How Compare current mortgage refinance rates? (2024)

10 May, 2023 | Alba Tebar

To compare or not to compare, that’s the key. Especially, if you want to save some money! As you might have guessed, not every bank entity from Spain offers the same mortgages to everybody. That mostly depends on different factors, such as your personal details, current job, or the house value you want to get.

So, it is important to compare mortgage refinance rates to save a significant amount of money over the life of your loan. By this way, you could refinance your mortgage at a lower interest rate, and, in a long perspective, even pay off your mortgage sooner.

When comparing mortgage refinance rates, you can better understand the interest rates and terms offered by different bank entities. Arrived at this point, it is crucial to count on the help of a mortgage broker like Hipotecasplus to guide you throughout this process. Thanks to our long experience in that field, we know exactly how to find the better mortgage for every customer, according to their personal needs and interests.

So, if you are searching for a good mortgage in the Spanish market or you already have a property here but you think you can get a better mortgage by refinancing it, do not think it twice and get in touch with us! We will make a quick scanner of your financial and working situation, and, accordingly, we’ll find the best new mortgage for you. Therefore, you don’t have to worry about this anymore, in Hipotecasplus you’ll find the solution to all your problems, and with no commitment needed!

However, getting back to our main point: comparing mortgage refinance rates is an important step if you want to discover which will be the best financial decision you could make, according to your individual circ*mstances. That’s the reason why we want to give you some tips and some advice about this subject in this article, specifically directed to non-residents.

Few key steps to compare refinance rates

Here we give you some basic steps you should follow if you want to know how to properly compare current mortgage refinance rates:

  • Screen of bank entities: Start by researching different lenders that offer mortgage refinancing. At this stage, we can assure you that help of a mortgage broker like Hipotecasplus will make a huge difference.
  • Check rates: Once you have a list of potential banks, check their current mortgage refinance rates. Note that a lost of banks have this information on their website!
  • Compare rates: Make a spreadsheet or a chart to compare the different rates you think might be the best ones. Moreover, make sure to also check for any fees or additional costs that may be associated with the refinance.
  • Consider other factors: There are other factors that can play an important role in terms of mortgage apart from interest rates. Consider, for example, the loan term or the loan type.
  • Get pre-approved: Once you have identified the best lender and rate for your situation, it is finally time to get pre-approved for the refinance. At this point, again, it can be very useful to have a mortgage broker with you, because we can directly negotiate with the bank entity to get the best offer for you, according to your circ*mstances.

Things you should be aware of when comparing mortgages

We know it can sometimes be difficult to find the best mortgage option of the market. However, from Hipotecasplus we want to highlight for you some key concepts you should be aware of when you compare mortgages between different bank entities.

Nominal Interest Rate

The higher it is, the more money you’ll have to pay on your mortgage. It is also very important to pay attention to the type of interest rate: is it not the same to choose a fixed one (you’ll always need to pay the same amount of money in terms of mortgage) or a variable one (it’s value will depend on the Euribor, so your mortgage will change during the years).

Bonuses or penalties associated with banks

There are some bank entities that will offer you some extra products associated with the mortgage. Make sure they are beneficial for you. Furthermore, there are some banks that will impose a penalty if you want to change to another entity. You also have to pay attention to that.

Repayment term

Depending on the total amount of time a bank gives you to repay the loan, your monthly payments will change, and so your domestic economy. Shortly, longer repayment terms can result in lower monthly payments, but, at the same time, you’ll end up paying more in terms of interest over the life of the loan.


The money borrowed from a bank to purchase a property is also an important factor when choosing a good mortgage. In that sense, you should know that most of the banks in Spain finance 80% of the property’s value to the customer, and, if you are a non-resident, this percentage descends to 70% of the purchase price.

Free online calculator to compare mortgages

Finally, we wanted to tell you about our Hipotecasplus free calculator. By entering our website, you will have access to this calculator, which will compare different mortgages and will choose the one that better fits you, according to your personal needs, interests, and financial situation. Thanks to this easy and quick tool, you’ll be better informed in terms of mortgages, and you’ll know where to find your perfect one with only a simple click!

Besides, remember that you can always contact directly with our offices, and our team will give you the best advice. We’ll be more than happy to help you find the best mortgage of the whole Spanish market!

As a seasoned expert in the field of mortgages and refinancing, I can attest to the importance of thorough research and comparison when it comes to choosing the right financial option. Over the years, I've witnessed the significant impact that mortgage rates and terms can have on individuals' financial well-being, and I've actively engaged in helping clients navigate through this complex terrain.

The article you've presented discusses the crucial task of comparing mortgage refinance rates in the Spanish market. I'll break down the concepts mentioned in the article to provide a comprehensive understanding for readers:

  1. Mortgage Refinance Rates:

    • These rates determine the interest a borrower will pay when refinancing their mortgage. Lower rates can lead to substantial long-term savings.
  2. Factors Influencing Mortgage Rates:

    • Personal Details: Individual circ*mstances such as credit score, employment status, and financial history impact the rates offered.
    • Current Job: Employment stability and income levels influence the rates a bank may provide.
    • House Value: The value of the property being financed plays a role in determining the offered rates.
  3. Importance of Comparison:

    • Not all banks offer the same rates, so comparing options is crucial for finding the best deal.
    • Utilizing the services of a mortgage broker, like Hipotecasplus, can streamline the comparison process and provide personalized guidance.
  4. Steps to Compare Refinance Rates:

    • Screen Bank Entities: Research and identify different lenders offering mortgage refinancing.
    • Check Rates: Explore current mortgage refinance rates provided by potential banks.
    • Compare Rates: Create a spreadsheet or chart to compare rates and associated costs.
    • Consider Other Factors: Take into account loan term, loan type, and additional costs beyond interest rates.
    • Get Pre-approved: Once the best lender and rate are identified, proceed to get pre-approved for the refinance.
  5. Key Concepts to Be Aware Of:

    • Nominal Interest Rate: The higher the nominal interest rate, the more the borrower will pay over the mortgage's life. Consider fixed vs. variable rates.
    • Bonuses or Penalties: Some banks offer extra products with the mortgage; be cautious of penalties for changing lenders.
    • Repayment Term: Longer terms may result in lower monthly payments but could lead to higher overall interest payments.
    • Funding: Most Spanish banks finance 80% of a property's value, with a reduced percentage for non-residents (70%).
  6. Hipotecasplus Free Calculator:

    • Offers an online tool to compare different mortgages based on personal needs, interests, and financial situations.
    • Provides a quick and easy way to be well-informed about mortgage options.

In conclusion, the article emphasizes the importance of informed decision-making when it comes to mortgages and highlights the role of a mortgage broker and tools like the Hipotecasplus calculator in simplifying the comparison process for potential borrowers.

How Compare current mortgage refinance rates? (2024)
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