Errors when calculating the mortgage payment are more common than we think. Here we will tell you which ones are the most repeated, continue reading the article to find out. The most common mistakes when calculating the mortgage payment Most people think they know what a mortgage is, since it is a term that is quite familiar, however, it is very complex to fully understand everything that a mortgage loan entails. It is essential to be very clear about all the details before making the decision to apply for your mortgage. So that you can make a safe decision , we will tell you which are the most common errors when calculating the payment of a mortgage.
Not analyzing well what is the most convenient interest rate
Among the main errors when calculating the mortgage payment is not knowing what the most convenient interest rate is for you . INE data allows us to see that, between and , more than of mortgage loans were signed with Brazil WhatsApp Number Data a variable interest rate . On the other hand, as of July , when the European Central Bank (ECB) began rate hikes, the value fell to . In other words, just because something has worked for a long time doesn’t mean it will be the best forever. It is possible that circumstances can change at any time, which is why we should not always repeat what was a good option in the past. When choosing the interest rate for your mortgage loan, you must carefully analyze your situation and select the most convenient option for you.
Not knowing the difference between the TIN and the APR
Not being clear about the difference between the TIN and the. APR is another of the most common mistakes when calculating the mortgage payment. When we talk about the Nominal Interest Rate (TIN) it is what we all know as “interest rate”. In other words, it is the percentage of interest that the bank requires for lending your money. However, it is necessary Thailand WhatsApp Number List to add commissions, associated expenses. The effects of the amortization period, among others, to the mortgage expenses. On the other hand, the Annual Equivalent Rate (APR) is the percentage that takes into account each of these points. This means that the APR gives you a more complete picture of the cost of a mortgage loan. Not being clear about what the TIN and the APR are will mean undervaluing your mortgage payments . For example, you probably think that in total you will only have to pay an extra for the money borrowed.
