When applying for a mortgage loan for the first time, a lot of questions arise, one of them is whether it is possible to apply for a mortgage despite having personal credit. The reason is that many people who decide to apply for a mortgage already have a personal loan . Here we will tell you if this is possible and clarify all your doubts about it. However, to avoid confusion, before answering this question we must clarify what a personal loan is and what a mortgage is. What is a personal loan? When we talk about a personal loan we are referring to a contract that is sign between the client (borrower) and the bank (lender). Through this document, a certain amount of money is deliver in exchange, it must be return in installments within an agre period . In addition, the corresponding interest must be paid .
What is a mortgage?
On the other hand, a mortgage loan involves receiving a certain amount of money, capital, from a bank in exchange for the commitment to return said amount. Also, you must pay the corresponding interest according to the interest rate . The return of the money Ecuador Phone Number List will be carri out through the periodic payment of installments that are generally monthly. The property to be purchas is provid as payment guarantee . Is it possible to access a mortgage if I have a personal loan? We could say yes, however, there are some points to keep in mind . It is always possible to apply for a mortgage despite having a personal loan. This is a situation in itself that is not exclusive for any bank to give you a mortgage, what it will analyze is that your debt ratio is appropriate. The most advisable thing in these cases is to contact a mortgage advisor so that they can analyze your situation in detail.
Which are the requirements?
Keep in mind that, when granting a mortgage loan, different points of the client’s financial. Profile will be taken into account, for example: Job stability. Age. What is the profession? If you have savings. If there are debts and other loans. The type of India Phone Number List housing in question. However, if the income and job stability requirements are met, the most determining factor becomes the debt ratio . In fact, this is where having personal credit has the most influence. Banks do not grant mortgages if the value of the monthly payment exceeds of your monthly income. Since it increases the risk of non-payment too much. If you only have a personal loan, without any more mortgages or rentals, and that causes this ratio to be greater than. Then they will not grant you the mortgage loan. In this situation the reason will be the personal loan.
