May 2006
You're watching the articles of Euribor for the month of May 2006.
The reunification of loans (also called consolidation, debt consolidation or unification) makes all of your monthly payments in a lump sum less than the sum of all your current monthly payments.
In order to undertake the reunification, it is necessary to owning a property, even if it is mortgaged. The unification is to mortgage your property or renegotiate the mortgage you have now to pay your other debts. There are also companies that make loans to carry out consolidation, but we must be very careful when you take this route.
To cancel the debts, and since the interest rate on mortgages is much lower than that of personal loans, credit cards, etc., Save lots of money in interest, so your debt is reduced. By reducing your debt the only monthly fee you will have to pay after the reunification is also usually lower than the sum of all that pagabas before.
In short, a good option to reduce substantially the interests of all your debts.
Written by Carlos Lopez on May 26, 2006 with 1 comment
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The Mortgage''Young''of Caja Madrid has won the prize for the best mortgage products in Europe by the European Financial Management & Marketing Association (EFMA), an association of executives of banks, insurance companies and financial institutions in Europe, announced today the establishment.
The organization received the award during a conference specializing in mortgage lending that developed the EFMA in Paris on 27 and April 28.
This product is the result of the agreement signed between the lender and counseling of Education of the Community of Madrid to facilitate access to decent housing and adequate to young people in Madrid. This product was launched in early 2006, and in just three months allowed access to housing for 15,700 young people.
On the other hand, the Mortgage''Young''applies an interest rate of 2.75% during the first six months and then 0.39 points over Euribor. In addition, the mortgage does not apply committee to open and has a maximum maturity of up to 40 years.
In addition to its good economic conditions, this new loan offers a range of funding formulas particularly suitable for young people, as is a system of depreciation of shares increasing the possibility of applying for not paying dues during the first year and contribute up to 100 % Of the value for taxation of housing.
May be entitled to the Mortgage Young of the Community of Madrid youth of that community, aged between 18 and 35 years old, who used the loan to the acquisition of the first housing or housing usual.
Written by Carlos Lopez on May 22, 2006 with 1 comment
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The government is considering policy changes to regulate the reverse mortgage and other ways to convert liquid assets in real estate so that people can supplement the public pension or funded insurance unit.
Some entities already marketed such products as the reverse mortgage, through which the holder receives income against the value of your home, they accumulate some capital and interest to be paid at the end of the period agreed.
The secretary of state said that the government is working to encourage greater transparency in the products of social welfare, from improving information to the participant until the clarification of the commissions in mortgages and loans.
Written by Carlos Lopez on May 17, 2006 0 comments
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In one of his last appearances commented:
"The bank is well capitalized, in part thanks to the overtime provisions designed by the Bank of Spain, so she has prepared enough to deal with" unexpected surprises awaited ""
"are the families who have transferred the interest rate risk because they have variable rate mortgages."
Just yesterday met the data until February, indicating that the Spanish families owed a total of 667,092 million euros, 21.3% more than in the same period of 2005. Most are due to mortgages.
Written by Carlos Lopez on May 17, 2006 0 comments
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Unlike mortgages, in which the repayment period can reach 40 years, personal loans are characterized by a period of much shorter-return between one month and five-years, a loan not very high -- between 3,000 euros and 60,000 euros and an interest rate is quite high, between 7 and 10% APR (and even more in loans under € 3,000).
This higher rate of interest is also because the bank runs a higher risk because it does not have any kind of guarantee in the event of a default, whereas in the mortgage guarantee is a property, which empowers the bank to dispose of the thing mortgaged in the event of default.
Need € 3,000?: Careful!
Recently there have been financial companies, which are advertised heavily in television, which are specialized in the segment of micro-loans for an amount not exceeding 3,000 euros. With a high cost of financing, its nominal interest is around 20% annually, and may even reach a 22'9% and the APR is up to 24'6%.
The granting of a convenient and faster consumer credit conditions fired can hide under the small print, and what is presented as a great opportunity to deal with a sudden, it becomes a cost greater than we expected. Thus, for a credit of 3,000 euros, with an APR of 24'6%, after 12 months will have paid 415 euros in interest.
Written by Carlos Lopez on May 12, 2006 with 1 comment
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