Assuming the price of a house is, for some, unthinkable. However, almost a decade after the explosion of the housing bubble in Spain and with the rise in rental prices in recent years, there are people who are starting to consider buying a home. If it is your case, from deplace we want to guide you on what you will need to obtain a broad and secure financing in your purchase process.
Index of contents
Where does the house come from? Avalista or Hipotecarnte no debtor What factors should you take into account when deciding to buy a property with and without financing? 1. Budget that you have 2. Pay cash or access a mortgage loan 3. Appraisal value 4. Mortgage of fixed or variable type Do you need a mortgage? What do I have to do before renting or buying a house? Why move house?
In the first place, it will be necessary to differentiate where the home comes from, since if it comes from the same stock of the bank, it usually finances 100% of its purchase. However, not all times will be like this and we will have to present more requirements that give confidence to the financial institution.
Once the negotiation process begins, you will need to present the data of the applicants. All the data that indicate income level, net amount that is received per year for incoming salaries in the family, etc. And, in addition, present a simple note with which the bank checks the status of the property and its ownership. On the other hand, the bank will administer an appraiser to calculate the price of the property per appraised meter. In most cases, the bank promises to finance 80% of the assessed total at most, or 100% of the price of the home if it is less than what the professional that has sent the entity has assessed.
If you want to know in a simple way all the necessary documentation to present in the application for a mortgage, we summarize it in this document.
finance the purchase of a home Avalista or Hipotecarnte no debtor
For this reason, it is essential to have saved at least 30% of what you think the bank could cost you. 20% to pay the rest until reaching the total of 100% and 10-15% for taxes. Also, there are two types of figures that could help you facilitate financing. On the one hand, it would be an endorsement and if you did not get to get a person who could commit in this way, get a non-debtor mortgage.
The first figure agrees to take over the mortgage if the person who asks for it fails to pay correctly each letter of the mortgage. In this way, the bank would have a guarantee of economic compliance. However, on many occasions, when you set out to buy a home, you do not get the people who can act as collateral.
For some years now, the second figure we spoke of earlier has been formalized, the non-debtor mortgagor. This person would come into play in the event that the person who wants to buy does not have savings and does not have enough 20% to reach 100% financing. The mortgagee would undertake to mortgage 20% of the house he owns. This type of commitment is not a commitment as hard as the endorsement, since it would not lose the entire house in case the debtor can not afford the payments.
finance the purchase of housing
In any case, financing 100% of a house today is almost impossible, since, after the economic crisis of recent years, banks have shortened their loan concessions to cover the payment of a home. But yes, as we have seen, with professional help, you can get financing of up to 80% or, in some cases, 100%. What factors should you take into account when deciding to buy a property with and without financing? 1. Budget that you have
When buying a flat or house, we must have made an analysis of our current economy, know how much money we can contribute from our current income and if we have savings that help us meet the expenses.
That is why we must evaluate if we have the money to make the purchase of the property without a mortgage or if we will access it to cover this expense month by month, considering in this last point the initial savings required to be able to access the mortgage loan.
A good idea is to use the loan simulators to get an idea of how the mortgage payment will be and in turn we can find out in conjunction with our real estate agent if the prices of the area in which we are interested are going down or up. That way we can make a better offer and negotiate when the time comes. 2. Pay cash or access a mortgage loan
Once we contemplate our economic situation and we decided
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