Nowadays it is possible to arrive at the stipulation of a mortgage standing comfortably seated at home. The web, in fact, offers easy and effective tools both to estimate the cost of medium / long-term loans and to get in touch with credit institutions and financial companies in order to finalize the credit operation. In particular, the comparators that are online allow you to have, free of charge and in a very short time, a very precise idea of the cost of a mortgage and, therefore, allow you to find the one that best suits your needs and reduce the spread.
The latter is the plus that every credit institution applies to mortgage rates as the real cost of the loan service provided. It is therefore a variable and personalized parameter depending on the policies of the individual financier who, being a loan, is applied on considerable amounts: consequently, even a small variation in the spread can result in a considerable monetary gap.
Spreads and costs of the loan, together with the value of the monthly payment and the development of the amortization plan, are all factors that allow you to identify a “tailor-made” mortgage that you can calculate in advance, by accessing a mortgage comparison platform or using the estimates that are available in the banking and financial portals.
How to make an Online Quote for your future Mortgage
Online comparators (or estimators) are freely usable programs that contain mathematical formulas for the calculation of the amount, interest, monthly payment and net amount of the loan. They are software capable of tracing all the data relating to expenses and ancillary charges applied by credit and financial institutions, as well as data on interest rates, spreads, repayment plans and other variables related to the mortgage.
The use of these of these systems to make an Online Quote does not bind you in any way, even if you are required to register in advance to a particular site. Nobody will contact you and you will not even be forced to accept to participate in market surveys; the quote will not cost you anything and will not start any custody application procedure. To use these calculators you must keep your personal data and those of the property you intend to give in mortgage to obtain the loan.
If you have already turned on a mortgage and want to give it in subrogation (transfer it) to another credit institution, you will also need the loan agreement in the or. The compilation of the form that allows you to have an online mortgage estimate is very simple and consists of entering your personal data in the required fields (remember that the fields to be filled out compulsorily are marked with an asterisk).
Data necessary to obtain a quote
After entering your personal details, as well as those related to your work and your annual income, the budgeting partner already makes a first selection of the offers best suited to you. Subsequently, you must enter the property details, if you are asking for a loan to buy / restructure it, or the existing loan that you intend to transfer to another credit institution.
In the first case, remember that no bank or financial loan grants more than 80% of the market value of the property given in a mortgage and that the precision of that value determines that of the estimate you are calculating. Then you are asked to choose the duration of the mortgage repayment plan: the longer the repayment plan, the lower the monthly repayment of the loan. Finally, you have to choose the type of interest rate between the fixed, variable or mixed options (cap).
The fixed rate, by definition, remains the same for the entire duration of the loan and this determines a greater security but pay in terms of spread. On the other hand, the variable rate is more dynamic and this uncertainty translates into a lower spread than that applied to fixed interest. The mixed rate provides for a variable indexation but with a predetermined maximum ceiling, beyond which the rate can not rise. Therefore, it is a variable rate with a safeguard clause: a useful but also very expensive option from the point of view of the spread.