Summer can also be a good time to look for financing and buy a home. In addition, amid the economic uncertainty that the pandemic has brought, banks are keeping the prices of variable mortgages low. Specifically, in this month of August, Evo Banco, Openbank, MyInvestor, Pink, and Cajamar are the five cheapest entities to apply for a mortgage loan. In this article, we will comment on the main characteristics of each of them in order to compare conditions and choose the one that best suits what we are looking for.
Evo Smart Mortgage: if you want the cheapest
The Smart Mortgage from Evo Banco is the one that offers the lowest interest rate: during the first year it is Euribor plus 0.99% and as time goes by the credit becomes cheaper until it reaches an interest rate of Euribor plus 0. 69% from year eleven.
This entity does not apply any type of commission, although for improved conditions it is necessary to domicile the payroll and take out home insurance with the bank.
Openbank Variable Mortgage: if you don’t want ties
The Open Variable Mortgage from Openbank offers a very competitive interest rate: 1.99% the first year and Euribor plus 0.99% thereafter. Customers who need less than 80% financing will be able to obtain this loan with interest from Euribor plus 0.79%.
Openbank does not apply any type of commission to clients who take out their mortgage and the only requirement to access it is to direct deposit an income of at least 900 euros per holder. Being an online mortgage loan, the application process is completely telematic.
Mortgage Without MyInvestor Backpack: if you charge 4,000 euros or more
The investor PHH Mortgage Without a Backpack is for clients with an income of at least 4,000 euros per month. With an interest rate of 1.79% during the first twelve months and Euribor plus 0.89% afterward, this entity does apply a commission for early repayment.
As its name indicates, this credit does not require the contracting of any additional product and can be processed both physically in an office or through the MyInvestor web portal.
Pink Mortgage: if you do not want commissions or bonding
The Pink Variable Mortgage has no commissions or links. This entity offers financing to buy a home at an interest rate of 1.95% during the first twelve months and Euribor plus 0.95% from the second year.
The only requirement to contract this mortgage, which can be requested online or in person, is that one of the holders has an indefinite contract or is an official.
Cajamar W# Max Mortgage: if you don’t plan to advance capital
Cajamar ‘s #W Max Mortgage closes this classification of the five best variable mortgages for August. In this case, the entity applies an interest rate of 1.50% during the first year and Euribor plus 0.99% thereafter.
Although Cajamar does not apply any opening commission, it does penalize the advance of capital and requires its clients to have an operational Wefferent account in order to sign the mortgage.
3 interesting mixed mortgages combine a term at a fixed rate and another at a variable rate
Although most clients usually choose between a fixed and a variable mortgage, there is a third category that arises from the combination of the previous two, and that could be interesting. We are talking about mixed mortgages, an attractive product for those who, on the one hand, want a stable installment for the first ten or twenty years at a lower price than fixed-rate mortgage loans and who, on the other, have in mind, On the other hand, amortize the capital before time to finish paying in fewer years. If we find the profile, then we will analyze the three attractive mixed-rate offers to finance the purchase of a house this month.
Live Mortgage from Hipotecas.com: it adapts to you
The greatest advantage of the Vive Mixta Mortgage is that the conditions can be adapted to the preferences and financial profile of each client. On the one hand, it allows you to choose the initial term, which can be from three to twenty years with an indicative interest rate of 2.39%. Afterward, the interest rate would be Euribor plus 0.89%.
On the other hand, this mortgage, which finances up to 80% of the value of the home (or more if the energy certificate is A or B), does not require any connection and does not apply commissions. As a result, it will not be necessary to contract any additional product and in the case of wanting to repay capital ahead of time, we will not have to pay any extra cost for it.
Openbank Open Mixed Mortgage: a variable interest of E + 0%
If we contract Openbank’s Open Mixed Mortgage, the interest rate will start at 1.45% during the first ten years depending on the amortization period and Euribor plus 0% regardless of the term chosen, which is up to 30 years. Of course, to get these prices it is necessary to domicile a monthly income of at least 900 euros per owner and take out home insurance with the bank.
Regarding the commissions of the Openbank mortgage loan, which finances up to 80%, this entity applies a penalty of 2% for total amortization during the first 10 years. On the other hand, the partial advance of the pending capital will be free at any time.
Mixed Orange Mortgage: a term of up to 40 years
If what interests us is a more comfortable installment, the Orange Mixed Mortgage could interest us because we can return the money in a period of up to 40 years. The interest rate applied by ING is 1.45% during the first 10 years and Euribor plus 0.99% thereafter.
This mortgage loan finances up to 80% of the price of the house and has no commissions. However, to get the subsidized interest rate, it is essential to be associated with the orange bank. Specifically, we will have to domicile a payroll of at least 600 euros and take out home and life insurance with the entity.