These points are the ones that work in favor of the candidate for granting a mortgage.
You may be considering the idea of purchasing a property right now. In this sense, one of the first doubts that arise is whether the bank will agree to grant the mortgage in question. Well, in this article we want to provide some keys so that you can have an approximate vision in relation to the requirements. We will tell you what are the details that financial institutions usually like when granting mortgages. Therefore, we encourage you to take note of what we tell you below.
What do banks consider when granting mortgages?
These are some of the most common requirements.
- Savings of 30% of the price
- That your payroll is enough to pay the fees
- Employment stability
- Your banking history
Having money saved has always been an initial requirement. Generally, they will ask you to have saved 30% of what you are going to pay for your apartment or house so that the banks can offer you a mortgage.
Without a good salary it is difficult for the bank to decide to grant you the mortgage. If the payments on your mortgage and the rest of your debts do not exceed 35% of your net income, it is very likely that you will be granted.
This is another important point to keep in mind. The objective of financial institutions is for you to be solvent in the next twenty or thirty years. Therefore, stability in your job will be another factor to assess.
Last but not least, banks will be in charge of analyzing your financial history. It is important that when applying for your mortgage you do not have any other outstanding debt since that could work against you.
In many situations it happens that the bank may have doubts about your solvency. In this case, probably, before denying your mortgage, they will propose that another person guarantee you or that they provide their property as collateral. This is a way that financial institutions use to provide security for their operations. While it is true that meeting this requirement will increase the chances of your mortgage being granted, keep in mind that there are also risks. We will let you know about them in another of our articles.
Do you have more questions? We will be happy to help you resolve any issue.