Mortgage Euribor Certificate of occupancy Home inspection Questions Comparations

PAPERWORK AND TASKS FOR BUYING A HOUSE

By:Mar Alba

Júlia FuertesSabina García

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

Mortgage

MORTGAGE 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.

MORTGAGE STAGE:

2nd stage:

Compare conditions in different entities.

MORTGAGE 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.

EURIBOR 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

HOME 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