Getting a home can be very complicated and more so if you do not have savings
There are ways in which your bank will grant you a mortgage loan even if you don’t have money to face the down payment
get a home it can be something very complicated and more if you do not have savings. That yes, it is not impossible. There are ways in which your bank will grant you a mortgage loan even if you don’t have enough money to pay the down payment.
We bring you five ways to achieve this goal. Keep in mind that not all of them are suitable for any economic profile and that some of them can pose a high risk based on our economic income.
Methods to achieve a mortgage without savings
- Trading with a broker: One option is to hire a broker to get the best possible financing conditions for the purchase. Normally their fees are between 1% and 5% of the amount obtained. This amount is paid when the mortgage is signed.
- Buying a house from a bank: The bank’s apartments usually have lower prices and better conditions to get hold of them. This happens because, in general, the banks are interested in ‘getting rid’ of that property.
- Rent with option to buy: This alternative allows you to pay part of that home while renting it. Keep in mind that when the lease ends, you will have to pay part of the total price, so it is better to save.
- Get a mortgage almost 100%: Depending on your profile, you can acquire almost full financing. Young people, with good jobs and high incomes, as well as civil servants fit this assumption.
- personal loan: The last strategy, very risky, is to ask for a loan to access the entrance. We must calculate well if we will be able to assume the loan and the mortgage at the same time, because otherwise we will lose everything.