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What Do You Need To Know Before Hiring A Mortgage? Buying a home is one of the most important decisions in life because it involves a large investment and, in many cases, the hiring of a Housing Credit with a Financial Institution. This is probably one of the most important and longest financial commitments in people’s lives, so this should be a very thoughtful decision.

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Before deciding to buy a home, evaluate well the impact that this decision can have on your life, household income (along with other monthly charges) and the future of your family.

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Remember that unforeseen events happen, that there are unexpected situations that can jeopardize balance and financial stability and that may hamper the fulfillment of your responsibilities.

A responsible Financial Institution should help you evaluate the impact of the Housing Credit charges by presenting you with different alternatives, solutions, and scenarios, thus helping you to make a conscious and responsible decision. In this sense, always require the Financial Institution that will evaluate your Loan Request, all the necessary information and clarify all doubts before moving forward.

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At the loan company, you can count on the support of a team of specialists in Housing Credit, prepared to answer all your questions and provide you with all the information you need.

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How to formalize the application for Housing Credit? After analyzing the proposal that was presented to you, if you decide to proceed with the application for Housing Credit, you must submit the necessary documentation to formalize your request. The analysis of the documentation will allow determining if it meets the necessary conditions to obtain the requested financing and to verify the characteristics of the property that will serve as a guarantee for the Loan.

In addition to the analysis of the personal documentation and the income of the proponents, an evaluation of the property will also be carried out to verify if it meets the conditions and the necessary value that allows the requested funding.

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Where to apply for a loan company Housing Credit? If the purchase of the property is through a Real Estate Agent, the Real Estate Agent can generically inform you about the different financing options made available by the loan company and put you in contact with a Housing Credit Specialist from the loan company.

You can also find information and make your request for loan company Loan through the loan company site, by completing a Request for Contact or a Loan Request, or by going to one of the loan company Agencies closer to you.

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Determining the amount of benefit you can afford must be one of the first steps to take. Analyze in detail the impact of the installment with the Mortgage Loan and the other fixed charges in the monthly income (expenses, charges with credits and others). This will help you to calculate whether or not you have the ability to hire a certain loan amount.

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The Effort Rate is an indicator used by the Financial Institutions to calculate the weight of the installments with credits (Housing Credit, Automobile Credit, Credit Card, etc.) in monthly income. Under a Responsible Loan policy, the Maximum Effort Rate advised on a Housing Credit application is 35% or 40% (ie the credit burden must be less than half of the household income).

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To help you get an idea of the amount of Loan and the monthly installment appropriate to your case, the loan company provides a simulator for calculating the financial capacity and can be consulted in the area of Housing Credit Simulators of the site of the loan company.

What is the information necessary for the analysis of a Mortgage?

To carry out an analysis of Housing Credit it is necessary to obtain information about the personal data of the proponents, about the income and professional situation of the household and, finally, data of the property to be acquired. So, the basic information to gather is:

  • Amount of Loan.
  • Purchase Value of the Property.
  • Number of Holders and their respective ages.
  • Composition of the household (number of dependents).
  • Monthly Income, profession, and employment relationship of the holder (s).
  • Savings, charges, and compliance with other credit responsibilities.
  • Additional guarantees (existence of guarantors or other additional guarantees).
  • Location of the Property to be financed and the situation of the Property in the Land Registry.