Getting a mortgage can be a difficult task. Having enough savings, having a stable employment contract and not being on a list of defaulters are the basic requirements.
However, sometimes banks may require more guarantees if they consider that the profile of the client requesting the loan constitutes some risk for them.
Do you know how to ask for a mortgage even if you do not have a job? We explain it to you.
1. An immaculate credit history:
Banking entities are following clients who present faultless conduct. So you must demonstrate exemplary behavior. Banks know everything as they have your database. A database where the CV of your debts, past credits, and possible guarantees are stored. In the eyes of your bank, a trustworthy customer is the one with the least drag. Only then can you score points. Your creditworthiness will be reflected in these records. Try to make it solid.
2. The formula of the two holders:
Financial institutions will pamper those who come to their offices holding hands with someone. Two holders will always be more warmly welcomed than those applying for solo loans.
In that sense, you will get all the facilities you want. And if you want that option to become something feasible, the best option is for the other authorized party to have an indefinite contract. You will have full guarantees of getting your credit. Your temporary contract will be analyzed with another look.
3. The more savings the better:
We assume that you know everything that the bank will contribute, in economic terms, for the acquisition of your future home. The entity seizes 80% of the value of the property while you, wallet in hand, pay the entry that corresponds to the remaining 20%.
But what if you were something more than capital left over? What would happen if you could deliver more than 20% at the beginning? Well, the possibilities of being granted credit are expanded. You will show that your ability to pay is firm. This way, they will trust you.
4. Have a guarantor:
This is another factor that favors the granting of a mortgage. The guarantor is that figure who, ready to help you in the event of no job or defaulter, agrees to pay the amounts owed to the bank. The holder who has a temporary contract, if he is lucky enough to have a guarantee, will see his position reinforced when receiving a mortgage loan. Find someone who will answer for you and you will have reached heaven.
Following are some of the risks factors you might face if you will go for mortgage the home without having a job are:
– It would be difficult to pay the fees on time: Without having a regular income, there will be a greater risk of not paying the instalments daily.
– You will have to pay higher interest: Some times, the interest rate is quite higher than if the loan was negotiated based on your income.