If you are thinking of applying for a payday loan, one of the options you have is to use your home as collateral. In that case, it is good that you know what are the requirements to mortgage a house.
A freely available payday loan is one whose capital you can use as you wish. That is, there is no specific limitation of use, as if it exists in the loans granted for real estate purchases. It is possible that you obtain credit with that characteristic if you use your own property as a guarantee of payment.
Currently, there are many people who are opting for that type of credit, placing their homes as collateral. This operation is commonly known as a home mortgage, although the name of the loan is a payday loan with a mortgage guarantee.
Keep in mind that when placing your home under warranty there is a risk of losing it, if you default on your payments. Therefore, you should carefully analyze whether this option is the most convenient for your family.
What are the requirements to mortgage a house?
In Mexico, there are different institutions that allow you to mortgage a house, therefore, each one has its own guidelines to carry out the procedure.
However, they all qualify the applicant as a whistle. The main aspects to take into account are :
- The required age is between 18 and 65 years of age.
- If you are currently working , it is important to check your income with recent payroll receipts. Probably, they ask you for bank statements, your registration with the Ministry of Finance and a socioeconomic study (normally, it is done in your home and workplace).
In case of obtaining a variable salary, savings plans can be very useful as a valid support to demonstrate your punctuality and ability to pay.
The credit history
Your performance will be verified as an efficient creditor in previous and current credits, for example: credit cards, vehicle financing and credits in department stores.
In turn, they will analyze the level of indebtedness you have to determine whether or not you are a candidate for a mortgage, of course, this will be evaluated by the respective institution.
After analyzing your level of indebtedness
The institutions verify the amount you have available monthly to know the totality to be financed.
Most entities approve financing taking into account the allocation of 30% of your gross income to the monthly payment.