This is the last phase, the critical, where you will reach a mortgage agreement. Consider the importance of this because it is likely to mean years and years of association with that entity, which probably household payroll or receipts, expenditures will have their cards, and so on. and where it will probably ask other loans (for a car, for study, to improve housing, furniture, credit fast).
We assume two things:
• Know what you want.
• Has sufficient offers on the table to consider that any of them are good, and nothing left on the market better.
However, before deciding, and to reach an agreement, you must have a strategy, and is as follows.
1. Select the three best deals
With all the data already available, is able to make a comparison table, which contains data on all bids.
Make a simulation taking into account the amount of money going to apply, with the notary fees, land registration, documented legal, administrative, fee, interest during the first period, following by reference to the interests of today etc.. and calculate the total price to be paid by each of the tenders.
From there select the three best offers. Which you believe best meet the requirements you want.
Maybe some of them are not necessarily be the best economically, but still acceptable because it values like service, prestige, etc, etc.
2. The “penultimate” negotiations: to improve and learn
Are you in the most important moment in the negotiation phase, since it is almost ready to decide.
But before all this it is necessary to close many ways, because what may be a very good offer, ultimately, can be very bad.
Example: suppose you have an unbeatable offer with conditions, and if it were only for her, signed automatically. Now, suppose that bank / box requires a series of requirements that are absolutely incompatible with point of view you. For example, imagine that you require, along with the mortgage:
• A home insurance with very poor coverage.
• Life insurance that does not need
• A pension plan that does not want
• Two credit cards not accepted
• An Endorsement of which no.
What seemed like a candidate, ultimately, is rejected by factors other than the mortgage.
Think that is going to “marry” with the bank, which will use it daily, you will need household bills, ask for another type of credit, etc. Therefore, you need a bank / box that suits beyond the mortgage.
If you think you are good all or almost all the issues that will raise, it’s time to “squeeze” some more.
That is, if the mortgage origination fee is 1%, it is time to demand to stay on 0.5%. Or if gestoría costs are $ 200, it’s time to demand that it be 150. Do not try to “bargain” all conditions, but “some” to see if he can thrive.
Do not give the SI yet, leave it to the next meeting.
3. The DECISION
It is on the table the three best offers, and already know of all banks / boxes their conditions, their ways, than they would for other types of services.
Well, decide the best, taking into account all factors.
In many cases, need not be the best deal on the mortgage, but if one of the best, and besides, that bank does not require a pension plan or life insurance gives free cards, etc.
