If you are considering acquiring a home soon, you will know that it is not easy to have all the amount of money that the construction companies are asking for, especially because of the high valuation that currently exists.
For this reason, a mortgage loan becomes almost essential, and although there are other types of personal loans, where you request certain amounts of money, the mortgage gives you greater security and probably a lower interest rate within the market.
What should I consider before applying for a mortgage?
Before applying for a mortgage, you should know that there are several types of mortgages, and each financial institution manages some or all types, depending on the client, their monthly income, working conditions, among many other things. The first thing you should know is that a mortgage loan is given only to acquire a home, whether new or used. So if you are thinking about a rental, you should opt for a personal loan of the necessary money.
Before looking at ten pages of banks and different financial institutions, it is best to look for a mortgage comparator, because over the years, the options have become so diverse, that it would be impossible to look one by one, without neglecting Maybe a very good option. Once you put all your data and the money you will need in the mortgage comparator, you can have a better idea of which mortgage to select.
When applying for mortgage loans, keep in mind that there are three types of mortgages. This is the fixed mortgage, which is characterized, as the name says, for having a fixed interest rate for the entire time the loan is paid. There is also the variable mortgage, whose interest is reviewed semiannually or annually to adjust to the current market; With this mortgage, interest can decrease but it can also increase. Finally, there is the mixed mortgage, whose interest, in most cases, is fixed in the first years and then variable.
Whatever your decision, remember that you can always make a mortgage comparison with a mortgage loan simulator.
What do I do to get a mortgage approved?
Once you have used a mortgage comparator and have clear the entity with which you want to take the loan, you must take into account certain general requirements regardless of who you take such a mortgage.
One of the primary requirements that any entity that offers mortgages will ask of you is that you have a stable job, that is, an employment contract that is more than six months old; also that you have the necessary income and are not in asnef.
If for some reason you do not have the income or you have asnef and you need a personal loan, you can search an online loan tool or page and you will surely find an option. But if you are looking for a mortgage or 100 mortgages, if it is very important that you meet all the requirements requested by the entity.
In addition to the aforementioned, you must be between 18 and 50 years old, although there are always exceptions, and you must have 20% of the value of the home saved. All this is necessary to apply for a mortgage loan, however, all financial institutions are different, and depending on which entity you apply for the mortgage, the conditions may vary.
How can I apply for 100% mortgages?
Keep in mind that if you are looking for a 100% mortgage, the requirements will be even more stringent and not all banks offer the 100 mortgage financing service. In exceptional cases, only certain banks offer 100% of the mortgage and extend the value of the loan for processing costs. Even so remember that the study of the person to offer these mortgages is more rigorous, and you will not find a mortgage without collateral.
If you are looking for a loan without collateral, either because of your economic situation or because you have a loan, remember that there are also entities that offer these types of loans. The difference is that you will not be able to finance a home for so many years, because with a mortgage you can pay your credit in up to 30 years and in certain very exceptional cases it can be up to 40 years. Therefore, do your search when applying for a mortgage. Ideally, you will find the one that best suits your needs.
Tips for applying for and comparing mortgages
Remember that with the great competition between the entities from which a mortgage can be requested, the banks have lowered their interest rates a lot and are in constant war offering the best for the users. That is why you must do your search very well using a mortgage loan simulator to be able to make the mortgage comparison in the best way.
Once you have seen some entities, which offer the best terms and interest rates for you in mortgages, keep in mind that they can offer you different products taking into account your financial situation and risk profile to offer you a fixed, variable or fixed rate.
In addition to this, you must have extra money to pay the commissions to the bank, such as the commission for opening, the commission for early amortization and the commission for modification of the contract if required.
If you have already done the task of comparing mortgages and you have everything ready to request one, you just need to review what are the documents that entities request to request a mortgage.
With all the advice mentioned above, you should not have any problem when applying for a mortgage, however, remember that you can get advice from an expert to get a better deal with the bank; never forget to compare the mortgages and try not to request more than 80% of the value of the debt, in this way it will not take you so long to return the money to the bank.