What is the first home loan?
When is it worth asking? What are the most convenient forms?
The purchase of the first home is considered an act of great social importance, such that it enjoys incentives at the regulatory level, aimed at limiting the costs of the financing necessary to purchase the property or allowing families (especially, young couples) to draw on loans even in the absence of all the guarantees that would normally be required by the banks or lending financial institutions.
The classic loan required to buy the first home is the mortgage
Which consists in the provision by a bank (but today also the financial companies are active in the field) of liquidity necessary for the purchase of a property, which turns out to be the first owned by the purchasing family unit, covering no more than 80% of the purchase price of the house and behind the presentation of some guarantees.
The creditor, in fact, never finances 100% of the sale price, reserving himself a guarantee margin of at least 20%, such as to ensure him to cushion or cancel the losses, should problems arise with the repayment.
Another feature of the loan or mortgage for the first home is that the building object of the purchase is also the one on which a mortgage registration will be charged, ie a real guarantee, which will allow the bank or financial company to execute the asset, if the full repayment of its credit does not take place, to the satisfaction of the sum claimed.
It is clear that income guarantees are required from the debtor, mainly, the enjoyment of an income from work, to be shown by pay slip. In the absence of an ongoing employment relationship or in the presence of a non-stable job or that does not guarantee a certain minimum income over time, it would be very difficult to see the loan recognized.
The loan can be contracted
In these cases, either at a variable rate or at a fixed rate , depending on the choice of the contractor.
In the first case, the rate varies, as the Euribor changes to three months, therefore, the mortgage payment will not be fixed. In the case of a fixed rate, the installment is constant, because the rate remains the same for the entire duration of the repayment.
There are also other mixed solutions, such as the mortgage with a cap , which consists in enjoying a variable rate, but whose increase is limited to a maximum pre-established rate; just as there are variable rate mortgages, whose rate remains constant, shortening or lengthening the repayment period, depending on changes in market rates.