What are the steps to apply for a Mortgage Credit?

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Whoever is about to apply for a Mortgage Credit in any financial institution should know what are the most important questions and requirements. With a detailed guide, the process and application can be easier and get approval without problems.

 

Mortgage credit requirements

Mortgage credit requirements

Among the requirements for mortgage credit, the first thing to keep in mind is that the bank’s evaluation is made based on all the documentation presented and the information that exists in the database. What you need to present is: work activity, ability to pay, loan amount, what it will be used for, property appraisal, previous debts and credit report. Approval can take around fifteen days, however, some entities do it in less time.

At that time it will be informed how much is the amount that will be loaned to the applicant. Then, proceed to pay this money and prepare the mortgage. You should know that the bank delivers the cash at the time of writing. The loan repayment fees include: part of the capital, life and fire insurance, and administrative expenses.

It is vital to know, in turn, that the requirements for mortgage credit vary according to how much the property costs and the destination that will be given to it. For example, it is not the same as it is for your own and unique home as for a second home, such as a house for the weekend. It also decreases in the case that the money is used for the renovation of the property or to build a room, to name a case.

 

The minimum monthly income will also depend on the amount requested

mortgage loans

Singles can access more money and if it is a couple it is recommended that both present the documentation to increase the probability of acceptance. The maximum value of the fee is determined by a percentage of between 30% and 40% of the monthly salary of the applicants. These are some of the aspects to consider before applying for a mortgage.

In Lenders Bank you can simulate for free and without leaving your home your Mortgage Credit, installments and interest, so as not to take unpleasant surprises and choose the best alternative. Enter our Mortgage Credit Simulator and get the best option.


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