How to get a loan for your first home?

Buying your first home is one of the most important projects of your adult life, since it allows you to offer your family comfort, security and the tranquility of having a space of your own. But doing it by force of only savings is not usually that easy. Therefore, in the next post we will show you how to get a loan for your first home and what requirements you must meet to do so.


How to get a loan for your first home?

How to get a loan for your first home?

Mortgage loans have become the fundamental tool for the purchase of a first home , so banks and credit institutions offer this type of financing. With this, they not only help Chilean families obtain their own home or apartment, but also promote the country’s economic and social growth.

Getting a loan for your first home is a decision that should not be taken lightly. Therefore, before applying for any loan, it is important that you compare and verify the interest rates, payment terms and benefits of each bank in order to make the best choice.

If you are young and start your working life it is important that from the beginning of you forge a good credit history. This way it will be easier for you to meet the requirements to get a loan for your first home in the future. Remember that this investment will be a fundamental part of your future, so it is better that you go well prepared.

One of the options offered by some banks to obtain a mortgage loan for a first home is the modality of credit with savings. What is it about? These credits work as a piggy bank to save, prove your constancy and get your first mortgage loan. In an account intended for that purpose, you must make monthly deposits, as if they were the installments of a real loan. If you are constant for the duration of the savings and show your ability to pay and responsibility, the bank will approve a loan for your first home.


Basic requirements to get a loan for your first home

home loan

Although each bank is autonomous in terms of the requirements it requires to approve a mortgage loan , and especially if it is for your first home , there are basic requirements that are the same in any bank where you want to apply:

  • Age: You must be of legal age to apply for a mortgage loan. In addition, there is an age limit, which is set by each bank.
  • Income: You must have stable income as a dependent worker, and if you are independent you must have declared them correctly.
  • Credit history: It is essential to have an uncrossed credit history to access a mortgage loan, or any other credit.
  • Initial capital: The mortgage loan only finances a percentage of the house (between 70 and 90% depending on the bank and whether the house is new or used). So it is necessary that you have an initial capital that indicates to the bank that you have also saved to buy your home.

Getting a loan for your first home is vital for the fulfillment of your projects. Banks offer you a wide range of mortgage loans to get your first home or apartment, so you should take the time to compare and choose the one that best suits your needs.