You are about to buy a home and make one of the most important decisions of your life. But the question arises: is it the right time?
Here we tell you everything you need to know to realize the dream of your own home and analyze the different ages of the buyer before a mortgage.
At what age is it more convenient to buy a house?
It is important to start from the premise that the home purchase has no date on the calendar. In reality, buying a home will depend on many circumstances, such as: B. job stability, savings or income.
There are those who affirm that the best age to apply for a mortgage loan is between 25 and 35 years old. This is because it is at this stage in life that people begin to gain financial independence and that monthly expenses can be covered. Taking into account the fact that the labor market is more receptive to young people, a higher income security is assumed.
If you wait a few years to apply, becoming an adult has certain advantages. On the one hand, the ability to save is greater, which means that better credit conditions can be achieved. There is also less risk of regret. Generally, by the age of 40, you will have greater awareness of the place where you want to live.
In short, it’s never too late to make a decision. However, it is ideal to take the step when finances are stable and you have little long-term debt. We should also not lose sight of the possibility of effortlessly covering fixed costs and achieving a margin of savings.
Benefits for Home Buyers Under 35
The reality is that despite the estimates and premises, millennials are struggling to access the real estate market today. This is due to the limited ability to save, job insecurity and a tendency to rent first to become independent.
Although banks are willing to fund most of the amount, young people find it difficult to save enough to cover the down payment associated with the purchase and expenses such as mortgage and title deeds.
In this context, financial institutions offer people under the age of 35 various options to buy their first home. Some provide mortgage loans with more attractive terms: lower interest rates, greater financing, longer term, etc.
In general, the young buyer should have a saving of around 30% on the house price to pay for the part that the bank is not funding. The better the profile of the millennium, the greater the possibilities and facilities for gaining access to a house.
Is it possible to get a mortgage loan if I am over 45 years old?
It is estimated that in the coming years housing purchases will be carried out by people over 40 years of age. This is because the effort required is in opposition to the working conditions and salaries of the youngest.
There is no single criterion for determining whether or not a person is eligible for a mortgage relative to their age. It should be borne in mind that there are different variables involved in the calculation and each bank has its own guidelines.
How do I know if I still have time to take out a loan? The starting point for determining the maximum age from which a mortgage can be applied for is the examination of each individual loan applicant.
Take the example of a couple in their fifties and forties. What does the bank rate in order to calculate the maximum age? Some banks look at the oldest intervener, others look at the youngest, while others look at who has the highest income.
This means that it depends on the entity that is being called. For this reason, it is important to know the criteria of different banks in order to compare and choose the most convenient one.
If you are a single applicant, one of the requirements is that your age plus the term of the mortgage payment does not exceed a certain period of time. In general, a period of 75 years is set.
Age is a factor to consider, but not an exclusive requirement for access to a mortgage. Knowing the options and terms of the banks is key to finding the ideal option for each circumstance.
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