When requesting a mortgage loan, you should know that, in general, banks usually lend up to of the price of the home or its apprais value. This means that it will be necessary to have savings to cover. What remains and an extra for expenses and taxes. Continue reading the article to know more. If you have already found the ideal home for you and you intend to apply for a mortgage loan. It is important to be clear about how much money the bank will lend you and how much you must have to be able to apply for the mortgage loan. We will tell you everything you to know about it. Although there is the possibility of requesting a mortgage for of the price of the home, in most cases banks do not grant this type of loan. The most common thing is that banks only give you of the price of the home that is going to be mortgag. In other words, you must have the remaining of the price of the home.
Is it possible to request a mortgage loan without having savings?
The answer is yes, there is the possibility of accessing a mortgage without having savings . However, we must emphasize that this is not the most recommended option . In general, banking entities avoid carrying out these types of operations. The reason is simple, these are operations that involve greater risk due to the high level of debt they imply. However, this does not South Africa WhatsApp Number Data mean that it is not possible to get a mortgage loan without having savings. Here are different options that can help you request a mortgage loan without savings: Have a guarantee The easiest way to get a mortgage loan without having savings of of the value of the home is through a guarantee or guarantor . When we talk about a guarantor we are referring to a third person who undertakes to respond for the mortgage loan debt if a case of non-payment occurs . In this way, if the holder of the mortgage loan can no longer continue paying the installments, the bank will turn to this third person. She will be the one responsible for the payments.
Rent with option to buy
Another way to buy a home and request a mortgage loan without having savings is to opt for rent with an option to buy . This is an option that gives the buyer the possibility. Of renting the home they are interested in buying for up to years. Once that time has pass, the purchase is carri out . However, the rental money paid during the rental period will be deducted Indonesia Phone Number List from the purchase price. In this way, the sum of money that must be disburs will be lower . This will give you the possibility of accessing a mortgage loan more easily. Since the full purchase price is not need. Please note that, if you are interest in accessing this option. It will be necessary to carry out a rental contract with an option to purchase at the time the rental begins. On the other hand, we must also mention that mortgages have a high cost. These are loans that provide a large amount of money, with a repayment period that is generally very long. This generates a very high amount of interest that we must pay on our mortgage payments.
