More and more millennials are looking for a house or apartment to take the next step in their lives; to become independent or start a family. This leads them to search for financing options to buy their first home and, in some cases, their second home. The main option for achieving this goal is a mortgage loan. If you are thinking of buying a house or apartment, here are some key tips to consider.

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Define a budget

The first thing you should do is determine exactly how much you are willing to invest in a property. If you don't have this amount well defined, it will be very difficult to apply for a mortgage loan.

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We recommend saving at least 20% of the price of the house or apartment you want to buy and calculating how much you can afford to pay monthly over a 15-year period. This monthly payment generally should not exceed 30% of your gross monthly salary, i.e., before taxes.

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Once you have this information, you can determine the value of the house or apartment you can afford to buy and, therefore, the amount of mortgage loan you can apply for.

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Take advantage of the property ladder

This point goes hand in hand with the first one, as there are occasions when people get discouraged because they can't afford to buy their dream house or apartment in their first or second purchase. But this is not a reason to lose hope. Remember that by using the property ladder, you can acquire a property of lower value but more accessible, and over the years, you can take advantage of the property's appreciation, the capital amortization of your loan, and the originally invested capital. This way, when you sell your first, second, or third property, along with a new mortgage loan, you can buy the house you truly dream of.

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Keep in mind that the first house you buy is not the only one you will live in, and you can move to another house by selling it, even if you are still paying off the mortgage loan.

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Get proper advice

The internet has allowed people to learn more about the world of real estate and mortgage loans. When you do your research in detail, you can make better decisions for your future. At Tu Hipoteca Fácil, we always recommend not applying for a mortgage loan without getting proper advice, as this way, you can easily find the right mortgage loan for your needs.

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Remember that the mortgage advisors at Tu Hipoteca Fácil will be more than willing to guide you through the process so that you can build your assets using the benefits of the right mortgage loan. Schedule your appointment now on our website.