Surely one of your biggest dreams is to live in your own home, and you are in everything right, because it is one of the best investments you can make . However, it may be that you have always had the doubt if you are already ready to commit to something so serious (such as a mortgage loan) and for what you think it will be a long time if you do not have considerable savings. That is why we share today
What Should I Know Before Obtaining a Mortgage Credit?
What should I take into account to know if I can already buy a property?
As we mentioned, it is recommended that you have a savings that represents at least 10% of what you expect your property to cost , to avoid asking for a loan that is too large.
Second, a determining factor for you to decide to start the adventure of buying a house or apartment is the good health of your finances . Be debt free, or at least have few, up to date and payable; In addition, be certain that, even paying a mortgage loan, you can continue saving at least 10% of your income.
What could go wrong when buying a house?
It happens that, the happiness of hiring a mortgage can become a nightmare. A badly managed credit or with unfavorable conditions for the contractor is easy to become a drag for your personal finances. That is why it is important that you know how much you need to earn to buy a property.
To know, you must pay attention to several factors. The first one is to define the house or department that you would like to acquire . For this, it is important that you determine your needs and priorities very well; the use you are going to give it, if you plan to have a family soon; how far from the work, recreation and education centers do you want to live; and what services you want it to have, among many others.
Once you know what housing you want and have seen several options, set an approximate or average price.
Why is it important to know what house I want to buy?
From the approximate cost of the property you wish to acquire, you can estimate the required income . For example, to request a loan for half a million dollars, payable in 10 years, according to the financial institution with which you contract it, you must receive between 14 thousand and 18 thousand dollars per month.
In addition, the cost of housing will allow you to calculate the amount of the down payment you must contribute, as well as the deed and registration fees; all of them, calculated from the price of the house or apartment that interests you. Remember that most financial institutions contribute up to 95% of that figure, but it is rare that they grant you 100%.
How much should I get hooked?
Specialists recommend giving as much of your money as you can, since 100% will be allocated to the capital of the cost of the property and the amount you will need to request for credit will decrease. Thus, you can pay it in less time and with less interest.
However, according to our experts, the income that a person must receive to buy housing, when he has healthy finances and the habit of saving, are calculated considering that he allocates 30% of his salary to the payment of the mortgage , without this causing a imbalance in its economy. The percentage can be raised up to 40%, when there is no other financial commitment, or if the income is high enough and allows it without representing a problem.
In short, the relationship between salary and debt, whatever it may be, must always be 3 to 1.
We recommend that if you plan to contract a mortgage loan, which represents a fixed expense for several years, you will also purchase medical , life and home insurance that you buy, in case the loan granted to you does not include them.