Know the steps you must follow to apply for a home equity loan

Hiring a mortgage loan is a long process that requires effort and dedication. Taking time in collecting information and carefully studying the options and possibilities is indispensable to achieve the best financing via Diogomirandaonline. Therefore, this guide aims to clarify each step, so that you have a little easier to enjoy the earlier your new home.

Recompile information and compare

If we have already decided to buy a home and need a mortgage loan, the first thing we must do is to previously collect all available information so as not to take any false steps. It is important to know the situation in the mortgage market, so we should look for, compare and study the offers of the more banks the better.

As a buyer, we must think that a mortgage loan adapts better to our needs: if we are able to cope with periodic payments, the repayment period, see what are our savings and add margins for unforeseen expenses. That being said, it is advisable to know our debt level and that it does not exceed 30-35% of the holder’s net income.

In this first step towards hiring our mortgage loan the key is to compare. When consulting different offers of mortgage loans from different entities or from one entity, we will be able to establish differences and better understand what they offer us.

During this information collection process, it is advisable to point out all the possible doubts so as to propose to the professionals. In the conditions and requirements of a mortgage loan, we find terms that can be difficult to understand and that can even be confused. Let’s look at some of the most important ones.

Types of mortgage loans

The fixed type For mortgage loans, the type made the monthly installment payable and the type of interest that will apply will not change during the life of the loan. Pay the same quota every month, although interest rates on the market rise or fall.

Variable type In the case of mortgage loans, the most common type is that the type of interest is linked to a reference index (the most common is Euribor). In this way, the monthly fee will vary according to the Euribor.

The mixed type These mortgages apply a fixed rate during the first years of the loan and then apply a variable interest with reference to the Euribor.

In what you have to fix to hire your mortgage loan

After this process of collecting information, we can begin to deepen the cost of our mortgage loan. Three important terms come into play here: TIN, TAE, and Euribor.

TIN is the acronym of Nominal Interest Rate, it is the price that the entities charge for lending money. This interest is calculated by applying a percentage or type on the capital loaned to the client. This percentage is applied to the pending capital repayment at any time. It does not include expenses and commissions.

The APR is the acronym for the Equivalent Annual Rate, the type of interest that indicates the effective cost of a loan for a given period. It is calculated according to a mathematical formula that takes into account the nominal interest rate of the operation, the frequency of the payments (monthly, quarterly, etc.), the bank commissions and some expenses generated by the operation. It allows comparing between different offers the effective cost of the same product.

The Euribor is an index that indicates the type of middle-term interest rate at which the main European financial institutions lend money to each other in the short term, which is why it fluctuates constantly. This constant oscillation of the Euribor is the one that defines the variation of the quota, which is usually revised biannually or annually.

The associated commissions

Another very important aspect of this process of selecting the mortgage loan is that of the associated commissions. In addition to facing a monthly payment during a period that generally goes from 20 to 30 years, depending on the bank in which we hire the mortgage loan, we will have to pay some commissions or others. Let’s see some of the most common:

Opening commission. It calculates the total of the mortgage loan. This commission pays at the beginning of the mortgage loan as compensation to the bank by the processes and management of the formalization of the loan.

Account commission associated with the mortgage. Some banks require us to open an account that will be used to manage the payment of quotas. This commission does not charge all the banking entities and in case we are already clients of the bank that will grant us the mortgage loan, this commission usually does not exist.

Commission for partial or total amortization. It takes place when the client pays in advance all or part of the capital pending repayment. It is the compensation to the banking entity for the administrative processes that the entity has to carry out, as well as for what it ceases to perceive as the interests of the capital that remains to be returned.

Most common requirements to access a mortgage

The main requirements that are asked when granting a mortgage loan have to do with the economic solvency of the client, although they are not the only ones.

– Have a fixed income. Economic stability is key to any concession of a mortgage. Our bank will ask payrolls and our work life in order to know our income stream better.

– Contribute initially at least 20% of the price of home appraisals. It is what is known as “entry” and it is a requirement that banks ask their clients. Therefore, it is very interesting to know the approximate appraisal value of the asset, since it is usually a “cut-off”. In accordance with Royal Decree 716/2009, on the regulation of the mortgage market, a maximum allowable loan limit is established for loans and credits, which normally entails that a financial institution does not grant mortgage loans over 80% of the appraisal value.

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ICONOGRAPHY – Trading room trades attract ambitious young people. International banks seek for these professions graduates from masters in finance or engineers.

The trade of trader is dreaded as much as it is a source of fantasy. Feared because market finance was pilloried after the subprime crisis of 2008 and the monumental scam Bernard Madoff. But it is a profession that is still dreaming of his mirobolant wages and the image “Wolf of Wall Street” that the post returns. And today? “The trader’s fantasy still exists a little bit,” says Jad, an interest rate seller at a British bank in Paris. The trading room is a flat hierarchical structure that makes you immediately important. In three years, you earn 80 000 € per year, it can turn your head.

Engineer and Master in Finance

The pathways to these demanding jobs have changed little. In the trading room, two main businesses coexist: “The seller is the operator who opens the market to customers and advises them on their positions, explains Jad. For these trades, banks are looking for a business school or finance masters such as Dauphine Financial Markets or Essec’s Master in Finance. For the pure trader job, which takes the bank’s positions in the markets, recruiters prefer profile engineering school of the top 5 then master in finance: the job remains very technical and requires to be trained in mathematical models.

Financial risk management always more important

Since the crises of 2008 and 2011, the business has evolved, and training likewise: “We are putting more and more emphasis on risk management, details Pascale Biala, director of MSC Financial market Edhec. For a long time, we only thought about training in mathematical models. Today, we are turning more to macroeconomic scenarios to guard against risk. ” Today’s traders have strict daily, weekly and monthly risk-taking limits.

A globalized profession

Listed outlets, France is not the Eldorado of the market finance. And the training had to adapt to the globalization of the market. “Apart from Societe Generale, most of the major banks have relocated much of their market activities abroad: Hong Kong, New York, but especially London are favored by young traders,” says Michel Baroni, director of Master in finance of Essec. Thus, two-thirds of the students of this master find a job outside France and half of those of Msc Financial market of Edhec comes from abroad. In both courses, courses are taught in English, a language whose professional mastery is required to find a job.

“The numbers end up tired” Jad, Sales in interest rates in a British bank

And after? Better to have a dual skill to be able to reorient if necessary. “It’s a repetitive job. Once you do not have the clammy hand at every sale, it’s always the same, says Jad again. And then it’s abstract, but today young people want to set up businesses to sell something concrete. We only deal with money all day long. Everyone only talks about that. The numbers are getting bored.

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