THE technology changes the industry accommodation. And not only in the way it is built with the incorporation of different technological tools and systems or in its marketing to see authentic recreations in 3D or augmented reality, which allow you to discover what it will be like to live in this apartment, although yes, practically.
Changes are also taking place in the mortgage contract with the emergence of 3.0 or hypotech mortgages. Some terms that refer to mortgage loans taken through the online channel. This segment, online mortgages, continues to grow, largely thanks to new generations. Concretely, 60% of digital profiles go on the Internet.
And why are hypotechs experiencing this boom? ¿They are really more advantageous than mortgages contracted through the conventional channel in an office or bank branch? Several factors must be taken into account.
Among the most advantageous points of 3.0 mortgage loans is the greater accessibility for customers to financingas well as the immediacy. There is also more legal security because all documentation is sent in writing online to the person requesting the funding, whereas in an office most information is verbal.
However, there is another series of aspects that must be taken into account before making the decision to take out a home loan online or in office. The first of these focuses on interest rates that differ between the online channel and the physical channel.
In general, it is observed that mortgage offers on websites have higher interest rates than mortgage loans in offices, which generally offer better conditions, but because they have linked products such as underwriting insurance, retirement plans, savings plans or certain investment products. In other words, in the office, it is common to offer a bonus product. And, although the interest rate seems lower because of this bonus, when you sign up for other products it ultimately becomes more expensive.
This the link does not exist on the online channel in which you can also find mortgage loans with and without bonuses and without additional conditions, promoting more informed decision-making, as shown in the “Analysis of the current online mortgage offer and impact of mortgage support measures” , produced by Aicar-Adicae.
Comparators
The form of the contract also differs. While in the office you have a salesperson, the hypotech can be hired in three ways. One of them is to use web pages that are mortgage loan comparators. In this case, the person does not have to pay to receive information on the mortgage loans most suitable for their real estate financing transaction.
However, you should know that the comparators are funded with commissions, payments at the end of the contract or the agreements that they establish with the banking entities whose mortgage products they compare, although there are entities that are not willing to pay.
And this is an aspect to take into account because the information offered may not be reliable if only the comparator works with the entities that pay for it or maintain an agreement. A reason why these mortgage loan comparators should submit at least three offersin accordance with current legislation to guarantee its independence. Furthermore, to know if the comparator is secure, it is appropriate to do the verification with the Bank of Spain, as they must be authorized.
And another factor to take into account on these comparison pages is that the information that the person initially provides is very generic, requiring it to be broken down to transfer to the financial institution.
Brokers
Another way to contract hypotech is to mortgage brokerswho act as managers or intermediaries, providing a personalized service, also with a minimum of three offers.
And here, you have to be careful if you don’t have a lot of financial resources because the customer acquires a commitment to pay an amount what can be included among the 3,990 euros and 4,5000 euros. There are also some whowork 1% of the price of the house.
This cost is more exorbitant and its payment is committed upon signature to have attractive mortgage financing proposals. These are more recommended options for people with a certain solvency or when financing greater than 80% of the price of the house is sought.
Financial Websites
The third option is online contracting via the website of a financial institution. Currently, all generally have a simulator maturities depending on the price of the housing, the amount needed to finance it, the years of amortization, whether or not it is a main residence, etc., among other parameters.
In this case we work with more general information about the client, which must be more precise in a second step to contract and guarantee its economic capacity. Then, it is common for a seller to contact you by telephone to close the transaction, which results in the formalization of the loan, generally at a notary.
And above all, be careful on one point: even if you have to go to the notary, it is understood that you understand what you sign and that you agree with the established clauses. The same with telematic signature.
