When applying for a mortgage loan we must be clear about two concepts, we are referring to the TIN and the APR. This is why we will tell you what the most important points of the. TIN and the APR are so that you can better understand what a mortgage is and access the best conditions. TIN and TAE: What is it about? When we talk about the. Nominal Interest Rate (TIN), we are referring to the interest rate of a mortgage loan. For example, when we see a fixed mortgage at , or a variable mortgage at. Euribor, that percentage is the TIN of the mortgage loan. When it comes to a fixed rate mortgage loan , the TIN has no loss , since it is a single value , the percentage of the interest rate. The case of variable rate mortgage loans is different , in which the TIN is made up of the Euribor plus a differential chosen by the banking entity. The TIN is a very important variable in a mortgage loan, however, it is not the only one. It is also necessary that we be clear about the frequency of payments, the repayment period and other secondary expenses.
Why is it important to analyze the TIN or the APR?
It is logical that you wonder why it is important to take into account the. TIN and the APR to understand a mortgage and which of the two is more important. Without a doubt, since the APR covers the. TIN and more variables, the APR will allow you to see a clearer picture of the cost of a mortgage loan. For this reason, banking entities have the obligation to Mexico WhatsApp Number Data show the APR data to all clients, it is a transparency measure. The reality is that the TIN is a percentage that does not allow us to see other additional costs that are essential for the client to know before making a decision to have a clear and real picture of the mortgage they are going to request. You can use a mortgage simulator that allows you to see the APR formula . You will only have to enter the variables that the simulator asks for , for example the repayment period, TIN, if you have savings, among others. Once this step is completed, the simulator will let you see, along with the fee that you must pay per month, the APR.
Fundamental points about the APR
The first thing you should be clear about is that the. APR is more reliable in the case of fixed-rate mortgage loans than in variable ones. If you are thinking of applying for a mortgage with a fixed interest. The APR will be the same in the first year of the mortgage as in the last . However, the same will not happen if you apply for a mortgage with a variable interest rate. The TIN must Lebanon Phone Number List be updated every year in accordance with the Euribor. And therefore, the APR will also be updated with it. On the other hand, although it is true that the knowledge that the APR gives you is quite complete. It is not total , since it only takes into account bank expenses. When applying for a mortgage, in addition to taking into account the APR. It will be necessary to calculate other expenses , for example those of the notary, the registry or the agency. And the inclusion of certain commissions that some banking entities include and others do not.
