Can you take out a home loan as a single person?
In itself, your marital status, single or couple, makes little difference when applying for a home loan. There are other elements that are more important to determine how much you can borrow. http://darkholmekeep.net/payday-loan-debt-consolidation-reviews-our-payday-loan-consolidation-help/ for clarification
How much of your income goes to the payment of your mortgage credit?
Most banks apply the well-known rule that the monthly repayment of your home loan may not exceed one third of your monthly wage. This is a cautious guideline that further colors each credit institution itself. The lender wants to protect you with this and ensure that the share of the repayment of your home loan does not weigh too heavily in your monthly budget.
But every credit institution also has its own acceptance criteria. Some lenders are somewhat more flexible with this rule. Depending on the amount of your monthly repayments, this may pose a bigger problem for single people than for couples. But that of course depends on the cost of your home and your income. Are you single and are you about to buy your own home or apartment, then ask our specialists office . We are happy to make a simulation for your mortgage loan so that you can buy with confidence.
How much do you have left over every month?
A second element that the bank will look at is the amount that you have left to live on every month . In addition to a mortgage loan, there are other costs that must be paid, such as utilities, food, clothing, medical costs, etc. And as an owner, a new cost is added, namely the property tax. The bank will ensure that you are not burdened with excessive debt.
Do you have any other loans?
The credit institution that allows your mortgage loan or home loan will always see if you can handle this financially . It starts with this. If your application shows that you already have one or more loans, such as a car loan or a personal loan, the lender might consider not agreeing to your credit application. Even when you pay off those other loans correctly. The lender mainly wants to avoid getting into financial difficulties.
Mortgage loan: how stable is your income?
Your income is a fourth element in the assessment of your credit request . Do you work with an employment contract of indefinite duration or are you working as a temporary worker? Do you already have some seniority or are you only working at your employer? You immediately notice that there are differences depending on your stability. The more stable your work situation is, the more likely you are to get a housing loan. Depending on your professional situation, a lender will take certain income into account.
Home loan: do you have your own savings?
If you have your own savings to invest in the purchase of your home, then you will be able to convince the bank more easily to approve your application for a home loan. After all, you prove that you can save and that you do not live from month to month.
If you do not have your own savings, you do not have to panic. There are still possibilities to borrow everything for your home .
Mortgage credit: borrow everything for your house anyway?
However, as a single person it is still possible to borrow the full purchase price of your house. Of course it becomes less evident, but it is certainly not excluded. If the above elements turn out to your advantage, it is certainly worthwhile to make an appointment with one of our specialists in a regional office to look at the feasibility of your project.