He mortgages 100 %
When it is not possible to save for the entry of the housing that we want he will buy it is necessary to ask in the bank for a mortgage for 100 % of the value of the apartment, even if the saving is void and it has not also saved itself to cover the initial expenses they will have to ask for mortgages that 100 % should overcome.
The banks and boxes offer us mortgage loans for 80 % of the value of appraisal of the apartment. If this quantity was not sufficient together with our savings to reach at the cost of the buy the mythical one one can overcome 80 %, whenever we are provided with guarantees. In case of guarantees exist, good endorse with real estate or personal guarantees, the bank will increase the amount of the loan up to 100 % or even more, depending on the guarantee. A special case is that of the civil servants that from the first moment the banks grant loans to them for 100 % of the value of the building.
It is necessary to bear much in mind that the loan that we will obtain is 80, 85, 100 or 120 % of the value of appraisal of our apartment, not of the value of the buying and selling that we realize. The appraisal is realized by independent experts who work by request of the bank. Normally the value of appraisal usually comes closer the value of the buying and selling although there are also valuators who do evaluations for less of the awaited thing. This allows the entities that work with them to be more generous with the percentage of this value that they will grant like loan.
In the end, how always, does the experience demonstrate that everything is important, not only the percentage of loan with regard to the evaluation, but also the evaluation of the valuator, the commissions and expenses of the mortgage, the differential with the Euribor, etc., everything relies on at the time of choosing the best mortgage.
Till not long ago, with the real estate boom, it was very frequent to grant mortgages 100 % or 120 %, since it was counted from the beginning with strong increases in the value of the apartment and that were continuing year after year. It seems that these revaluations have stopped and it is already not possible to be provided with the future value of the housing with so much safety. Nowadays, we have to have more and better guarantees on having requested loans that there overcomes 80 % of the value of the apartment, or, look for an entity that does not demand them, knowing that his conditions will be worse and the value of the appraisal more down.