What to consider to get a mortgage loan

It must be considered that banks are increasingly restrictive with the requirements to obtain a mortgage loan. That is why this current scenario has led to the promotion of new management units within real estate companies, supporting clients in the way they obtain their long-term loans.
In fact, at this time, it is important to be able to review all the available offer to finance a property, where the correct advice and advance management is essential to be able to finalize the purchase of a home.
If we add the decrease in the terms of mortgage loans, plus the constant rise in interest rates, we can conclude that a client with a promise of sale signed 2 years ago, must earn between 30% and 50% more income in order to qualify for the same credit for which it was evaluated at the time of signing the promise.
Given this, planning is crucial when presenting to a financial institution, where it will seek to obtain the advance evaluation to achieve a financial order. If necessary as well, you should look for a rent supplement and obtain the guidelines to be within the parameters of financial burden stipulated by the banking risk department.
“The big mistake today is not planning the purchase and thinking that the financial environment will be favorable at the time you have to fulfill the commitment acquired and, also, not listening to the offer of all financial institutions,” says Nelson Acevedo, head of the Mortgage Loans Area of mialborada.cl
“To this day, we still have Mutual Mortgage Administration Agents (Mutuarias) that offer mortgage loans for 30 years, because these institutions are linked to insurance companies that are governed by the Superintendency of Securities and Insurance (SVS) and not by the Commission for the Financial Market (CMF),” he explains.
“Likewise, we must explore and dare to consider variable or semi-variable rates in order to be able to be within the parameters of mortgage load that does not generate a financial overload or for investors, to achieve a profitability according to expectations,” adds the real estate expert with projects in places like Villa Alemana, Quilpué and Viña Del Mar.
It must also be considered that banks must be given the assurance that you are in optimal conditions to pay the loan. Generally, you are required to be employed in a company from six months to one year to demonstrate stability.
Finally, you have to take care of the resume of the financial system, and if you have debts, the total amount should not be greater than your assets such as term deposits, vehicles, properties, among others.

Original source in Spanish

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