Are you thinking of applying for a mortgage loan soon? If the answer is yes, keep reading and we will tell you from what age you can apply for it and what the limit is.
To the 18 years old You could legally apply for a mortgage loan; however, banks impose a series of filters and requirements to grant them, including the age of the applicant.
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It is between the 25 and 45 years the age that most banking institutions consider suitable for obtaining a home loan, since it would be in this range that people have greater job stability and therefore are more likely to be able to meet the payments.
With some exceptions to the rule, some institutions allow people aged 21 and over to apply for mortgage loans.
Is there an age limit?
Yes, most banking institutions set up a age limit to grant mortgage loans.
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The age commonly considered as the limit to obtain a loan is 70 o 75 years, although some have extended the age to 82under very specific terms and conditions.
Experts on the subject recommend that housing loans be requested in the age range of 26 to 40 years oldas this guarantees a longer period to defer payments and consequently reduce the monthly amount.
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Do not forget that in addition to meeting the age established by the institutions, you must consider other factors such as knowing the characteristics and cost of the property to be acquired, calculating whether your income is sufficient to cover the payments and having a good or excellent credit history.
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2024-08-23 23:52:42