Getting the necessary financing for the acquisition of our own home is not easy. One of the products that allow us precisely to become owners are the so-called mortgages 100 of financing. If they are 100 mortgages without collateral, in addition to advancing the full value of our home, they do not require that we present greater guarantees than those we can present. Next, some of the best 100 mortgages of the moment.
How is a 100 mortgage without collateral?
The conditions and the process of contracting in the loans http://www.ez-search-engine-optimization.com/link-machine of complete financing are the same as in the rest of mortgages. The only difference is that the capital is higher and, in the case of mortgages 100 without collateral, we also do not need to have a guarantor, that is, someone that serves as an extra guarantee for the entity, responding for us in case of default.
So, if we want to know if we are facing a good 100 mortgage without guarantee or not, we should look at the same aspects that we would look at any other mortgage loan: interest, term, commissions, and bonding.
It should be remembered that being a guarantor in a mortgage is a great responsibility since if the mortgage holder does not pay his debt, we will have to answer for it with our present and future personal assets. This obligation also applies in case the owner dies, since the guarantor will be guaranteed if the heirs do not comply with the payment. In the same way, if the guarantor is the one who dies, his heirs will assume the responsibility acquired.
What profile can a 100% mortgage get without an endorsement?
As we have seen, having an endorsement implies giving an extra guarantee to the bank, since if we can not afford to pay our fee, the guarantor must answer for us and take charge of them. As in a 100% mortgage without collateral, we will not have that extra guarantee, the bank can demand even stricter conditions, demanding higher payrolls, great job stability and not showing up in delinquent files.
Of course, we must bear in mind that currently banks only usually finance 80% of the value of the house, so if we want a larger amount without providing an endorsement, we will have to give them other extra guarantees.
Ways to finance the entire purchase of the house without having an endorsement
Until the bursting of the real estate bubble, banks used to grant mortgages with total financing, even without collateral. However, after the economic crisis and the increase in defaults, the concession criteria were hardened and nowadays they are products that have disappeared from their offer.
Currently, the economic recovery is causing a discreet rebound in these products. So, if we want to get a 100% mortgage without a guarantee, we can choose to buy flats from banks or have an excellent economic profile that does not require extra guarantees. Another option, to get more than 80% is to hire the services of a broker, although we must pay their fees.
Do these products also cover the expenses of the operation?
That they grant us a product with which to finance the full amount of the house without providing a guarantee does not mean that we can forget about having savings. And it is that the disbursement that we will allocate to the operation of sale and the expenses of mortgage can reach up to 15% of the value of the property.
In fact, only the so-called mortgage plus 100 expenses would allow us to cover everything, but they are products that due to their high risk are no longer commercialized, especially to people who can not provide a guarantee.
So, if we do not have an excellent economic profile it will be difficult to get these mortgage loans, although not impossible. Now, with more capital, more indebtedness, which translates into paying more interest than if we take out mortgages that only finance 80% of the value of the home.