What salary should you have for a mortgage loan? , is one of the concerns of those Chileans who wish to apply for a mortgage loan to access a home, being one of the main requirements. Here we explain how much they need to earn in order for your credit to be approved.
What salary should you have for a mortgage loan?
When requesting a mortgage loan, the client must meet several requirements to access the money in the form of a credit, which must then return the associated interest, through periodic payments. Among the requirements to be met is how much money they charge as salary .
Types of mortgage loans
You can request between the types of loans with mortgage guarantee and lines of credit , which are differentiated by the modality in the payments, by allowing them to negotiate freely or change before the need of the client and if the bank approves it.
How much should I earn to approve the mortgage loan?
The financial entities among the data analyzed are the monthly net income of the client, since from the level of income the bank will set the amount of the mortgage loan that will be what the client will pay through the monthly installments .
The minimum wage required to access an average mortgage loan can be $ 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 will be greater.
Factors that influence a mortgage loan
- For the payment of a mortgage that is usually paid between 5 and 25 years, the monthly mortgage loan installments 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.
- In addition to the client’s salary, the bank and the financing companies analyze the value of the property, and other sources of income of the client and / or his spouse or partner.
- Something to take into account also next to the level of income, is the age, the type of professionals that are for the approval of the mortgage loan , maintaining a stable job and income, and being active in the labor market; what reflects that the client will be able to fulfill the monthly payments of the mortgage credit .
Mortgage Credit Fees
To calculate the monthly installments of the mortgage loan, you must know the total value of the property to be acquired, the term to pay the credit between 5 and 25 years, the savings available for the initial installment and the annual interest rate of the bank.
Requirements to be fulfilled
To access a mortgage loan they must meet the requirements. According to the entities there may be different requirements, but the usual ones may be:
- A minimum of seniority
- A minimum income
- Minimum age: be over 18 years of age, in some banks 21 years.
- Nationality: Being Chilean or foreigner with permanent residence in the country
- Background: Have a good business background, have no current debts or protests. And not be in Dicom.
- Work seniority: At least 1 year of work seniority or start of activities if they are independent. If the salary is variable, they must purify the monthly earnings by 20% or 30% to have a monthly insured amount. Some banks are demanding with variable salaries, so if they work in a dependency relationship and charge a fixed salary they will have more possibilities.
- Salary: The dividend payable may not exceed 25% of the liquid income. To collect 1 million dollars, they must have 250 thousand dollars to pay the fees.
- Savings: Have money to pay the initial fee or foot. Banks do not grant 100% of the mortgage loan, so it is better to have savings. The bank can grant them up to 80% of the value of the home, and up to 90%.
- Extra documents: Some banks may request accreditation of marital status or current address.
Appraisal of the property to acquire
The bank will apply an appraisal of the property to be purchased and may request additional documentation on the property or others. By meeting the requirements they also meet the requirements to buy a home.
Each financial institution and bank may request different requirements and documentation, although those mentioned are the average they can request.