Acquiring a property can occur in different ways, some have their own funds and others choose to apply for a mortgage loan. In case you are planning to choose the second option, we want to share with you all the requirements that you must meet before requesting it from a bank.
Since due to the large amount of money that is usually handled, banks are very meticulous with their process of granting loans. They must make sure that you have the ability to pay not only the down payment, but also the monthly payments plus interest over the next few years, in order to avoid financial problems.
One of the first things the bank will check when you apply for your mortgage is your credit history. This refers to your record to date of your financial behavior, here they can observe if you are a responsible and punctual person with your obligations as a payer, in order to determine if you are an optimal candidate for the loan.
For this, you must not have been negatively reported in the Risk Centers or be in Infocorp. In case you currently have a debt to pay, it is preferable that you finish paying it, before going for a new loan.
Your proof of income will not only show your seniority in your workplace, but will also be necessary to verify that you have enough payment capacity to be able to cover the fees.
The bank will ask you for a minimum of one year of work seniority or to be able to demonstrate that you will continue working, and on the other hand, it is recommended that the payment of the fees should not exceed 30% of your monthly income.
Keep in mind that the mortgage loan does not cover the entire cost of the new property. Therefore, it is necessary that before requesting it, you have the minimum percentage of the initial fee, which is generally 10% of the value of the property.
Do you meet these 3 essential requirements? If your answer is yes, don’t wait any longer to fulfill your dream of your own home and apply for your mortgage loan now. We are sure it will be one of the best decisions of your life.