Anyone who needs a mortgage has the opportunity to evaluate and compare the various offers offered by different credit institutions. Once the user finds the solution that best meets his needs, even with the help of a consultancy service, he can send a mortgage request to the relative financial institution.
However, after the bank receives the loan application, it will have to evaluate it and verify that the applicant has the necessary requisites for its acceptance and, therefore, for the granting of the loan. Before submitting the request, therefore, it is good that the applicant is informed about the parameters that must normally be considered and respected to obtain a specific loan, in order to reduce time and effort during the evaluation phase of his request.
To obtain a mortgage, in fact, certain characteristics are required, both in legal and economic terms.
The legal requirements for obtaining a mortgage
As for the legal requirements, these main concerns:
Citizenship: to obtain a mortgage you must have a residence in Italy or citizenship in a member state of the European Community, while if you have non-EU citizenship you must have a regular residence in Italy;
Age: the minimum age to apply for a mortgage is 18 years old, while as regards the setting of the maximum age, it is up to the individual banks to establish it according to the type and duration of the loan requested by the customer. In general, banks do not grant mortgages to people whose age is over 75, and in a few cases over 80, before the repayment schedule ends.
Economic and financial requirements
However, credit institutions pay more attention to economic and financial requirements, which are directly connected to the applicant’s financial and patrimonial solidity, and therefore to his ability to fully repay the loan. Consequently, the banks will evaluate:
The net income of the applicant and his / her family unit, taken from the tax return and any other supplementary documentation requested. In general, banks consider an income sufficient to support the loan amount based on the so-called installment/income ratio: indicatively, the reference limit condition is when the monthly loan payment, calculated on the basis of the interest rate recorded at the date of assessment, does not exceed 30-35% of the applicant’s net monthly family income (or the sum of the applicants’ income in cases of a joint mortgage), in order not to weigh excessively on the family budget. However, it is always a good idea to check that the bank does not provide for a further subsequent evaluation with the rate calculated on the days of the stipulation: in the event that the latter rate should be higher than that recorded at the valuation date, reductions could be recorded. of the total amount granted. Based on predetermined criteria, the bank also calculates the applicant’s minimum subsistence threshold or the portion of your monthly income that cannot be affected by the mortgage payment. This threshold can therefore lead to a more stringent limitation of the installment/income ratio granted, even below the value of one-third of the income, if higher values of the installment lead to a residual net income available for the customer below the threshold of subsistence. According to the same logic, in the case of high incomes, the installment/income threshold may also exceed the indicative ratio of 30-35%;
The creditworthiness of the applicant: by consulting the Central Risks and SIC, the bank will evaluate the customer’s previous credit history and his credit scoring, and will take into consideration his possible protests or previous financial injuries to evaluate the punctuality of the applicant in the payments, also making a check at the Chamber of Commerce to verify whether the applicant holds stakes in companies with a high risk of bankruptcy;
The value of the property being financed: in general, mortgages finance up to 80% of the value of the property, and sometimes they reach up to 100%. To assess this value, the bank will send an expert to view the property and carry out an appraisal objective, in order to determine its commercial value, which in turn will influence the determination of the amount of the loan granted. This value, in fact, also represents a criterion by which the bank establishes whether the property represents a sufficient guarantee for the granting of the loan. If for any reason, one is willing to buy a property even at an off-market price, it is, therefore, good to keep in mind that the bank could assign an appraisal value to the property even much lower than this price, and consequently limit not the portion of the purchase value that can actually be financed through the loan that would be granted is also very low;
The presence of additional guarantees given by third parties, such as the example the surety or the pledge: in certain cases, the presence of guarantees will increase the chances that the bank will prove more flexible in granting the loan and determining the contractual conditions.
In addition to verifying the effective ability of the applicant to be able to sustain the repayment of the loan, through his creditworthiness the lenders also evaluate the future and the personality of the customer, that is good faith, reliability, and correctness of those who request the mortgage, characteristics that if evaluated positively determine a greater probability that the request will be accepted.
All these data allow the credit institution to carry out an initial screening on the overall situation of the applicant and decide whether or not to accept his loan request: if the outcome is positive, it is said that this request is pre-approved and there is the start of the subsequent investigation phase. which provides for the submission by the applicant of the required documentation.
To help users choose the most convenient and suitable mortgage for their needs, MutuiOnline.it allows you to quickly and completely compare the home loan offers of over 35 credit institutions, clearly identifying rates, costs, installments, and conditions. Through the mortgage guides you can find out about the various aspects of the mortgage and with the calculation tools you can better evaluate the total amount of the loan to be requested and the actual value of the installments to be paid and inquire in advance on how to obtain a mortgage.