Each institution approaches the borrower’s age individually, thanks to which even older people can count on the loan, who provide for the repayment of the entire liability in a short time, not exceeding the maximum age set by the bank.
In the case of a cash loan or a car loan with a maximum repayment term not exceeding 10 years, the maximum age of the borrower is not significant. But what if an elderly person applies for a mortgage? Can I apply for a loan for an apartment or house if I am 50 or even 60?
Mortgage – what you need to know about it
The mortgage is a targeted offer that offers help in buying real estate, which will also be a collateral for the entire loan. The commitment allows you to pay between 80 and 90 percent of the value of the apartment or house, both on the secondary and development market. Due to the current law, a customer who is determined to buy an apartment with the help of financial debt must show their own contribution. If the borrower cannot cover 20 percent of the property value, it is possible to take advantage of low own contribution insurance.
The mortgage has a very long repayment period, which can reach up to 35 years. This is a great help for the future borrower, who can significantly reduce his monthly installments in this way, while increasing his creditworthiness.
Conditions for obtaining a mortgage
The conditions for obtaining a loan for an apartment differ from those you may know from other services. Due to the high amount of the liability and high credit risk, the mortgage requires a number of customer verifications, as well as the provision of numerous documents, which will be confirmed, among others all terms of the contract for the purchase of a flat or Casa, Lar. The bank will require you to wait a few weeks for a credit decision, due to a thorough check of your creditworthiness and credit history.
A mortgage for a single, or maybe a loan to buy a home for a marriage? All individual conditions of the borrower will be relevant when preparing the loan offer by the bank.
However, what do you need to remember before you apply for a mortgage? The bank will require from you some basic data, including a statement of earnings, as well as information from the employer about the form of your employment and continuity of work.
It is also worth taking care of what will be included in the BIK report, which will illustrate your debt history. The bank will take into account whether all your debts have been repaid and whether the repayment has taken place regularly. Any liability that will continue to debit your account will reduce your creditworthiness.
A mortgage condition is also the payment of own contribution, as well as the use of mortgage insurance, and often also a life insurance policy. However, what will you learn more by reading about mortgage collateral?
An important condition for obtaining a credit consent is also the age of the person who submits the application for financial commitment.
How much does a mortgage cost?
Mortgage loan, thanks to accurate customer verification, as well as securing debt allows you to avoid high costs. A loan for an apartment is the cheapest financial liability available in the standard offer of banks, it is worth using it.
Do you want to know exactly the APRC of available debts? In this respect, the mortgage ranking found on our website will be great. Thanks to it, within a few minutes you will find an offer that will be attractive to you in every respect. In the ranking, apart from the interest rate, margin and total cost of credit, you will also learn about other terms of the offer, including whether the bank requires a life insurance policy and how long the repayment period foresees. This is some information that may be of great importance to you when choosing an offer. By devoting time to it, you can save up to several thousand dollars on paying off all your debt.