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Typically, when you need to finance a home purchase, banks are willing to cover up to 80% of the acquisition. Consequently, the future mortgaged must have enough money to pay an entry of 20% out of pocket, in addition to having an additional 10% to cover the expenses associated with the sale (taxes, notary, etc.). However,What happens if the client does not have enough savings to pay all these items? According to the bank comparator HelpMyCash.com, the options to obtain financing fall significantly in this case, although they clarify that, in some situations, there are certain entities with which Yes it’s possible get a mortgage without that 20% down payment.
More odds with a broker
On paper, almost no bank is willing to give a mortgage that covers more than 80% of the appraisal or sale value (the lowest, in general) of the home that is intended to be purchased. In practice, however, the odds of getting approved of an entity are much higher if the client entrusts the negotiation of the loan to a financial intermediary o broker, según HelpMyCash.com
Mortgage intermediaries or brokers are professionals specialized in obtaining better conditions for their clients. And some of them, What Housfy, RN Your Mortgage Solution or Grocasa MortgagesThey are able to negotiate financing for up to 90% or 100% of the home purchase, although the mortgaged person must always have 10% saved to pay the purchase and sale expenses.
It must be said, yes, that brokers charge a fee for their services. In general, you have to pay them a commission for their intermediation that usually ranges between 1% and 5% on the amount of the mortgage obtained, to be paid at the time of signing. For this reason, before hiring an intermediary, it is advisable to do an accounting to assess whether it will be possible to meet these emoluments.
Financing up to 100% for bank floors
If you do not want to hire the services of a broker, the easiest way to finance the entire purchase of a home is to purchase a house or an apartment that belongs to a bank. And is that many entities, to get rid of their properties (most from evictions), they offer to cover 100% of your price. In that list we would find entities like Deutsche Bank or Bankinter, among others.
In these cases, however, it is advisable to take into account two variables. The first is that, Even if 100% of the purchase is financed, there will still be enough savings to pay the expenses associated with the acquisition (about 10% of the value of the property). And, the second, that the bank houses they may be in poor condition or not as cheap as they seem With the naked eye, it is convenient to analyze in detail the state of the apartment or house and compare its price with that of other properties that are for sale in the same area.
Negotiable with a good profile or if the appraisal is high
Finally, for those who do not want to travel through any of the previous two routes, there is a third alternative: try directly negotiate financing of more than 80% of the purchase. In that sense, chances of success, according HelpMyCash.comwill be a lot higher if the client presents a good profile: if you are a civil servant, if you can provide additional guarantees (guarantees or other properties), etc.
Likewise, it is possible that a bank agrees to finance slightly more than 80% of the purchase of the home (maximum 90%, typically) if that amount does not exceed 80% of the appraised value of the property and the applicant presents a solvent profile. For example, in these cases, with ING it is possible to achieve up to 90%, as well as with Pibank or Liberbank, although everything will depend on the risk analysis carried out by the entity.1
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