Mortgage and Car Title Loans Obtaining
When requesting a mortgage loan, the client must meet several requirements to access the money in the form of credit that then must return the associated interest, through periodic payments. Among the requirements to be met is how much money they charge as salary.
Keep in mind that mortgage loans are financial products designed to help people acquire real estate that usually represents large sums of money, which can hardly be fully collected by an ordinary citizen. For this reason, the bank grants mortgage loans to those who meet a series of requirements designed to determine that the person can pay the loan on time.
In reality, not only the salary defines the possibilities of opting for a mortgage loan, it also includes other factors such as debt, job stability, credit history, among other aspects, which are rigorously evaluated by the financial institutions that grant this type of loan including the Auto title loans.
Types of mortgage loans
You can request between the types of loans with home equity and lines of credit , which differ in the payment modality, allowing them to be freely negotiated or changed according to the client’s need and if the bank approves it.
Of course, the options to request will depend on the profile one has and of course the financial institutions submit each request to a rigorous evaluation to define that the people have acceptable socio-economic conditions and can cover the commitments to be acquired.
How much do I have to earn to get my mortgage credit approved?
The financial entities among the data they analyze is the client’s monthly net income, since based on the income level, the bank will set the amount of the mortgage loan, which will be what the client will pay through the monthly installments.
The minimum salary required to access a mortgage loan on average can be CLP 500,000, although the higher the income, the greater the possibility that the bank will grant them the mortgage loan and that the amount of this is greater.
In the same way, debts must be taken care of when applying for a loan, since not only the income is what determines the amount of the mortgage loan we want to opt for, we must also have economic slack to be able to pay the fees that this implies type of credits. Likewise, it is important to maintain a “clean” credit history, that is, to avoid falling into default and legal-financial conflicts, since the possibilities of opting for a mortgage loan are enhanced.
Factors that influence a mortgage loan
For the payment of a mortgage that is usually paid between 5 and 25 years, the monthly payments of the mortgage loan cannot be 80% of the client’s net salary. If the base salary is high, they can get up to 100% approval of the mortgage loan.