Many consumers, Despite having a good level of income, they do not have enough savings to pay a percentage of the value of the House wanting to purchase, by applying for mortgages with the 100 % financing, you have everything through EconomiaDigital
Banks usually do not usually grant such products, Although there are some cases in which they can finance all of the value of the property. However, This type of loans are different to other requirements and conditions, by what should be analyzed carefully before apply.
1. Almost exclusive floor of banks
Before the outbreak of the economic crisis, a mortgage 100%, es decir, a credit covering the whole of the value of purchase and sale of housing, was a fairly routine operation, but after tightening access to credit, It is now harder to get these products. In fact, currently the banks could grant only us mortgages 100 % funding if you want to buy a flat from the Bank itself or, to a lesser extent, If there is a perfect financial profile.
Por tanto, If you decide to buy a House that belongs to the Bank, There will be more options to get the 100 % its value. Además, Although the funded amount is greater, in many cases you can enjoy the same conditions. For example, If engages the mortgage Orange Ap'sareb of ING Direct, an interest shall apply from the euribor + 0,99 % (the first year will be a fixed rate of the 1,99 %) and commissions of any kind will not be charged. To benefit from this offer, it is essential to have domiciled payroll and hire a home insurance and a life offered by the institution.
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But buy flats of banks does not ensure to be able to get a mortgage 100 %. It is true that, in these cases, banks are more willing to negotiate the financing of more of the 80 % the value of the property, but the amount of money you will always be offered will depend on your risk criteria.
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2. They are more expensive than other mortgages
Another important point that should be kept in mind before applying for a mortgage 100 % It is that contract these products means one higher risk for the Bank and for consumer, Since the financed amount is higher.
So if you tend to have the same conditions as the rest, in the long run they can get more expensive. As the funded amount is greater, are accrued interest on a high capital and, as a result, the cost of the mortgage is higher than.
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3. The problem of the long-term
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The term offered in this type of housing credits may be longer, but that's not always convenient. Remember that longer is the period of amortization plus interest will be generated, so mortgages will be more expensive.
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4. The additional costs
The financed amount does not include the Constitution and sale expenses. Por tanto, We must rely on savings that allow you to deal with this item. Before the crisis, banks if financed over the 100 % of the value of the home to cover these items, But today it is almost impossible to get it.
5. What conditions require
The contractual conditions are more demanding than other credits. So far, the minimum requirements are to have a fixed job which can ensure recurring revenue for the life of the loan, having a monthly salary of, at least, 2.000 euros including all holders of the loan, and does not appear in the files of delinquent (as ASNEF or RAI).
If you need more information about mortgages 100% click on the link below : Mortgages 100% Málaga