REAL ESTATE – MARBELLA – What should I know to buy my first home?
What should I know to buy my first home?
In this article we show you the steps to follow
Buying a home is always a complex transaction, but if it is the first even more so. It is an important decision and being well advised is key to making the purchase correctly.
But, today we are not going to talk about how to buy a home or the documents that that purchase requires. Today we will see if you are really ready or prepared to buy a home.
Job stability
Most of the population, when they want to buy a home for the first time, need bank financing to be able to carry out the transaction and this is where it is vitally important to have a good employment situation and have seniority in the company.
Your income
One of the first things that the financial institution will analyze when you make the mortgage loan application will be your net income.
The bank will ask you for several documents depending on your employment situation, the last three payrolls in case of being a salaried employee. If you are self-employed, it will ask you for the last three quarterly income tax payments and registration with the IAE (Tax on Economic Activities).
The purpose of the bank is to know if you will be able to meet the mortgage payments.
Have a good record at the bank
Banks do not lend money left and right. The bank or its risk department rather will evaluate even the smallest detail.
The bank you turn to will ask for your risk history from CIRBE (Central Bank of Risk Information of the Bank of Spain), where they will know the information of your outstanding credits, if you have them, credit card fees, guarantees, etc. .
Have 30% of the value of the property
Banks usually offer 80% of the value of the property. So for the purchase of a home we have to have the remaining 20% of the purchase price, as well as an additional 10% that will be used for expenses.
The mortgage cannot exceed 35% of your net monthly income
In order to get a mortgage, all the expenses and debts that we have cannot exceed 35% of the net monthly income.
The type of home you want to buy
The entities will also analyze the type of home you want to buy and an appraisal will be carried out to find out the money they can finance you.
In Marbella WOHNEN Immobiliem we have the right experts for each of the phases of buying a property. If you need help dealing with banks
Contact us