Tips to buy a house
Buying a house can be one of the most important economic decisions in our lives. In any case, because of the importance of the operation, we should remember a few things to consider before signing the loan and even if we are already mortgaged.
Did you know that it is not compulsory to mortgage insurance?
You have to know that there is no legal obligation to take out insurance with a mortgage. In fact, Law 26/2006 mediation of private insurance and reinsurance says mediator’s private insurance and reinsurance may not directly or indirectly imposing the conclusion of an insurance contract. Another thing is what they aim from the direction General under the Ministry of Economy is that credit institutions very often make the granting of the loan to hiring a damage insurance or more generally of a multi-risk home insurance as well there is a guarantee of payment in case suffer buy a house.
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There is only obligation that housing has an insurance damage in the event that the entity will security the mortgage, and questions whether such insurance should be hired by the client or by the bank. Similarly, the right of withdrawal is recognized and accessible to all, being able to cancel the policy without explanation within 30 days for life and 14 days for the rest.
Did you know that the default interest is limited?
In case the delay occurs in the payment of mortgage payments, default interest is generated an additional amount demanded as penalty. This interest has a higher than ordinary interest rate and how to calculate it must come in writing expressly loan or mortgage. However, it can never be more than three times the legal interest and can only accrues on the principal outstanding as established by the Mortgage Law. Besides having to deal with the payment of default, interest in case of delay in payment of the loan installment it is common entities also come to collect the fee claim of unpaid dues. As noted by the bank of the amount of this fee must be collected in the mortgage loan contract.
Did you know that you could have a soil that is abusive clause?
Successive judgments confirming the invalidity of the clauses floor for lack of information and transparency in their inclusion in the mortgage loan have caused many savers demand the repayment of amounts overcharged at the time the stood by below this limit. You have to identify if our mortgage contains one of these provisions and if we can prove that we were not familiar with it and it appears “camouflaged” in the contract between all other conditions of the mortgage.
If the declaration of invalidity is achieved, you can claim back the amounts. For the moment, as ruled by the Supreme Court entities will only return the amounts collected more from 9 May 2013 inwards. The European Union, however has spoken in favor of the reinstatement all the money overpaid from the beginning of the credit. However, this is only a report. One hopes that the attorney general of the European Union to deliver an opinion.
Did you know that you could negotiate your mortgage?
It is important to buy a house know that a mortgage is not an immovable or closed product: negotiation is not only possible but is highly recommended. Dialogue with the bank and get more favorable terms regarding the level of bonding commissions and interest rates to be applied is essential to obtain a better contract. In no case should not sign anything has been understood analyzed and studied carefully their characteristics and the conditions and consequences of any type of incident occur.