The dream of one’s own home is probably one of the most desired dreams that exist. Well, who has never been excited about being a real homeowner.
But, unfortunately, not many have the possibility of having their own resources to access to buy a home without the intermediation of a bank. For this, we must have a mortgage loan and it is here that many times the situation becomes somewhat uncomfortable.
Accessing a mortgage loan
It means complying with the requirements requested by financial institutions as a condition of sitting at the table to require a mortgage loan. Depending on the bank, the requirements vary from stricter to less. For example, some banks have among their basic requirements between 20 to 65 years and a minimum monthly income of more than 1,500 soles per month. Other entities may require, in addition to the aforementioned, a working age of 1 to 2 years depending on whether it has a dependency relationship or is independent, in addition to presenting payment receipts for services such as electricity or telephone.
When applying for a mortgage loan, people often have problems not knowing well which banks to attend or what they need as basic requirements. In any case, do not despair, there is enough online information in addition to having the possibility of having a mortgage advisor who can evacuate all your doubts and help you carry out the process maximizing your chances of getting a better deal.
Another recurring question is:
At what time should I take a mortgage loan?
The credit financing option will vary depending, on the one hand, on the bank’s policies. Some financial institutions only grant short or medium term loans, between 5 to 10 years, while others lend to 20 years or even 30.
How will the payment term that I grant to my mortgage loan vary? In general, the most significant difference is that the longer the life of the mortgage the share is reduced, but the interest we have just paid is higher.
However, the financing term will also be subject to the applicant’s ability to pay , since the bank will consider giving it more or less term depending on the amount of money it can have available monthly to pay the credit.
On the other hand, when agreeing to pay a mortgage loan, the type of rate granted must be taken into account . Financial institutions normally have two types of rate, the fixed and the variable.
A fixed rate mortgage implies that the interest rate will be the same during the term of the mortgage. It is ideal when looking to pay a fixed budget for a specific period and generally fits ideally to mortgages that last between 20 to 30 years.
A variable rate mortgage means that the interest rate on your loan can change, it reflects the conditions of the financial market and cannot be predicted exactly. This type of variable rate is common in short-term loans of 5 to 10 years.