Mortgages often sound complicated, tangled, and desperate and can end badly if you don’t know anything about them or don’t have the right advice when buying a home. They even become the nightmare of many at night. Having money saved or a mattress will help you make things easier, but what happens when you have little or no savings? Accessing a mortgage without money is practically impossible today. You must have saved a minimum of 20 to 30 percent of the price of the house. Many times, it is a central problem.
Get a mortgage with little savings.
The good news is that you can get 100 percent of the house price from different financial institutions. This type of mortgage with few savings has its guarantees and some risks, but your bank has a double mortgage guarantee. They finance up to 80 percent of the home’s value, and the remaining 20 percent is obtained through a mortgage on another property of the interested party. You can be getting the right mortgage by following these points.
Do you know how you can get a mortgage with little savings?
1. Be of legal age and prove your salary
It would help if you were of legal age. With a monthly net income and it is taken into account if the person has the subsidy or support of a housing agency.
2. Credit history
Your credit behavior will be taken into account and if you have complied with previous and current credits. Always check to appear in the credit bureau with a positive rating.
3. Initial amount or second mortgaged property
When 100 percent of mortgages are being processed, you will also be asked to sign a second home mortgage.
The interest in these mortgages is lower than in any other of the same entity. The appraisal is free. You can save up to a lot of money in this process.
Payment flexibility, you can postpone your payment, and there are banks in which the first months are free.
Besides, other options may be useful to you:
- Postpone the payments of the property while you get the resources requested at the beginning in different means.
- Lower the price of the house so that you can comply with the conditions of your bank.
- Find a cheaper property or in another area to be able to make the initial investment.
Remember that, although many banks offer this type of financing, it is not always convenient to obtain it. You can always negotiate with your bank, and everything will depend on your profile as a client. Nobody said it was easy!
Just like when you want to buy a house, the first step will always be to make a formal application. In that sense, it can be done directly at a bank branch or online. In both cases, the institution will request that some data be provided.
According to the information you provide to the bank, a study will be carried out in which the credit history, the rating in the bureau, the monthly income will be reviewed and, above all, the amount they can lend you will be evaluated according to the cost of the house.
Once the calculations have been made, they will inform you of the complete detail of the loan that is being requested. It includes the total amount and duration of the loan, the monthly payments to which the interest and insurance had will be added, as well as the CAT and the interest rate.