Have you considered the possibility of buying, expanding, repairing or building a home and do not have enough money to do so? Do not worry, applying for a mortgage loan can specify that personal aspiration and advance your life plan.
Although the name makes some noise to you, this financing tool is nothing more than a medium or long-term loan that you can manage through any financial entity. That money can even be used to acquire offices or commercial premises.
In Chile, three types of mortgage loans are offered: With Letters of Credit, Endorsable Mortgage Mutual and Non Endorsable Mortgage Mutual. Each modality responds to a different payment obligation that you must know before deciding on an option.
Minimum income for mortgage credit and monthly installments
The granting of the loan, which will take as payment guarantee the acquired property, is subject, among other variables, to the monthly net income you have, which adds salary plus other types of sources of income. In general, the minimum required as income for mortgage loans is $ 500,000.
If your income for mortgage credit is high, you have job stability and a financial history, some banks get to finance 100% of the purchase of a home. The important thing is to show that you have the ability to pay and do not present greater risks of falling into default.
Through these monthly payments you will return to the bank, in addition to the capital, the interest generated, as well as the expenses associated with complementary services. However, to keep your finances healthy, fees should not exceed 25% of your monthly income.
Mortgage loans: How much is paid?
To know the exact amount to pay monthly in mortgage dividends , you must take into account four fundamental elements:
- Property value: it is the real economic value of the appraised asset based on its characteristics. It can also be calculated by making a comparison with the market.
- Initial fee: also known as “foot”, are the savings intended to pay the difference not covered by the credit. The initial fee for properties financed with mortgage credit must add at least 20% of its value.
- Payment time: is the estimated payment time, from the first dividend to the last, which can vary between 5 and 25 years, as agreed in the deed. Costs and interest rates may change depending on each term, the Easy Banking portal warns.
- Interest rate: is the percentage of additional capital generated by the financing. The interest rate can be paid annually, monthly or daily, depending on what was agreed, and according to the guidelines of each institution, it can be fixed, variable or mixed.
Requirements to apply
The requirements to apply for the mortgage loan are the following:
- Identification document.
- Service receipt on behalf of the applicant.
- Proof of marital status consisting of the marriage certificate, divorce or separation decree and cohabitation certificate.
- Birth certificate of the children, if applicable.
- Freelancers must submit the latest tax return and notarized earnings regime.
- Dependent workers with their last 3 salary settlements and employment certificate.
- Not be in DICOM.
How to qualify for a mortgage loan?
For the Sernac, the granting of a mortgage loan involves three major stages:
- Comparison and loan application: process in which you will compare and look for the best conditions.
- Credit evaluation: after deciding and opting for an entity, it will make the pertinent reviews to advance to the next stage.
- Formalization of the credit: approved your application, you must sign the documentation, prior check to confirm that everything complies with the stipulated.
Although there is no fixed fixed salary it is recommended that you make a thorough evaluation of your ability to pay to determine if you are going to comply with dividends without frights and avoid falling into arrears.