What house can I buy with my salary calculator
Autor: Redacción 26 October 2010, 8:39 Before starting to look for a house and a bank to finance it, the mortgage portal helpmycash.com explains that it is necessary to have 2 basic points under control: (1) what is the maximum price of the house we can afford and (2) what savings we will have to provide to be able to start the operation.
2) usually, the banks grant mortgages at 80% of the value of the house. Therefore, we will have to have saved the remaining 20% and an additional 10% to cover the initial expenses of the purchase and mortgage. In total, 30% of the value of the house. If we do not have sufficient savings, we will have to look for mortgages at 90 or 100% of the value of the house or mortgages for young people. The safest options to get it are the young mortgages and the apartments of banks or hipofincas, one of the few ways to get 100% financing without the need for collateral.
Example of reading: A couple with a net income of 2,000 euros per month, can buy a house of up to 166,000 euros, with which they would pay a monthly payment of 700 euros. Most banks will not grant them a loan of more than 132,800 euros, i.e. 80% of the value of the house, so they will have to contribute from their savings the remaining 20%, 33,200 euros, in addition to the 16,600 for the purchase and mortgage costs: a total of 49,800 euros. On the other hand, if they do not have savings beyond the 16,600 euros needed for the expenses and they find 100% financing, their initial expenses will only be 16,600 euros.
What mortgage can I afford
Thanks to our mortgage simulator you will be able to know in an approximate way the monthly payment of your mortgage. In addition in the same simulation you will be able to know the estimated expenses and taxes associated with it.
A mortgage simulator is a financial calculation tool that allows you to estimate in an approximate way the monthly payment of your loan and the amount that you could request to finance the purchase of a house.
The simulation also serves to know the estimated expenses and taxes generated by the purchase (notary, registry, agency and taxes) and the mortgage (appraisal), which will help you to know how much money you need to buy the house.
If you do not have a regular income or simply do not want to have your salary paid directly into the same bank where you apply for financing, your best option is to get a mortgage without a salary, but is it really viable?
The first scenario (and the most advantageous when it comes to obtaining financing) is that you have a fixed contract and that you receive a salary every month. In that case, you may not want to ask for a mortgage in the bank where you receive your salary, for example, because their offers do not seem interesting to you, if so, the banks may not refuse to grant you a mortgage without a direct deposit of your salary (the new mortgage law prevents them from closing the doors because you do not comply with such a requirement), but they could charge you a higher interest rate than those customers who do respect this requirement.
If you are self-employed, you will most likely not be able to prove that you have a regular paycheck. However, this does not mean that you will not be able to get financing for your future home, especially if your business is doing well.
La caixa mortgage for non-residents
If you are thinking of buying a house, one of the first factors you have to take into account is what price you can afford. For this you will have to take into account different factors, such as your income, savings and if you have previous debts.
This will be the first factor to take into account. When we talk about income we refer to those that are recurrent, since the punctual and temporary ones will not be taken into account to analyze your payment capacity.
The experts calculate that the percentage of indebtedness of a household should not exceed 30% of the income. Thus, if the monthly sum is 2,000 euros net, the mortgage should not exceed 600 euros per month. Others calculate this maximum amount by associating that the housing should not exceed four times the household’s gross annual income.
Most banks offer 80% of the mortgage, so it would be necessary to have the remaining 20% saved. In addition, there are other associated expenses, such as notary fees, taxes or insurance. For example, if we want to buy a 200,000 euros apartment, we will need to have 40,000 euros saved for that 20% of the mortgage.