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Spain bets on hipotech: what are the benefits of online mortgages?

Online mortgages, a type of mortgage loan accessible through the Internet, are gaining ground in Spain thanks to their multiple benefits, including convenience, flexibility and time savings. 

According to data from Trioteca, the market for mortgage brokerage companies, mostly digital, has experienced an impressive increase, tripling in just three years. From a modest 4% in 2020, it has climbed to more than 15% by 2023, evidencing an upward trend in Spaniards' preference for managing their mortgages virtually.

The appeal of online mortgages lies in their convenience and speed, which has led to significant growth in the sector. More and more citizens are opting for the intermediation of mortgage brokers to obtain better conditions, avoid face-to-face procedures at the bank and optimize their time. This change reflects an evolution towards a model consolidated in other European Union countries, where more than 50% of mortgage transactions are carried out through digital intermediaries.

At the heart of this shift are the "hipotechs", companies that act as digital intermediaries between mortgage applicants and various banking institutions. Originating in the United States in 2012, these companies landed in Spain in 2019, and their presence has transformed the way citizens approach homeownership.

Mortgage brokers, play a crucial role by analyzing the market and searching for the best mortgage offer among various financial entities. In addition, they offer personalized advice throughout the process, resolving doubts and guiding the user in an expert manner.

A fundamental element is that, by channeling a significant volume of daily operations to the banks, the hipotechs manage to obtain more favorable conditions than those that a user would obtain on his own in the bank offices. While some intermediaries charge fees to the bank and the client, mortgagetech companies are free of charge for the mortgage applicant, obtaining their compensation only through bank commissions.

Thanks to their advanced technology and collaboration with various entities, mortgagetech companies spare the user the tedious process of visiting banks in person, acting as "wholesale" intermediaries. This approach allows them to receive more attractive offers in terms of interest rates and bonuses.