Are you wondering what is considered when considering applications for a mortgage ? As you can guess, this is a minimum of a few criteria … You must not underestimate this fact under any circumstances. What requirements must be met so that your own house, apartment, etc. can actually be bought?
Mortgage – what is taken into account
It should be emphasized that, among other things, the age of the potential borrower is an important aspect. It should be emphasized that you must be at least 18 years old to apply for a mortgage . The upper limit – well seen by banks – is 35 years old. Why? People who are in this age group are most likely to get a loan. All because even a 30-year mortgage will be within the retirement age. This means that such people should at least in theory generate income during this period. Of course, the smaller the age – but greater than 18 – the better in general. All because thanks to this you can get a longer loan period and lower installments at the same time. People who are elderly will certainly not get a loan for 30 years, for example. The only alternative is a much shorter loan period. The trouble, however, is that in such a situation it may turn out that the installments – taking into account the creditworthiness – will simply be too large and the application will also be rejected.
What else is the bank paying attention to?
You also need to consider your income. People who earn relatively little and spend little have the best chance of getting a mortgage . The form of employment is also important. By far the best chances of getting a loan are people who perform tasks on the basis of an employment contract. It cannot be concealed that those who are employed on the basis of a mandate contract or a specific task contract have less chances. Why? Such forms are simply less stable in terms of monthly income. It is worth remembering. It should be taken into account that banks look not only at the income they generate, but also at the expenses. Key information include the number of people in the household, current loans, other liabilities, etc.
The lower the creditworthiness.
There is no denying that the story of paying off previous commitments is also an important aspect. If a person once had a loan, but systematically repaid it, they do not have to worry about anything. But people who can’t boast of having a good credit history have reason to worry. What else? To receive a mortgage, you must also show your own down payment.