What I think is necessary is to introduce it as a measure in the hands of the judge or arbitrator, along with others such as withdrawals, deficiencies, interest rate reductions or extensions of time limits, within a special procedure for bankruptcy of natural persons.
If you are preparing to buy your home, it is natural for you to have a question: Do I qualify for a mortgage debt transfer? To know if you qualify or you should not go through a credit evaluation where some aspects will be reviewed.
What aspects are evaluated to access a mortgage loan?
There are two key aspects that banks evaluate to grant a mortgage loan:
- The availability of money: It is one of the key elements in the evaluation because this ensures that you can pay the monthly payments and for this you will check the amount of your income for the month. They will also verify that you have at least 10% of the initial down payment.
- The credit history: The bank will verify how your behavior has been when paying your debts, verifying that you have not had arrears.
Do I qualify for a mortgage transfer with a low salary?
The positive rating for a mortgage debt in terms of salary depends on two issues:
- The percentage that covers the monthly payments: The amount of the salary to qualify is relative as everything will depend not on the absolute amount but on how much percentage of the monthly payments payable and this is according to the value of the property.
- The origin and constancy of the funds: The bank will be interested in both the amount of salary accrued and the stability and legality of the income.
Hence, to know if what you earn is enough to access the loan you must take into account the value of the property or else the bank will remind you.
For example, you may have a high salary, but even so, the monthly payments of the credit you aspire to almost reach half of your income. It is essential that the fees be less than 35% of your total income.
In short, to know if I qualify for a mortgage debt transfer I must focus on the types of income I have and the credit history. And do not worry if you are one of those who receive income from the fourth category, that is, they pay you for fees, because for this credit institutions have arranged savings plans.