How can I successfully apply for 100 × 100 mortgages
Currently, most banks finance up to 80% of the appraisal, but many people do not have enough savings for expenses and a contribution of 20% of the property price. Therefore, one option is 100 × 100 mortgages , they are difficult to get but with the help of financing experts you can get a loan with the best conditions.
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How can I get 100 × 100 mortgages?
In order to apply for a mortgage with 100% financing to buy a home, it is important that you have a profile that interests the bank . A loan with this type of financing supposes a greater risk for the bank in case of non-payment, in addition, normally this type of mortgages is requested by people without savings and for the bank this is already an indication of lack of solvency.
Good profile for 100 x 100 mortgages
If you have a good solvency profile, it will be much easier to negotiate better conditions with the entity. What is considered a good profile?
- Good credit history. It is important that when applying for the loan you do not have any outstanding debt or are on a list of defaulters. Otherwise, your chances of accessing any type of financing will be scarce or nil.
- Debt capacity. The Bank of Spain recommends that a maximum of 35-40% of the monthly income of the family nucleus be used to pay loans. This debt ratio is the one used by entities to assess whether you have a solvent profile that will be able to pay the installments without jeopardizing economic stability or not.
- Stable work and income. Having a permanent job with some seniority, at least one year, and a good income, will show a reliable profile.
In addition to these three points, there are two profiles that interest the entities: civil servants and young people with a job projection.
The officials have very stable jobs and good wages tend to charge, on the other hand, young projection are under age 35 who already have a very good job profile by age but have not been able to save enough. If you are a young person who still does not have all the necessary savings, but has a good salary with a stable long-term job, you are a good candidate for a loan of these characteristics.
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Bank-owned flats are a great way to get 100% financing. Some banks have an important portfolio of flats that have been accumulating, above all, due to evictions and the economic crisis. Banks want to get rid of this portfolio in order to make a profit and, therefore, offer very good conditions to buyers, reaching 100%.
In order for the bank to offer you 100%, if you meet the above conditions, the appraisal value of the home will have to be higher than the sale price of the property.
Guarantee for mortgages 100 × 100
If you own a house, the bank may propose to put it as collateral to give you better conditions or to have a guarantor.
Before making a decision regarding the guarantee, it is important that you take into account the risks that the person poses in case of default , they could run out of equity to pay your loan.
The last way to get 100 x 100 mortgages is to hire financial intermediation services , the advisers will negotiate with the banks to get you the best conditions for your profile.
Housfy Finance has a great team of more than 70 financial brokers that will help you get the best mortgages thanks to our agreements with more than 20 financial institutions.
How much do 100 × 100 mortgages cost?
100% mortgage loans are difficult to obtain, but they are not impossible to obtain. But it is important that we bear in mind that they do not include the purchase and mortgage expenses , which are 30% of the property price. The mortgage expenses are:
- The notary. Round between 0.1-0.5% of the loan amount, plus the expense of the deed and each copy you request.
- The agency. Around € 300-400
- The property registration. Round 0.2%
- Tax on Documented Legal Acts . It will depend on the autonomous community in which you are.