More and more people use various mortgage programs when buying housing. Almost everyone who thinks about buying an apartment or a house now, at some point, asks, will they give me a mortgage?
Will you give a mortgage if you do not work?
If the mortgage is issued for one person, not. However, today there are such programs that allow you to get mortgages that do not even work. For example, a student mortgage loan program. For such programs, the main borrower may not have a stable income, provided that all the responsibility for making payments on the loan is taken on by co-borrowers.
Experience required for obtaining a mortgage
To provide a mortgage, you must have a continuous record of at least six months. At the same time, the longer you have worked, the more chances you have for getting a long-term loan. Long-term work experience is for the bank an indicator of the stability of your income.
Age restrictions
The so-called "mortgage age" comes from 21 years. From now on, you can get a mortgage. But at the same time, the last mortgage payment must be made no later than when the borrower, if he is a man, turns 60 and 55 years old, if the borrower is a woman.
Mandatory requirements for mortgage borrowers
Each bank has its own requirements for housing loans borrowers, but there are those that are mandatory in most lending institutions:
- Availability of citizenship. Passport is the first thing that a client asks in any bank.
- Age. In most banks, you can get a mortgage from the age of 21. It is believed that from this age a person can achieve stability in life. Since the repayment period of the loan is entirely the borrower's working age, his maximum age is most often limited to retirement - 55 years for women and 60 years for men.
- Registration in the region, at least temporary.
- Confirmation of employment. Continuous experience at the current place of work should not be less than 6 months - this is the requirement of the bulk of mortgage banks.
- Solvency of the borrower. A mortgage applicant must have a sufficient and stable income. Banks are extremely reluctant to give large loans in debt, if the monthly payments for them exceed 40% of the client's monthly income. In this case, the involvement of co-borrowers or guarantors can influence the decision of the bank.
- Credit history. It should not just be satisfactory for a mortgage borrower. It should be almost perfect!
- Special social status of the borrower. It is necessary if it is a mortgage loan on special terms - mortgages for young families, military mortgages, etc.
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