in which digitalisation of services is one of the modern pillars that sustain the advanced society.

The greatest advantage of quick loans over conventional loans is that far fewer requirements are needed to qualify for them . To get a mortgage or a personal loan it is necessary to prove certain requirements that are not required with the quick loans. In addition, in most cases, financial institutions need to conduct an economic study on the person before granting them and, even so, they also usually require extra requirements such as the creation of a certain life insurance or the direct debit of payroll and receipts, so many entities request the hiring of additional services for the concession of a single service, something that is not well understood and that does not cover the real needs of users. aff i?offer id=22&aff id=1291&file id=435

Therefore, for cases in which fast money is needed, the best option will be to opt for an online loan . In this way you can get the money as soon as possible, without even having to move or contribute anything other than personal data and the bank account where it is necessary to make the deposit.

General conditions of quick loans

To understand all this we will start defining what is meant by fast loan, being those that are granted in a period not exceeding 48 hours but whose amount does not exceed in any case the 5,000 euros of generic form.

For these types of needs, the next point we must take into account are the conditions, which vary according to the company offering the loan. It is necessary to know in advance if, to apply for the loan, if there are commissions, if it is possible to defer a fee, and, finally, if it is necessary that the applicant is not within ASNEF. Surely many of us will ask ourselves, what is ASNEF? They are the abbreviations of the National Association of Financial Establishments of loan, a business organization that is in charge of managing a database in which the defaults of individuals and companies of all Spain are collected , for what, for all that are included in said file, the possibilities of requesting a loan will be increased, since many companies accept people that appear in ASNEF. Many times the amounts to include a person in the ASNEF are ridiculous and many other times not even the users know that they have been registered in the ASNEF, without entering the cases in which people have been unfairly registered or not. they have met the minimum requirements to be registered among them, that the user receives a communication informing them that they owe a certain amount of money to a certain company.

Last but not least, we must take into account the money that is needed and the maximum that the company offers, in addition to the maximum period in which it will be available, in most cases they are granted in just minutes and are available to the client in no less than 15 minutes, everything will depend on the company with which the service is contracted, we recommend that you consult all the characteristics of the loan in our comparison service.

Conditions for larger loans

If the money that is needed exceeds 6,000 euros, it will be necessary to opt for the so-called loans of greater quantity or greater amount . With these you can get to opt for amounts of up to 60,000 euros, but the conditions are hardened with respect to quick loans and mini-loans, which are usually a maximum of 1,000 euros, but are granted in a matter of minutes.

In the conditions of the loans of greater amount , in many occasions it is necessary that if there are debts within ASNEF they are not high because they will influence a lot in the possible granting of the loan.

Your biggest advantage against mortgage loans is the immediacy in your concession, since they need less paperwork. His biggest handicap lies in the fact that interests can become higher.

loans greater amount to those who opt

The maximum amount that can be accessed at this time does not exceed 60,000 euros . However, there are mortgage models that can reach up to 300,000 euros, provided that a property is provided as collateral. The repayment terms for these latter cases are very comfortable, since it is common to find entities that allow to pay the loan in 20 years.

Best mini-loans, fast loans and more of the moment

In the event that the immediate economic needs do not exceed one thousand euros, you can get that money in a matter of minutes in a multitude of companies. Even so, the most outstanding of all of them at this time is the one offered by Freezl, with a maximum amount of up to 1,000 euros. It is closely followed by Krédito24, which offers you 750 euros in 15 minutes.

If the types of loans are reviewed, it is observed that, among the quick loans, one of the companies that offers the best conditions is Monedo Now, with a maximum amount to be requested of 5,000 euros, which accepts ASNEF and does not ask for any type of paperwork to justify the loan.

In terms of the larger loan market, the options are much closer: if you do not need more than 15,000 euros, the veteran Cofidis offers enviable conditions thanks to its TIN of 4.95%, but, if What is needed is the greatest possible capital, in this sense it is ING Direct with its popular loan, Naranja, which is the winner because it can finance up to 60,000 euros.

If the situation is different, since liquidity is needed but properties are owned, for this type of clients there is also a more convenient online loan option: the offer by the company SwitzerlandInvest, although, to qualify for this type of loan, it will be necessary provide a guarantee in the form of property.


What happens if I can not pay the mortgage loan?

It is not always easy to be able to honor the installments of the loan and it may happen to be in trouble .. what do you risk not paying the installment of your mortgage ?

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First of all, it is good to stress that the ideal thing is to always pay on time, respecting your deadlines, the mortgage payment.

In fact, many do not know that in April 2016 the government has fielded a new law that provides special provisions, for those who can not pay in time their mortgage and the unpaid installment. In fact, when there is a failure to pay the mortgage payment , or when there is a late payment, there are different consequences due to this new law enacted by the Renzi government .

First of all as regards the non-payment in reality the expropriation of the house is not a very easy thing as there must be at least 18 unpaid installments to incur an expropriation of your home.

On the other hand, what you are sure to pay is interest and arrears. First of all, you should never forget that failure to pay, as well as delay, will certainly result in a series of damages that you must try to contain.

In case of late payment of the installment of your mortgage you will start to have problems with the bank, which will want to know what is the reason for the delay. Maybe you could ask for a delay but otherwise you will be charged with default interest. If you have communicated to your bank the delay and its motivation, it will not be reported to Crif , which would be the manager of the Italian credit information system, which is called Eurisc .

The archive that speaks of bad payers could become your nightmare, as a failure to notify the bank even if a simple delay, could even risk losing the loan and have the suspension of the loan with a renegotiation of the plan.

In case of non-payment of the mortgage payment , instead, the interest on arrears will be calculated using a standard formula. In fact, the days of delay for the installment will be calculated and with a specific rate of default and then there will be an increase ranging from 1% to 4% of the interest for all unpaid installments. In short, the increase is not insignificant.

However, if your bank were to apply even higher interest rates , you could report the incident to the branches that deal with bank overdrafts . In the case of non-payment, the notification to the Crif does not start immediately, but usually it is done before a communication to the user.

According to the 2016 decree, the bank could decide to terminate the contract and then seize the property, but this will happen at least after 18 unpaid installments and not before. It is very important, therefore, to try to honor the installments of your mortgage so as not to find yourself with further interest and late payment. Clearly everything is also linked to the type of contract you have with your bank, but what has been guaranteed by the Bank of Italy, which has tried to make an intervention to meet the families in need, is that the property will not be more foreclosed before the 18 unpaid installments.