- Let's review the risk criteria that studies the bank when granting a mortgage
1. payment ability of applicants Central to the bank is that the customer is able to repay the loan, and for this analysis:
a. job security: takes into account the probability of job loss, are generally valued more officials or employees with permanent contracts and several years in the business and less to those who have temporary contracts or freelancers. It also takes into account the activity, penalizing those sectors with a higher risk of job loss
B. income stability: challenges currently much income applicants who receive much of their salaries through commissions (for the risk of discontinuity), as well as income from self-
c. debt ratio: is calculated mortgage payment divided by the net monthly income, and this ratio should not exceed 35% for most entities
d. sensitivity to higher interest rates: although the loan has an initial interest rate of 3.25% - for instance - Financial institutions to simulate a mortgage payment at an interest rate of 5%, to ensure that customers will be able to meet that quota in the future (remember, we're hiring a long-term loan, and in some when the loan will be paid fees calculated with this type of interest, or even more)
e. disposable income: is calculated by subtracting the net monthly income of the applicant's share of the mortgage and other loans, typically applying other expenses depending on the number of members of the family unit. The objective of this exercise is to ensure that customers will be able to meet its regular expenses. For example, if the family's monthly income is 2,000 euros and have 2 children, the share of the loan is 800 € (40%) and also have loans totaling EUR 600 quotas, entities likely to put many objections the granting of the loan, then consider that the family could not cope with all its running costs with an available 600 euros. Article published in www.idealista.com agency www.juanrivero.es In addition to some of the best deals on homes, we can study without commitment to your mortgage. To get the best possible conditions
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