How do I apply for a mortgage loan for land?
Some people who are not familiar with the benefits of a mortgage loan may not know all the uses of this extraordinary tool for building assets. Most people use it to buy a house or apartment, but there are many other things you can do with a mortgage loan, such as buying land. You can acquire land either for investment or to build your future home.
If you are interested in buying developed land with all the services but don't have the full price saved, using a mortgage loan is the best way to make a quick purchase. Today, we will talk about the process and how much banks can lend you.
The first thing you should know is that the process is very similar to applying for a mortgage loan to buy a house or apartment. At Tu Hipoteca Fácil, we always recommend getting advice from one of our associates who will guide you and assess your situation, from preparing your application to getting pre-qualified and negotiating with the banks to find the best option with the lowest interest rate.
The documentation required for your application will be quite similar, and we will only request the minimum essential documents to prove that you are a reliable customer.
To determine the loan amount, the bank will analyze various factors related to your credit profile, such as your payment history reflected in the Credit Bureau, level of indebtedness, marital status, income verification method, monthly income amount, etc. Generally, the bank will lend you, as mentioned before, between 50% and 70% of the land's value, as the exact amount varies depending on the bank you apply to.
If you are thinking of buying land for investment or to build a new house, at Tu Hipoteca Fácil, we can advise you to find the mortgage loan with the best interest rate or the one that best suits your needs. Visit our official website and schedule your appointment.
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