Question: I recently acquired a rental home in addition to my primary residence. I am now in the middle of acquiring another rental. I noticed my Experian score dropped 13 points when the real estate debt showed up on my credit report. Even though the rental generates income, my score takes a hit. How do the lenders view this? Do they consider a healthy bureau report (no negative info) with a point drop due to real estate acquisition as a positive or negative?

Answer: Your credit score is a fluid number. It’s not like a grade given to you at graduation that follows you the rest of your life. Today, your score could be 750. Next year it could edge up to 760 and later turn down to 695. There are variables that determine your score on any given day depending on what’s happening in your credit life at the moment.

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What is an energy efficient mortgage program? In simple terms it is simply a mortgage, or a refinance for an energy efficient home that has been certified by HERS (Home Energy Rating System). It can still be a conventional Fannie Mae or Freddie Mac loan or a federally insured FHA or VA loan.

If you qualify for a regular loan, then you will qualify for the energy efficient mortgage program. The difference would be the house. You will have to give the HERS report to your lender to see how much difference it will make. Typically the HERS report costs between $100 to $300. Sometimes this can even be rolled into the settlement costs. If you review your energy efficiency plans with your banker, they will be able to help you decide whether or not to have the inspection done.

Normally you will be able to increase your debt to income ratio. That is because your monthly bills will be decreased by the energy efficiency of the house. This translates into you getting a larger loan and perhaps a better home.

There are several other advantages to the energy efficient mortgage program. Besides having a bigger and or better home, you will be paying less in monthly energy bills. So even though your mortgage payments are more, your total monthly cost will be less. When it becomes time to sell your home, you will have a home that sells quicker and has a wider range of buyers. It will be much more attractive compared to the other homes on the market.

So whether you are buying a new home or making your present home more energy efficient, be sure to check into the energy efficient mortgage program and compare the savings!

The mortgage system in Spain works like most other places in the world and mortgages are available for residents and non residents alike. Important points to note are as follows :

• The amount of money to be lent will be based on the bank valuation of the property. If you are non resident, then the banks will typically lend up to 70% of their valuation, for residents this rises to 85%. The currency for a Spanish mortgage is the Euro.
• Proof of income and identity will be required.
• The title deeds for a property(the escritura) will remain with the lender until the mortgage is repaid.
• Mortgage terms range from 15 to 30 years with 20 years being a typical term.
• Mortgages are based on repaying the interest only and typically are based on the Euribor rate plus a percentage. This usually means that the mortgage rate in Spain is much lower than that in the UK for example.
• You should budget for approximately 10% of the purchase price as the cost of buying a property. This is made up 7% Purchase Tax, notary fees, solicitor fees and valuation fees. This amount is in addition to the purchase price and hence should be allowed for when finalising your budget for purchasing a property.

When you have found the property you wish to buy, it is normal to put a deposit down to ensure that the seller does not attempt to sell to another party. The deposit is normally 10% and is not usually refundable unless you instruct your lawyer to apply conditions of sale with the vendor.