Step 30 of 48 Phase 4: Negotiate & Sign Arras
4.7 Review Mortgage Offer
Review your formal mortgage offer from the Spanish bank to understand all costs.
What the Mortgage Offer Contains
- Loan amount and property valuation
- Interest rate (TIN) and APR (TAE)
- Monthly payment amount
- Arrangement fee (comisión de apertura)
- Early repayment conditions
- Required linked products (insurance, etc.)
Pro Tips
- Compare TIN and TAE across different offers
- Check if linked products (life insurance, home insurance) are mandatory
- Ask about early repayment penalties if you might pay off early
- Confirm the final monthly payment including all costs
Common Mistakes to Avoid
- Comparing only the headline interest rate without checking TAE
- Not reading the conditions around linked products
- Ignoring early repayment penalties on fixed-rate mortgages
- Assuming the pre-approval amount equals the final offer