Bourgeois Finques Mortgage Simulator

The Bourgeois Finques mortgage simulator is a tool that allows you to estimate your mortgage payment. Here’s how it works in three simple steps:

1. Initial Information

Enter all relevant information in the corresponding fields. Once the information is collected, the simulator will take this data and generate a summary of the operation and a comparison between the total cost of the property and the total cost of the mortgage.

2. Loan Evolution and Amortization Table

The simulator provides a graph to check the evolution of the loan and an amortization table that shows how your monthly payments will be distributed over the term of the loan. You can experiment with extraordinary contributions or grace periods if you wish.

3. Make an Informed Decision

Once you understand the costs and financial commitments involved in a mortgage, you can plan, make an informed decision, and choose the mortgage that best suits your financial and personal needs. The specialists at Bourgeois Finques will accompany you throughout the entire mortgage application and closing process so you can make a wise investment.

Requirements for Requesting a Mortgage

Before applying for a mortgage, it is essential to carefully assess your financial situation. Banks consider various factors before granting a mortgage loan. In
general, mortgages cover up to a maximum of 80% of the cost of the property, which means you need to have 20% in savings to cover the related expenses.

Additionally, it is advisable that the sum of the mortgage payment and other debts does not exceed 35% of your monthly income. Personal aspects such as your job stability, marital status, and whether you have other outstanding debts or assets will also be analyzed.

The bank will carry out a thorough assessment to ensure that you meet these requirements and that you can handle the monthly payments. Otherwise, you may be asked for a guarantor to provide collateral. However, if you wish to obtain a mortgage without a guarantor, you can do so by requesting an amount lower than 80% of the value of the property you wish to acquire.

What Documentation is Necessary to Request a Mortgage?

To apply for a mortgage, the following documentation is generally required:

DNI or NIE: Personal identification document or foreign identification number in force for each of the applicants.
Proof of Income: This may include payslips, income tax returns, income reports for the self-employed, among others.
Information on Other Loans or Debts.
Bank Statements for the Last 3-6 Months.
Information about the Property: Documentation related to the property, such as the
deed and cadastral data.
Bank References: Information about your bank accounts and your relationship with other financial institutions.

What Does It Cost to Change a Mortgage from One Bank to Another?

Some of the common costs associated with mortgage transfer include:

Opening Fee: The new bank may charge a fee to open the new mortgage.
Cancellation Fee: The original bank may impose a fee for canceling the mortgage early.
Notary and Registration Expenses: The costs of drafting and registering the new mortgage.

What Mortgage Can I Afford?

Calculate your monthly and annual income. Generally, the monthly mortgage payment should not exceed 35% of your net monthly income.
Evaluate your current debts, such as personal loans or credit cards. The total of your debts should not exceed 42% of your net monthly income.
The larger your down payment, the smaller the mortgage loan amount needed. A larger down payment may also result in more favorable interest rates.

Fixed or Variable Mortgage?

Fixed-rate mortgages offer stable monthly payments, while variable ones may be cheaper initially but come with the risk of rising interest rates. Consult with our financial advisory experts to decide which is best for you.

Calculate Your Mortgage Payment

Calculate the mortgage payment for the purchase of your new home with Bourgeois Finques. This simulator allows you to quickly and easily calculate your mortgage payments, providing you with the information you need to make an informed decision about acquiring your new home.