More and more people are applying for a mortgage. However, this is not surprising. Such a loan allows you to switch to your own, ie buying your own home, apartment, etc. Many people dream of such an opportunity. Unfortunately, the conditions for obtaining a mortgage are quite restrictive. Of course, it all depends on the particular banking institution. Nevertheless, you have to consider different criteria anyway. What? What conditions must be met to be able to count on getting such a loan?
What are the conditions for obtaining a mortgage?
It should be emphasized that many banks pay close attention to the age of the borrower. It is assumed that the optimal number of springs on the back of the neck is a maximum of 35. Of course, the range starts from 18, because you have to be of legal age, but you probably do not need to explain to anyone.
It is worth noting that banks are very restrictive towards older people. Why? It is very easy to explain. It should be emphasized that a mortgage is usually a long-term commitment for a dozen or even several dozen years. Therefore, if someone is 45 years old at the time of application, then they are unlikely to receive a loan for 30 or more springs. You should be well aware of this fact. In general, the upper limit is approximately 70-75 years,
What else affects the issues of getting a mortgage?
Of course, this is a credit history. Banks are the most supportive for people who have positive credit or loans experience. Subsequently, borrowers who have a clean file in this regard are best perceived. Of course, the situation is worst for people who had paid off various obligations in earlier years, but had trouble regulating such issues in a timely manner … It must be clearly stated – such people will almost certainly not receive a mortgage.
However, this is not all. It should be noted that banks are also focusing on current revenues. Of course, the more you earn, the more likely you are to get a mortgage. The other side of the coin, however, is that current liabilities also count. So if someone has a lot of expenses, then their creditworthiness suffers. The form of employment is also important. People who perform tasks based on an employment contract are perceived best. It should be noted that currently applicants for a mortgage must also take into account their own contribution. Currently it is 20%.