What is a loan bridge and what profit has?

A loan bridge is a type special of the loan to the one which appeals when is a need immediate of financing. Has temporary character, specifically until obtains the loan definite, as long as the debtor ensures an unrealized income. That is, is a financing short-duration that happens between the processing of two long-term loans- why not?

Although a loan bridge can request for business ends, your aim more frequent is that one to be able to acquire a new housing without the obligation of sell in an immediate way the actual. For this reason, is a common advert to him as a “mortgage bridge”. When contract this loan type, usually make up in one only the mortgage of the housing that wants sell and the loan bridge that destines to defray the entrance of the new real estate.

Ways to pay the loan bridge

Ways of pay the loan 

When requests a loan bridge for finance the purchase of a new house without having sold the housing that possesses, the debtor has a term of two to five years, according to conditions of the financial institution, for sell the real estate. Whereas of the mortgage payments the principal more the interests, as is usual, during the years of loan life bridge your fees can pay of three ways different:

  • Fee with a grace period for repayment of principal: only pay the interest of the outstanding obligation pending capital of refund.
  • Fee special reduced: pay a fee lower than the one which pays when sells out the current housing. In spite of this, the majority of the contributed money every month destines to pay the interests of the loan bridge.
  • Normal subscription amortizes the capital more the interests.

Advantages of the loan bridge

Advantages of the loan  

The main advantage of this kind of loans is that allows the borrower to sell your housing without hurries. As said, is usually that the term that offers the banking organization for sell the housing is of two to five years, a margin enough for not “malvenderla” for a price of less than the one which can achieve with something of patience. Moreover, although in this period have two mechanisms of financing, what is usual is that the debtor chooses to pay only the interests, that is the fee with a grace period for repayment of principal, of the loan bridge. So that for that matter only be returning one of the credits.

Disadvantages of the loan bridge

Disadvantages of the loan bridge

Five years to sell a house seems enough time, but in the real estate market, the uncertainties are to the agenda. Precisely, the main disadvantage of this product appears if the borrower is not able to sell the housing initial before the prescribed time with the banking organization. If once terminated the period of lack not has formalized the sale of the real estate, have to return the total of the loan, that is, the principal more the interests, which entails a higher risk level than in mortgages fixed, variables or mixed. For avoid that this happens, is recommendable ask for this type of financing in moments of economic growth or of stability of the real estate market.

The loans bridge are a product financial that involves major risk for the company that another loan type as can be those ones of the consumption, so usually ask for requirements stricter for your granting. This translates, usually, in which the applicant owes prove a greater capacity of solvency or skills to comply with the incurred obligations long-term.

How to make a family budget to start saving?

How to make a family budget to start saving?

Saving is the goal of not a few people. However, getting it is difficult, especially if we do not have the right tools. One of these tools, perhaps the most basic and, in turn, the most important of all, is the family budget . But … how to make a family budget?

A family budget allows us to know the income we are going to have and to foresee the expenses , which is a great help to balance the numbers from month to month. Knowing the income and expenses of each month, we will know exactly how much money we have and how much we can spend. From here, getting saved becomes much easier and automatic .

How to make a family budget: important steps

How to make a family budget: important steps

The first important step on how to make a family budget is, logically, to make a list with our income and expenses. With the income there is no problem. The normal thing is that it is the payroll and, perhaps, some more passive income. With the expenses, however, you have to spin much thinner. We recommend that you classify them by categories . Some examples could be:

  • Home : community, electricity, household services …
  • Loans : mortgage, personal loan, credit cards, financing
  • Supermarkets : purchases of food and household products are a major expense of the budget.
  • Telecommunications : telephony, internet, Netflix …
  • Automobile : gas oil, tolls, repairs …
  • Children : school, clothes, school supplies …
  • Leisure : weekends, restaurants, vacations …
  • Insurance : automobile, life, home, health …

A good idea could be to use an Excel table to organize all this data, although we can also make a simple list with pen and paper . If you prefer, you have at your disposal an infinity of mobile applications that can help you in this organization. In any of the ways, you always have to differentiate between fixed costs and variable expenses.

Mortgages, insurance or loans can be examples of fixed expenses, since all months will be the same. However, with variable expenses, you have to be proactive. Leisure, supermarket or children are categories of variable expenses. This means that each month we must foresee with the smallest possible margin of error how much they will ascend.

With the budget already created, our personal finances are in order . From here, saving becomes a much simpler task. It is enough not to spend more than what we enter. Of course, the big trick is to reduce the expense item as much as possible.

For example, we can start by trying to eliminate financing or credit card fees; we can also reduce spending on telecommunications or insurance by reviewing invoices or even leaving the supermarket if we become very rational buyers and stop doing hot or impulse purchases.

Logically, the budget is a living tool that must be updated every month : update amounts, put and remove categories, add income and extra expenses … And always, always, we must always do this with a goal in the background: try to save a little more each month than the previous one.

We hope we have solved your question ‘How to make a family budget’. Are you going to encourage me to try?

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Homes of 14 communities, in the first collective purchase of photovoltaic installations

The first collective purchase of photovoltaic solar installations for self-consumption in homes, organized within the values ​​of the social and solidarity economy, has successfully completed its first edition, promoting facilities in 62 municipalities and adding 100 new homes to positive energy.

Ecooo, the company that promotes and develops projects in favor of a new sustainable energy model and in the hands of people, has been the promoter of the search in a first stage to find one hundred homes that jointly bet on generating their own energy.

Six months after the launch of the first solar wave, in April 2017, the project has solar photovoltaic installations in 14 autonomous communities, promoting photovoltaic self-consumption in homes thanks to the collective purchase and relying on the power of the community. Among them, stand out by the volume of participation Madrid and Catalonia.

Oleadasolar

Image of Som Energia.

To promote the promotion of a new energy model that fights against the consequences of climate change from the mobilization of citizens and the strength of collective action, the campaign popone the collective purchase in a formula that establishes that upon reaching 100 requests of solar homes, the participants can enjoy a saving of 30% on the final price of the installation. In this way, those who activate their participation will enjoy the clean energy produced by six polycrystalline photovoltaic modules, capable of generating, in just 10 m2 of roof surface, enough energy to supply a good part of the day’s consumption during the next 30 years.

A photovoltaic generator like the one proposed by the campaign costs € 6,785 if purchased individually. But if you buy 100 facilities collectively, you save € 2,035 per household, 30% savings.

The project includes a complete management of the photovoltaic solar installation process , taking into account the values ​​of the social and solidarity economy and highlighting the work of a complete network of local installers.

Ecooo, a non-profit organization, promotes another way of doing economics, focused on people and respectful with the environment, has more than 12 years of experience in projects that activate citizen participation in the energy field. Thanks to this, this common project has been built with the criteria of quality, care, support and participation and a team of engineers who are experts in solar energy and energy efficiency are behind the design of the photovoltaic installation to guarantee the highest technical quality.