6 Requirements for a mortgage without entry

6 Requirements for a mortgage without entry

A mortgage without entry is one that we request from the bank and covers 100% of the purchase and sale amount of the house. Prior to the bursting of the real estate bubble in 2008, theywere known as 100% Mortgages, since in addition to the amount of financing they also covered the expenses associated with that mortgage.

After this crisis and due to the large number of non-performing loans, banks stopped marketing them. Is it possible today to get a mortgage without an entry?

What is a mortgage without entry?

As we explained at the beginning of this article, a mortgage without entry is one in which you do not need to contribute your own funds to the financing since the loan covers it in its entirety. In this case, the expenses associated with the mortgage would not be included and if you should put it out of your pocket.

Mortgages without entry are those in which it is not necessary to have savings to get them and currently banks have reopened their hands to this type of financing. It is necessary to have a certain credit profile and also have banking negotiation skills like those we have financial advisors.

This type of operation continues to have a high risk for banks, so they are granted in a few percentages.

Requirements for a mortgage without entry

  • Have a sufficient volume of savings to meet the expenses associated with the operation.
  • Be in a stable or high-income professional position
  • The mortgage payment must not exceed 35%-40% of the total income obtained
  • Be willing to contract products linked to the entity that grants it.
  • Have a zero debt certificate, that is, have no more debts with other entities in the element of the application.
  • Assess the incorporation of an additional guarantee or guarantee to the operation.

What are the mortgage options without entry for this 2021?

  • Apply for a mortgage for bank properties

It is possible that among all the properties that the real estate companies of the banks and the Sareb have, there is a home that suits your tastes and needs. In this case you will have more chances of being granted a mortgage without entry.

  • Appraisal higher than the purchase-sale value

Even if the entity grants 80% of the appraised value, if this is higher than the purchase value, the amount granted may reach the entire financing.

  • Hire the services of real estate consultants

The hiring of experts can save you a lot of money since they have many contacts and collaboration contracts with financial institutions in which special conditions are contemplated. From Creditoh we help you achieve it.

This refers to having a profile of high solvency, no debts and high stable income.

  • Economic stability without savings

Banks now also open the doors to young profiles who, without having savings due to their lack of experience, do have stable professional trajectories (civil servants).

If you think you may be in any of these situations and you are determined to apply for a mortgage without entry, it will be a pleasure to help you get it.

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By Catharine Bwana