Question 1

What is a mortgage calculator?

Accepted Answer

A mortgage calculator is a financial calculation tool that lets you estimate the approximate monthly loan payments and the amount you could request to finance the purchase of a home.

The BBVA mortgage loan calculator also offers extra information that might interest you, such as an approximate calculation of the expenses associated with the purchase of your home, like management costs, the notary, taxes, etc.

Question 2

How does the mortgage simulator work?

Accepted Answer

The calculator will ask you for some details for its calculations and to determine the estimated financial conditions and the approximate mortgage loan payment you would have to make each month. The variables the calculator uses to calculate a mortgage online are the amount of the mortgage loan (amount that the bank will lend you based on the price of the home), the term and the interest rate.

Question 3

What details do I need to know to calculate my mortgage payment?

Accepted Answer

To calculate the variable-rate or fixed-rate mortgage payment and get an instant estimate of how much you would have to pay for the mortgage loan, we will ask you for information on a home with characteristics similar to the one you want to buy (price, what province it is located in, if it will be your primary residence and if it is a new or existing home) and details on the mortgage loan (how much you need and the duration of the mortgage).

Question 4

How is the mortgage payment calculated?

Accepted Answer

In order to calculate the monthly mortgage payment, you must have the following information: the amount, the repayment period, and the interest rate (fixed or variable), in addition to the city where the property is located. With this information, and thanks to the BBVA mortgage loan calculator, you will be able to obtain the monthly mortgage payment quickly and easily.

Question 5

Does the mortgage calculation include other expenses besides the mortgage payment?

Accepted Answer

The BBVA mortgage calculator is useful for finding out the estimated expenses and taxes associated with the purchase (notary, registry, processing and taxes) and the mortgage (appraisal), which will help you determine how much money you need to buy the house.

Question 6

How many mortgage simulations can I run?

Accepted Answer

You can do all the simulations of mortgage payments you want with no obligation, with no documents up-front and free of charge.

Question 7

Advantages of the mortgage simulator

Accepted Answer

Thanks to the BBVA mortgage loan calculator, you can quickly and easily calculate your mortgage payment and interest free-of-charge. You can discover which option best suits your needs, by comparing BBVA variable-rate and fixed-rate mortgages, calculating the expenses and interest on the mortgages in a single calculation and knowing the different approximate monthly payments for each mortgage loan.

Question 8

What is the time frame for paying the mortgage?

Accepted Answer

The repayment term of a mortgage loan varies depending on the type of mortgage. While the maximum term for paying a Fixed-Rate Mortgage is 30 years, the term for a Variable Rate Mortgage rises to 40 years (provided that certain conditions are met). In both cases, the minimum term for paying off the mortgage loan will be 10 years.

Bear in mind that the sum of the term and the age of the youngest account holder with income cannot exceed 70 years.

Question 9

How do I apply for a mortgage for a main residence at BBVA?

Accepted Answer

To apply for a mortgage (fixed-rate or variable-rate) for a house or apartment that will be your main residence, you must follow these steps:

1. Complete the application with your personal and financial details.
2. Select if you are going to add other BBVA products to lower your monthly payment.
3. An adviser will contact you to answer any questions and let you know what documents you need to provide to evaluate your mortgage application.
4. We will analyze the documents to determine the viability of the mortgage.
5. If everything checks out, the next step will be to appraise the property.
6. If the mortgage is approved for the home, all that is left is to sign the documents in the presence of a notary.

Question 10

What is the next step after simulating the mortgage?

Accepted Answer

Once you finish simulating the payments of your fixed- or variable-rate mortgage and you send us your simulation, an adviser will analyze your case.

Question 11

Can BBVA deny my mortgage application?

Accepted Answer

Yes, keep in mind that the approval of the mortgage requires authorization from BBVA.

Question 12

What is a discounted interest rate on a mortgage loan?

Accepted Answer

A discounted interest rate on a mortgage loan is a benefit that usually involves paying a lower interest rate than that agreed, due to taking out other products or services (direct deposited salary, insurance, etc.) from the same bank, as long as the agreed conditions for applying this discount are met. If the borrower fails to comply with said conditions, the discount will be nullified.

The amount of the interest rate discount on a mortgage loan will depend on the conditions and limits established by the Bank, as well as on the type and number of products or services that are taken out. To find out more about how it works, we recommend contacting the bank.

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