Exploring Complete Mortgages
In a real estate market in constant motion, the question of the feasibility of obtaining a mortgage involving the full financing of the value of a property is increasingly relevant. Some specialists in the sector point out that with the right strategy and a good financial profile, obtaining a mortgage of this type, although uncommon, is not impossible.
Funding: The Current Reality
Most banks in Spain tend to offer mortgages that cover only up to 80% of the real estate value. This implies that the buyer should allocate a minimum of 20% of the price of the property, in addition to dealing with additional costs such as taxes and notary fees. Despite the difficulty, some financial institutions remain at the forefront, enabling 100% financing, albeit strictly.
Who Can Opt for 100% Financing?
Accessing a mortgage that covers the total price of the property requires meeting a series of requirements that may vary according to the entity. Among the most common criteria, the need to have a good financial history stands out.
Positive Financial Profile
Financial health is critical; banks look for individuals with a consistent income and stable employment situation, in addition to a low level of debt.
Preferential Groups
Some financial institutions have designed specific products for young professionals and civil servants, recognizing that these groups tend to have lower financial risk and a promising future.
Necessary guarantees
The use of guarantors is common in 100% mortgages. These can be both personal guarantors and the aid offered by the Official Credit Institute (ICO), aimed at facilitating access for young people and families.
Strategies for Obtaining Complete Mortgages
The first step towards obtaining a mortgage that covers the entire price of the house is to research which institutions offer this option. Although the number of entities is limited, banks such as BBVA, Banco Santander and Ibercaja have created attractive products for young buyers.
The Impact of Endorsements
The support of public guarantees, such as those provided by the ICO, becomes an excellent opportunity for those who want to acquire a home without the obligation to meet the initial 20%.
Effective Negotiation
Once the available options have been identified, it is essential to participate in a negotiation process with various entities. Although some do not advertise this possibility, a good financial profile can open unexpected doors.
A Valuable Opportunity
Although achieving a mortgage that covers 100% of a property’s value involves certain requirements and a meticulous process of research and negotiation, it is not an unattainable goal. Adapting to market conditions and understanding which subtleties can facilitate access to this form of financing can make the home dream come true.