For many people, owning a flat or house is an unfulfilled dream, sometimes the mortgage option becomes unreachable because of too low income. What to do to get a mortgage earning little?
How much do you have to earn to get a mortgage?
The sums of our monthly salary directly affect creditworthiness in the eyes of the financial institution. The bank offer of housing loans does not impose the requirement of multiple earnings, a lot depends on what real estate we want to buy, in which region of Poland, the location of the house or flat is also important.
If we are trying to finance real estate in large agglomerations, in the city center we have to earn much more than when we want to buy our future nest in small towns. Currently, with a net income of USD 2,000 a month, we can count on a USD 160,000 mortgage, earning around USD 4,000 net we will receive about USD 300,000 .
The amount of mortgage that we can receive depends largely on our income. However, the bank always takes into account the whole of our situation, even at minimal rates we can apply for a mortgage.
What can you do to improve your credit standing?
When we earn little and want to increase the chance of dream four corners, we need to improve our credit standing. For the bank, a stable financial situation of the future borrower is important, the basis of income is of great importance. It’s good to think about it and try to negotiate with the employer a form of employment in the form of an employment contract, preferably for an indefinite period, low wages will compensate for regular and regular income.
Before applying for a mortgage, it is also worth taking up additional work to support your home budget. When applying for a loan for an apartment, you should opt out of credit cards and limits granted on your personal account. Earning little you also have to minimize expenses, because the bank always checks what amounts we spend on monthly maintenance.
How to get a mortgage earning little?
Having a loan against real estate in perspective, it is good to pay off all debts so far and settle financial obligations. A positive credit history is always a big advantage in the eyes of the bank.
A good solution is to take out a mortgage with a high creditworthiness, it’s good to look for a trusted person who will agree to vouch for the commitment. You can also consider a loan for a house or flat with a co-borrower, it is good if you have high creditworthiness, in which case it significantly increases our chances for the necessary funds.
It is also worth starting negotiations with the bank and applying for a maximum loan period, which may be 35 years, which will reduce the amount of monthly mortgage installments.