Are you thinking of buying a house and applying for a mortgage to bear the cost? Here are some passages not to be forgotten, especially in this period when the economic crisis continues to make its negative effects felt.
- Start by calculating your “purchasing power” , ie the maximum payment that your income situation would allow you to sustain. To do this, take your monthly net income, subtract the subsistence expenses (which the banks estimate in about 800 euros per month), subtract another 200 euros for each dependent child and any other installments that you are already paying. What remains is the “power of mortgage purchase”: divide it by 1.5 and you will find the maximum rate you are able to support. At this stage, you can also evaluate your creditworthiness to make sure you are a “good payer”.
- Start the search for the best conditions available on the market: it is a fundamental phase, in which you have to pay close attention to the characteristics of the proposed mortgages , identifying the solution that best suits your needs.
- Make sure you have all the required requirements and be able to provide the bank with all the necessary documents .
- In the contract you stipulate for the purchase of the house, do not forget to insert the clause that binds the purchase to the acceptance of the loan . Otherwise, if the credit institution decides not to provide the loan, you may find yourself in a very difficult situation to sustain.
- Last advice (but not least): look for the mortgage that suits you before you find the house! It happens that, once you find the home that best suits your taste, the rush to close the contract for the mortgage pushes to accept non-optimal conditions and complicated clauses, making it difficult to repay the sum received.