When a person considers buying a home, but does not have enough resources, one of the most common solutions is to apply for a mortgage loan. In that case, You can opt for the traditional route, which is to go to a bank or request financing, through a private entity.
In the case of banks, they generally grant mortgages to finance a maximum of 80% of the value of the home, since, otherwise, they run the risk of non-payment of the established fees and interest.
However, there are alternatives to gain access to 100% mortgages and manage to acquire a home, without it being necessary to have a large amount of money to face the purchase. With the service of broker mortgage they have in Sellfy Real Estateapplicants for financing can find mortgages with conditions that suit their budgets and payment capabilities.
Alternatives to get a 100% mortgage
In a scenario in which, for many people, especially young people, it is very difficult to collect the entire value of a home, different alternatives have emerged in the real estate market so that all individuals can have the opportunity to purchase property with a 100% mortgage.
In this sense, one of the most recommended options is to have a trusted person who guarantees the operation. However, before opting for this solution, professionals advise the mortgage applicant to know how the guarantee works, what its possible risks are and how they can be limited.
Operation of a mortgage guarantee
The guarantor is the person who is responsible for responding to the bank in the event that the mortgage applicant cannot respond with the payments. When a person guarantees a mortgage, the possibilities of Obtain financing above 80%, since the bank can recover the money if non-payments occur.
If the installments are not paid, the bank can proceed to seize the mortgagee’s home and if the auction is insufficient to pay the outstanding debt, the guarantor’s assets are also seized. For this reason, from Sellfy Inmobiliaria they recommend that, before requesting a mortgage with a guarantee, the payment capacity be carefully studied, with the aim that the mortgaged party can meet the installments without problems.
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