Ask for information on the best mortgages at your fingertips to the experts of Good Finance, who know perfectly well the requirements that banks require to grant mortgage financing, according to each financial entity and its particular risk policy. There are a number of common variables that we must meet if we want to request a mortgage with minimum guarantees of success.
If you want to know if they will grant you a mortgage, fill out the form below, without obligation .
It has the best mortgage professionals
To get a good mortgage managed by a mortgage broker (selected by the professionals of the Good Finance mortgage portal) this year 2019 it is important to consider:
- Mortgage intermediaries are responsible for compiling the economic documentation and information of the client and the house you want to buy, to recommend the best mortgage solution for your case. The mortgage is approved by a bank, whose risk criteria may change while the mortgage is being processed. Therefore, only when you have signed a notary can we tell you that a mortgage is approved. A mortgage broker depends on the good work of the banks with which it has an agreement. What they can assure you is that they will not charge fees if they do not get the mortgage in the conditions you are looking for.
- Our employees have a team of professionals with the necessary training and experience to negotiate for you the best mortgage at your fingertips.
- We have agreements with mortgage professionals throughout the national territory, with physical presence in the main squares of Spain.
The net monthly income of the applicants is the basis of any risk analysis in order to approve or deny us a mortgage. In order to request financing, it is vital that payroll income, self-employed income, rental income for property ownership or any other monthly cash inflow be sufficient to meet the mortgage payment. What is technically called repayment capacity. Our percentage of indebtedness with respect to income should not exceed between 30 and 40%, which means that we will never approve a loan whose quota approaches or exceeds half of our income.
For a couple that charges a total of 2,400 euros per month clean, for example, the maximum fee you can pay for the bank will be between 720 and 960 euros. Taking the interest rate that apply to us and the term granted to us, we will know the maximum indebtedness that we can reach (use our online mortgage calculator for this type of calculations).
In addition to the debt ratio, the stability that the holders have regarding the generation of money is very relevant. A mortgage for an official is much easier to obtain than another for an indefinite worker of little seniority in the company, which in turn is more likely to obtain than that of a freelancer or temporary employee.
Mortgages at 100% plus expenses today are almost impossible, even providing guarantors or double real estate guarantees (although in this case you can study their viability). Most commonly, the bank offers a limit to finance, which is usually:
- The lowest value between 100% of purchase and sale and 80% of the appraisal value, so that at least we have to have saved the expenses, which represent just over 10% of the total loan requested.
- The lowest value between 80% of the purchase and sale price and appraisal, forcing the mortgage applicant to have money saved to meet 20% of the house price plus all expenses.
If the requirement to have money saved is not fulfilled, asking for a mortgage is really an impossible mission, unless we have other guarantees to offer that may interest the bank.
Be up to date with other debts
In addition to not having prior indebtedness at the time of requesting mortgage-backed financing, whether personal loans or credit card debts, it is also essential not to have defaults. A debt in a record of defaults, whether telephony or failed loans, automatically blocks access to a mortgage. It is not worth wasting time, before starting the process we must pay off all our debts. There are no mortgages within our reach if we are in the RAI or the Asnef. To reunify debts with defaults there are sometimes options, but you have to take into account the high costs of this type of loans to reunify.
In short, to request a mortgage we have to demonstrate in a clear way that we will not have problems paying the fee . For the own good and the lender bank.