Asking for a mortgage in 2017 is somewhat more affordable for a person or family than last year, if we take into account that the risk requirements have softened a bit. To know what banks have in mind when approving or denying a mortgage, you can check the requirements article to get a mortgage .
When it is worth asking for a mortgage
Before going to the banks to ask if they will approve a mortgage or hire the services of a mortgage broker, it is more than recommended that we train . The mortgage guide I edited for iAhorro.com and the Bank of Spain guide are two great ways to start at cost 0. If you want to invest some more money, look for books on mortgages. My first book “Guilty Banking” can help you.
This simulator from the Bank of Spain allows this type of calculation.
While sometimes it is possible to get a 100% mortgage on sale and even finance expenses, if allowed by 80% appraisal, it is highly recommended to have savings . Not only to be able to pay in cash the expenses and part of the purchase price, but to keep a part of them saved, in case in the future we have specific problems of payment and to be able to pull them.
If we have good job stability or are freelancers capable of profiting our business many years ago, it makes sense to ask for a mortgage in 2017.
When not to ask for a mortgage in 2017
So important is knowing how to get a mortgage loan as knowing when to ask for it.
If we don’t have the capacity or habit to save (spend less than what I earn), borrowing from decades seen is not a good idea. If one does not arrive at the end of the month, it may take a few days to pay the rent. But mortgages are much tougher obligations, which can involve the loss of our home and a debt for life, if we can pay them.
If we know that we are not very responsible when it comes to returning debts or fulfilling our commitments, we cannot even ask for a mortgage. It is very serious.
When the bank asks us to guarantee our parents
It is a bad sign, or that we do not have adequate job stability, we do not provide savings or, simply, that the bank does not trust us or wants excessive guarantees when leaving us the money. It is not that we should never ask for a mortgage with guarantors, but of course only if our parents understand perfectly that they put themselves in the same position as those mortgaged for nothing. And, in addition, they have enough disposable income to pay the mortgage fees for a while if we cannot.