Interest and percentages – ICFES type question
Buying a house without savings has become, for some time now, an almost impossible mission. Most banks do not offer 100% mortgages, at least in their standard offers: at most, they will lend you 80% of the appraisal or purchase value of the house you want to buy. Therefore, with certain exceptions, you will be obliged to have the remaining 20%, plus 10-15% of the value of the house, which will be what you will have to dedicate to the payment of taxes and other initial expenses.
Although it sounds obvious, it is important that you are clear about some concepts to understand if this is the type of financing you need. Those known as “100% mortgages” are mortgage loans that finance the entire purchase price or appraised value of the house you want to buy: that is, they are the alternative that would best fit those who are looking for a mortgage with no down payment. Like mortgages for mileuristas, these loans are not common, although there are some banks that offer them.
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On the other hand, the community with the cheapest housing prices is Castilla-La Mancha. Thus, it is necessary to have savings of 26,849 euros for a house of 80 square meters valued at 89,497 euros. Barely 15,110 euros (20%) more than what is paid for the entrance of a house in Madrid More than 100,000 euros in San Sebastian As for the provincial capitals, residents of the cities of San Sebastian and Barcelona disburse more than 100,000 euros at the entrance of the purchase of a first home of 80 square meters. Specifically, for the purchase of a home in San Sebastian, one must have savings of 132,521 euros, while for the city of Barcelona it is 104,853 euros.
On the other hand, residents of the cities of Ávila (28,485), Lérida (30,051), Ciudad Real (30,867) and Huelva (30,762 euros) require less than 30,000 euros saved for the purchase of a second-hand home.
Learn all about the housing and rental subsidy.
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How much MONEY you have to EARN to BUY A HOUSE in
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MEXICO CITY – Experts recommend that the amount of money destined to pay a mortgage loan should not exceed 30 percent of the gross monthly income, so the higher the monthly salary, the higher the amount that can be destined to this purpose.
This is the maximum term granted by both banks and housing institutions to pay off a mortgage. This is because the payments will be lower given the lower salary and, therefore, more time is needed to recover the amount borrowed. They also tend to be the loans with the highest rates for the same reason.
Having an income greater than 10 thousand pesos allows you to make higher monthly payments, of at least 3 thousand pesos (following the recommendation of allocating up to 30 percent of income to the mortgage) and therefore, reduce the amount of time it takes to pay off a mortgage loan.