How to get a mortgage

PREMIERE HOME THIS YEAR FOLLOWING THESE TIPS ON HOW TO GET A MORTGAGE CREDIT

Thanks to the mortgage loans that many institutions offer, buying a house or apartment is not an unattainable dream. Learn what you need to get a mortgage and get your own home.

What requirements do I need for a mortgage loan?

  • Minimum age of 18 years and maximum of 64 years
  • Good credit history
  • Minimum monthly income of $ 10,000 pesos (approx.)
  • Have ability to pay
  • Have a good savings
  • Seniority and current employment relationship

Minimum age of 18 years and maximum of 64 years

Each lending institution establishes age ranges for applicants. The minimum age for obtaining a mortgage loan is 18 years and the maximum age is normally 64 years.

When it comes to getting a mortgage, young people have more advantages, as the percentage of financing tends to be higher. There are also special policies for people 40 years of age or older, considering the possibility that the applicant may have greater savings or income to buy the property.

Good credit history

The institution will review your situation in the credit bureau, therefore, your payment behavior in any type of credit will make you an attractive customer or not. That is, you must have current payments for credit cards, department cards, telephone plans, television services, loans, among others.

Minimum monthly income of $ 10,000 pesos (approx.)

Your monthly income will also be taken into account when you apply for your mortgage credit. Each institution has different minimum salary requirements, but they are usually between $ 10,000 and $ 15,000 pesos. As important information, you should know that the monthly payment of the credit that you are granted must not exceed 30% of your net income. Consider it when doing your financial planning and choosing the best mortgage loan .

There are institutions that, in addition to your salary, consider your extra income and by adding both, you could contribute for a larger credit.

Have ability to pay

The debts you have at the time of applying for a mortgage loan also influence the approval, regardless of the punctuality with which you make the payments. In reality, what is analyzed here is that you have the economic capacity to cover the monthly amount of the mortgage, leaving aside your fixed expenses. These debts can be considered, for example, the payment of a car credit or the monthly payment of a credit card.

Have a good savings

Another requirement for a mortgage is that you have a savings or an initial amount of between 10% and 20% of the total value of the house or apartment you want to buy, so that you can give this money as a down payment. In addition, you must cover the notary expenses that are usually between 5% and 9% of the total value of the property.

If you do not have these amounts, some institutions offer the possibility of offering you a credit to cover these expenses, however, you should bear in mind that your monthly payment will increase and that this financing will have other interest rates.

Seniority and current employment relationship

It is very common for credit institutions to pay attention to your seniority and employment status. On the one hand, banking institutions seek job stability, which can be reflected in your seniority. This is one way to ensure that you can cover the mortgage payment.

On the other hand, for credits belonging to institutions such as Infonavit or Fovissste, it is necessary that you have a current employment relationship and that you are duly registered as a worker. In addition, the number of years you have worked will be reflected in the credit they offer you.

If you work independently, that is, you have a business or you are a freelancer, you will have to prove that your income has been stable for at least two years, this can be verified through the account statements corresponding to the requested time.

If you already have a property in mind, you can simulate your mortgage credit here in buy property.

Still looking for a house to buy in blue world city Islamabad? Learn about our real estate offer and find your next home.