Once we have acquired a minimum knowledge, we have to have a clear idea of ​​our personal situation at an economic level. This is essential because, ultimately, it is what the bank wants to know and where the weight of its decision to grant us the mortgage or not.

• Monthly income. What the bank wants is to make sure that it is going to be able to recover the money that it lends, and for this, it is going to link the amount to lend to the income level of the client. This repayment capacity is essential, and the mortgage payment must not represent more than 30% or 40% of the net monthly income.
• Income stability. As we have said, the mortgage has a very long financial life, and the repayment capacity must be ensured for as long as possible. A permanent job and long seniority in your job will give you more options in front of your bank.
• Savings needed to apply for a mortgage. Long gone are the times when banks financed 100% of the value of the apartment or even more. Today they do not usually exceed 80% of the appraisal, which forces them to have the remaining 20% ​​plus the corresponding expenses and taxes.
• Trustworthy economic record . On the one hand, the bank can ask us not to have other important loans and financial obligations that reduce our repayment capacity. In addition, if there were a record of frequent defaults, whether, in household supplies, delays in other loans requested from entities, or your record in the record of defaulters, things could get complicated.

Collect the necessary documentation

Aalthough each entity requires its own group of documents and information, it does not hurt to go ahead and gather the ones that are most commonly going to request you:

• • Scriptures. If the idea is to ask for a mortgage with a guarantee on a home that is already our property, in order to refinance and group debts, for example, you will have to submit to the bank the corresponding deeds of sale that demonstrate our ownership. To do the necessary procedures, they will also request the receipt of the urban contribution.
  • Sales contract. If you are going to carry out a purchase and sale operation that you intend to finance with the mortgage loan, although in this case, it will be normal to have this document the same day the mortgage is signed, and the money is delivered to the seller.
  • Simple Note. In this document, which can be obtained from the Property Registry, the charges that the property may have been detailed.
  • Any other proof of income or income that we want to offer as a refund guarantee: Payroll, employment contract, income, VAT declarations in the case of being self-employed, etc.

• Complementary documentation. It ranges from the simplest such as the presentation of the NIF to the delivery of a bank statement in recent months, the latter circumstance not required in all banks.