If you are looking for a mortgage loan to be able to have your own home, the requirements to take out a mortgage loan will depend exclusively on the financial institution in which you want to carry out the procedure. Since it is up to each bank to make sure in different ways that you can pay.
Also depending on the bank, you will find different forms of financing. But in general, the requirements that we present below are the most requested.
Age, a fundamental factor in the requirements to take out a mortgage loan
As for the age, you will find some variations, but as we mentioned at the beginning, this clearly depends on the bank. In some of these, the housing loan is granted if you are already 18 years old, while there are others that have been delivering since the age of 25. But not only is this enough, the salary will play a fundamental role.
It is not enough that you have the required age, salary, or rather, the seniority of your work will be requested in two ways:
- If during the years you have kept working for the same entity, you will have to present the time you have been without interruptions.
- On the other hand, if you have changed companies during the last time, you will have to add your old job with the current one. Take into account that in your current employment relationship you must take between 3 and 6 months.
Credit history, important within the requirements to take out a mortgage loan
Another requirement to take out a mortgage loan, if you want any type of loan, is your credit history, especially if you are going to apply for a home loan, since the banks are responsible for seeing that you have a good record to approve the loan.
The minimum monthly income to apply for a loan of this type is between $ 9,000 and $ 20,000 pesos, as long as you can check your economic stability. There are some banking institutions that allow you to have a guarantee, only if you do not have a credit history.
The importance of initial capital
In all credit you will have to have an initial capital. Generally, a minimum of 10 to 20 percent is requested.
Finally, do not forget that to be successful, it is important that you meet the requirements to take out a mortgage loan and have good credit counselors.