How to Compare Mortgages Online

Comparing mortgages online can be an important step for anyone who needs long-term financing, perhaps for the purchase of their first home. Today, the consumer is used to making comparisons before making a decision. The higher the price of the product / service to buy, the higher the time required to find information and find the best solution.

Clearly, a financial product has different characteristics from other goods present on the market and comparable. For example, comparing a mortgage is not the same as comparing air flights.

The user can directly purchase the service

The user can directly purchase the service

With the mortgage and, in general, with a loan, the times are certainly longer. In fact, the request must be assessed by the financial institution which, if the conditions exist, instructs the practice.

Despite this, the comparison still plays an important role also in the credit sector. Let’s take a concrete example of mortgage comparison visible on one of the sites that offer this service. The user has the possibility to calculate the amount of the monthly installment according to the filters he has entered.

Example of mortgage comparison

Example of mortgage comparison

The first step is represented by the indication of the amount of the mortgage you want to obtain. In general, few banks offer mortgages for 100% of the property’s value. In any case, it is also possible to make a request of this type and to do so it will be sufficient to indicate the same figure both in the item “Mortgage amount” and in that “Property value”.

However, it is also necessary to specify the purpose of the loan. In fact, there are not only mortgages for buying first home and second home. It is possible to request the subrogation or the replacement of the mortgage but also a mortgage for liquidity, restructuring, debt consolidation and construction.
Another important aspect to choose is the duration of the mortgage. Typically, mortgages have a duration ranging from 10 to 30 years.

Equally relevant is the interest rate

Equally relevant is the interest rate

In this case, the user can express his preference between variable rate mortgages, fixed rate mortgages and mixed rate mortgages. In addition, there are sub-categories for the variable rate that allow you to choose between variable with Cap, Euribor Index and Best Bank Index.

Finally, the province of residence, the age of the applicant and above all the monthly net income must be indicated. The more specific and precise the data you indicate, the greater the possibility of obtaining a reliable quote.
We remind you, for correctness, that the value of the installment that appears to you is calculated according to the data provided by the Bank and the values ​​of the Euribor and IRS rates.

For each bank, it is specified whether the investigation is managed in the branch or directly online. The main value to be observed is the APR which represents, as a percentage, the total cost of the loan and includes all the mandatory costs of the loan.

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