There is no doubt that after some disastrous years in which the economic crisis devastated the real estate sector as well as the pockets of the majority of Spaniards, everything seems to indicate that right now the market is experiencing a pronounced recovery marked by the increase in purchasing power of buyers and the low interest rates of mortgages offered by banks.
However, even though all the data sounds optimistic, when applying for a mortgage to purchase a home, you have to take a series of factors into account. In this article, we will explain the types of mortgages available in order to determine which is best for you. We will also give you some tips that will come in handy when choosing a bank or lending company.
Types of mortgages
Before purchasing a home and applying for a mortgage, many people believe that there are only two types of mortgages; the fixed interest rate or a variable interest rate. However, there are many other criteria that intervene in these financial products. Here we will explain them to you.