This is how the bank identifies if you are a candidate for a mortgage loan
Acquiring a bank mortgage loan can be an excellent alternative if you are going to buy a house; processing it is easy, you just need to meet some requirements.
The bank mortgage loan is a loan that the bank makes you for the capital you need to buy your home, and the commitment is to pay it month after month with a percentage of interest during the term that suits you best.
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To know if you are a candidate for a mortgage, you must meet some important points. In general, all banks ask for the same , but there are some that may vary depending on the institution; Among the basic requirements that will be requested are:
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- Age
- Labor Old
- Verifiable income
- Situation in the credit bureau
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Age
Some banks accept the age of majority as a minimum to apply for a bank mortgage loan. Although there are some others who request a minimum of 21 or 26 years .
The maximum age tends to vary more, since the life of the loan comes into play. The average is between 65 and 69 years old , however there are entities that accept larger people and give a shorter term of life to the credit.
For example, at BBVA Bancomer the applicant is required to finish paying the loan before reaching 85 years of age and from there the age limit is established.
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Labor Old
This requirement is important because it shows the bank your stability in a job, which ensures that you can pay off the loan without setbacks.
Some banks can accept 6 months , but most request two or three years working for the same company.
The categories are divided between salaried and non-salaried, the latter usually need to check constant activity for a longer period of time. There are also banks that use their payroll product to establish the required seniority period, such as HSBC which establishes that the minimum working seniority is 1 month if the HSBC payroll is available; otherwise he asks for 6 months being an employee and 2 years being a non-employee.
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Verifiable income
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This requirement will help the bank to design your mortgage loan, since depending on your income, it will be the monthly amount assigned to pay each month, as well as the number of years that you will have the loan.
In this way, the bank will know what your payment capacity is, since it is not recommended that you take out a loan whose monthly payment represents more than 40% of your salary.
If you work for a company and you are registered on the payroll, your receipts will be sufficient proof of your income. If you work independently, you will be asked for proof of payment or information about your account statement.
In general, the minimum requested is an amount of $ 10,000.00 MXN per month , but it also varies depending on the credit and the bank.
At Scotiabank, for example, applicants are divided into three:
- Employees and employees with fixed fees: payroll receipts for the last month.
- Fixed salary + commissions: payroll receipts for the last 3 months
- Business owner, shareholder or entrepreneur: last 6 bank statements of your choice, registration with the Ministry of Finance or the Annual Tax Return.
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Situation in the credit bureau
Before applying for a bank mortgage loan, it is a good idea to review your situation in the credit bureau , as it is one of the most important points for you to get credit.
Appearing with a negative rating in the credit bureau is never a good idea, as the bank will interpret this as lack of payment attention and they could deny you the loan.
Review your situation in the bureau, you can do it online. If your condition is critical, it is best that you catch up as soon as possible so that this is not an impediment to accessing your credit.
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Other requirements
Some banks may request some additional requirements , which vary depending on the entity. For example, Bancomer asks that you have life insurance and property damage insurance.
Other types of requirements may refer to the type of home you are going to acquire, such as one of Santander's credits that requires that the property is located in an urban area of a residential or mixed type and is for residential use.
Each bank offers different financial products where mortgage credit is one of the most popular for its ease of acquiring it and how convenient it can be to buy your home with it. Check soon if you are a candidate to obtain your mortgage and live soon in the home of your dreams.
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