In Spanish “Hipoteca”
Offer in principle:
In Spanish “Oferta Vinculante”
Early Repayment Fee:
In Spanish this is called “Comision de amortización anticipada”
Loan to Value (LTV):
The relation between the loan and the value of the property. The bank will loan you up to a certain percentage of the value of the property you’re purchasing. The exact figure will depend on the specific circumstances of the individual.
Debt To Income (DTI):
The relation between your income and your loans. The banks will only accept that you pay up to a certain percentage of your gross income to pay off loans.
Subrogation of a Mortgage:
Change your mortgage to another bank. Note that this will imply certain fees to be paid.
TAE (Tasa Anual Equivalente):
To know the actual cost of the mortgage TAE is the number we need to study. The TAE is the result of a mathematical formula which includes the interest rate, the commissions and the term of the operation.
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