Mortgage Euribor Certificate of occupancy Home inspection Questions Comparations

A mortgage is a loan granted by a financial institution or financial bank.

M ORTGAGE STAGES : 1st stage: Calculate the amount you can ask to the bank. Example: if you earn 1,500 € a month and you have a total of 14 payments a year, you earn around 21,000 € each year, that is € 1,750 per month. You could pay around 875€ assuming an amortization period of thirty years and an interest of 5%. So 175,000€ would be the amount that you could ask for as mortgage.

M ORTGAGE STAGE : 2nd stage: Compare conditions in different entities.

M ORTGAGE STAGE : 3rd stage: After knowing how much you can ask for and adding it to your savings, you can buy the property, making a bank transfer to the owner.

E URIBOR The Euribor is published daily. It’s a percentage that goes up or down depending of the financial market and of what banks are ready to pay. It is calculated using data from the 44 largest banks operating in Europe, and its monthly value is used as a reference for bank loans.

A certificate of occupancy is a document issued by a local government agency or building department certifying a building’s compliance with applicable building codes and another laws, and indicating it to be a condition suitable for occupancy. Certificate of occupancy

H OME INSPECTION A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector. The inspector prepares and delivers to the client a written report of findings. An inspector will check the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing, electrical, and other aspects.

IMPORTANT In order to buy a house, we need to do some tasks and paperwork: To do a home inspection and get a certificate of occupancy To gather information for getting a bank loan called mortgage To close the transaction with the owner