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Financing: on online mortgages in times of coronavirus

24 May
Symbolic Sunday May 24th, 2020 0

The fact of being able to carry out practically all the procedures in person is not perfect in a situation as exceptional as the one we are experiencing

If, just when the state of alarm was declared, you had found the perfect home, you had even signed a deposit agreement and you had already taken some steps to obtain mortgage financing, all is not lost. The limitation of movements imposed by the health crisis should not discourage you. Online mortgages are a booming market right now. The fact of being able to carry out practically all the procedures in person is not perfect in a situation as exceptional as the one we are experiencing. From flats.com we explain why they are going to be fashionable.

  1. Better conditions. One aspect that was already known before the pandemic broke out is that these types of mortgage loans tend to have a lower interest rate and better conditions when it comes to fees and bonds. In this sense, they are more flexible than conventional mortgages. Furthermore, it is possible to start the process without leaving home.
  2. Compare easily. The Internet is a powerful tool for comparing and selecting. Instead of having to go branch by branch informing yourself of the characteristics of the mortgage offer of each bank, you can do it through the computer or your mobile device. To perform simulations of different scenarios, it is essential that you have all the necessary documentation on hand.
  3. Face-to-face appraisal. Although there are valuation companies that offer online appraisals, these are not valid to request a mortgage. These are approximations that in no case constitute an official assessment. The appraiser must visit the property. Given the situation, if the house is empty there will be no problem, but if there are people inside, everything will depend on whether or not they grant permission.
  4. Notaries and active registrars. The crisis of COVID-19 has not paralyzed the activity of notaries and property registrars either. Both professionals continue to provide their services, although many only attend in an emergency. The buyer must be able to justify the reason why the signature should be made. The most common reasons are signal loss and housing need. Likewise, the seller can claim that he has to get immediate liquidity.

5. Doubts and uncertainty. Although as we have seen hiring a mortgage in times of coronavirus is perfectly possible, buyers have more doubts than usual. Most are related to job uncertainty. The flood of ERTEs that this crisis has generated, gives less security and confidence to the mortgaged, who will try to opt for fixed mortgages.

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