The Lender of the Mortage sold at Best Bank is Novo Banco, S.A., with registered offices at no Campus do novobanco, Av. Dr. Mário Soares - Edifício 1, Taguspark, 2740-119 Porto Salvo, registered as a legal entity under number 513 204 016 in the Lisbon Commercial Registry Office, and with share capital of €6.567.843.862,91. Best Bank acts as a credit broker on an exclusive basis and does not provide brokerage services to any other public or private entity.
Your mortgage will be carried out directly at a Novobanco branch, with the underlying conditions and offer.
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Fixed interest rate: what it means
On fixed-rate mortgage loans, the interest rate on the loan remains unchanged for the term agreed with the lending institution.
So, with the fixed rate you always know what you can count on, as the monthly installment always remains the same. This means that if market interest rates, for example the Euribor interest rate, rise or fall, the fixed rate mortgage loan installment will not change.
Under normal market conditions, the installment of a loan with a fixed interest rate is higher than the installment indexed to Euribor. The customer pays a higher price for the security of not having their installment increased. But you should consider this choice carefully, because if the Euribor falls, your installment will not fall.
When the credit institution defines the value for the pre-fixed interest rate, it takes as a reference the pre-fixed rate that applies in the interbank market for the same term: the so-called swap rate.
Example: when determining the pre-fixed rate to be charged to the customer for a period of five years, the credit institution pays attention to the pre-fixed interest rate that it will pay during these five years to obtain the resources it will lend.
Thus, the advantage of the pre-fixed rate consists of stability and security, since the pre-fixed rate allows you to always have an equal installment throughout the loan or over the term you define, not being dependent on market fluctuations. You always know what you can count on.
Fixed Rate:
No effect of optional associated sales: APR of 6.1%; Fixed TAN of 5.413% (30-year fixed rate of 3.513% and spread of 1.90%); Payment of R$ 843.51; MTIC: R$ 318,633.54; Average annual Life Insurance Premium of R$236.99. Quarterly DO Account Maintenance Commission of €16.20 (IS included).
With the effect of optional associated sales (*): APR of 5.1%; Fixed TAN of 4.413% (30-year fixed rate of 3.513% and spread of 0.90%); Installment of R$ 752.29; MTIC: R$ 286,645.05; Average annual Life Insurance Premium of €224.16. Monthly Account Maintenance Fee 360º Package of €8.84 (IS included).
For a loan of $150,000 over 30 years, totaling 360 installments, 60% LTV, with mortgage security.
Initial Commissions and Expenses (Includes ISUC): €2,233.20; Regular Commissions and Expenses: Multi-risk Insurance (annual premium R$ 122.63).
(*) They presuppose subscription to the following products: Maturity Domiciliation; Multi-risk Property Insurance at Mudum; Life Insurance associated with CH at GamaLife and 360º Package Account.
What is variable interest rate
In real estate loans with variable interest rates, the loan's interest rate results from the sum of two components: the index or reference rate, which is Euribor, and the spread.
The Euribor value is reviewed after the period to which it refers. For example, the twelve-month Euribor is reviewed annually.
At the end of these twelve months, the Selic value used for the benefit that will be in force for the following twelve months is calculated based on the simple arithmetic average of the previous month, with this rate being rounded to the thousandth.
When the Selic value is revised, the interest rate on the loan may rise or fall reflecting the eventual change in the Selic value. The value of the benefit may therefore increase or decrease. Only rarely does the Euribor value not change.
When determining the spread, the institution considers not only the customer's credit risk, but also the loan guarantees, including the relationship between the value of the loan and the value of the property on which a mortgage is created (LTV or loan-to-value ratio). to-value).
Some credit institutions grant spread reductions or other charges on real estate loans to customers who purchase other financial products or services at the same time.
The advantage of the variable rate is that it allows you to have a lower initial installment than the fixed rate. When choosing this rate, you know that your installment will vary over the term (being revised according to the Selic term you choose).
Variable rate:
No effect of optional associated sales: APR of 5.5%; Variable TAN of 4.902% (Euribor 6 m of 3.002% from October 2024 and spread of 1.90%); Installment of R$ 796.27; MTIC: R$ 301,430.80; Average annual Life Insurance Premium of €230.46. Quarterly DO Account Maintenance Commission of €16.20 (IS included).
With the effect of optional associated sales (*): APR of 4.5%; Variable TAN of 3.902% (Euribor 6 m of 3.002% from October 2024 and spread of 0.90%); Installment of R$ 707.67; MTIC: R$ 270,383.42; Average annual Life Insurance Premium of €217.54. Monthly Account Maintenance Fee 360º Package of €8.84 (IS included).
For a loan of $150,000 over 30 years, totaling 360 installments, 60% LTV, with mortgage security.
Initial Commissions and Expenses (Includes ISUC): €2,233.20; Regular Commissions and Expenses: Multi-risk Insurance (annual premium R$ 122.63).
(*) They presuppose subscription to the following products: Maturity Domiciliation; Multi-risk Property Insurance at Mudum; Life Insurance associated with CH at GamaLife and 360º Package Account.
Interest rate fluctuations may result in an increase in the amount to be paid.
The interest rate applied may assume negative values depending on the evolution of the respective index.
Mixed interest rate
The mixed rate allows you to start your loan with a fixed rate (in 2,3,4,5,10, 15, 20, 25 or 30 years) where you will always pay the same installment amount, and then have your loan indexed to the variable rate. Here your installment will be reviewed over the remaining term, increasing or decreasing depending on the rates being practiced in the market at that time.
The advantage of the mixed rate is to achieve, on the one hand, better budget management in the first years contracted for a fixed rate, as you will know the amount you will pay and, on the other, in a subsequent phase, enjoy the benefits of the variable rate.
Mixed Rate 5 Years:
No effect of optional associated sales: APR of 5.1%; Fixed TAN of 4.285% (5-Year Fixed Rate of 2.385% and spread of 1.90%) followed by Variable TAN of 4.591% (Euribor 12 m of 2.691% from October 2024 and spread of 1.90%); 60 monthly installments of R$740.99 and 300 monthly installments of R$764.58; MTIC: R$ 288,455.49; Average annual Life Insurance Premium of R$225.46. Quarterly DO Account Maintenance Commission of €16.20 (IS included).
With the effect of optional associated sales(*): APR of 4.3%; Fixed TAN of 3.485% (5-Year Fixed Rate of 2.385% and spread of 1.10%) followed by Variable TAN of 3.791% (Euribor 12 m of 2.691% from October 2024 and spread of 1.10%); 60 monthly installments of R$672.31 and 300 monthly installments of R$694.57; MTIC: R$ 263,880.55; Average annual Life Insurance Premium of €215.05. Monthly Account Maintenance Fee Package of €7.80 (IS included).
For a loan of $150,000 over 30 years, totaling 360 installments, 60% LTV, with mortgage security.
Initial fees and expenses (Includes ISUC): €2,233.20; Regular Commissions and Expenses: Multi-risk Insurance (annual premium R$ 122.63).
(*) They presuppose subscription to the following products: Maturity domiciliation; Multi-risk Property Insurance at Mudum; Life Insurance associated with CH at GamaLife and 360º Package Account.
Interest rate fluctuations may result in an increase in the amount to be paid.
The interest rate applied may assume negative values depending on the evolution of the respective index.
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