Are you considering buying a property? We know there is much to bear in mind; therefore, we would like to help you with the procedure. Today, let us tell ou all you need to know in order to apply for a mortgage.
First of all, you have to consider that the payment of a property can be made in two ways: in cash or by financing. And within the second option, there is the possibility to apply for a mortgage. There is no reason to worry, it is not an easy procedure, as you need a great amount of time, paperwork and information, but with the tricks we give you, all will be much easier.
Advices that help you when applying for a mortgage
- First step, meet the requirements. We do not want any disappointments or unexpected situations, therefore, we recommend that yo make sure you meet all necessary requirements for being granted a mortgage, befor you initiate the procedure. What are they? Payroll, age, type of contract, … amongst others.
- Organisation is your ally. As we said before, the procedure of applying for a mortgage implies a great amount of paperwork. Therefore, we recommend that you keep it tidy in folders to make things easier and you don’t get confused with so many documents.
- Be forward-thinking. First of all, calculate the capital you have so you know how much you would need. Why? Because the less money you have to apply for, the easier (and faster) it will be for you to pay off your mortgage. Experts recommend that it should not exceed 80% of the property’s value (nor 50% of your monthly income).
- As our elders taught us: Beware of small print. You don’t want to speed up this process, take it easy and read all the facts and conditions of any document before signing it. This way you won’t have any bad surprises later. And when in doubt, consult a professional to help you with the procedure.
- La negociación es la clave del éxito. Saca tus dotes de “regateo” e intenta conseguir las mejores condiciones para ti.
- Don’t accept the very first option. Even if you don’t want the process to take forever, it is worth spending some time comparing various alternatives to try to get the best conditions.
Now that you have taken note of everything, all you have to do is start enjoying the dream house that CHG has waiting for you.