There are different types of mortgages that can be taken out to buy a foreclosed home

2024-09-11 11:40:11

In recent years there has been a significant boom prefabricated house in Spain. Therefore, it is very common to get mortgages to get a property. prefabricated house.

In general, prefabricated houses offer many advantages to users, such as a most affordable he said construction agility. Due to the rise of prefabricated houses, there have also emerged specific mortgage loans to finance the purchase of this type of house.

Mortgage for manufactured home

Among the prefabricated house A distinction must be made between real estate buildings and mobile homes or mobile homes. Currently, according to Idealista experts, the wealth banking They only offer mortgages for buildings that are legally real estate.

Now, these are some basic requirements that must be violated get a loan for a manufactured home in Spain:

• There must be foundations where the house is placed.
• The land on which the house is already built must be public land.
• The project will have to have a city construction permit and be done by an architect.
• The house must be registered in the property registry.

Moreover, the Idealista experts They warn that “it must be noted that the mortgages offered by the banks often establish a minimum amount of less than 50,000 euros.”

In the case of prefabricated house is a less than 50,000 eurosInstead of getting out the mortgage, you have to go out for it personal loan. Likewise, to contract a loan it is necessary to comply with the conditions established by each banking entity.

Types of mortgages for foreclosed homes

Facing the prefabricated house expensesthe most appropriate thing is to go out for it mortgage developer. This is a mortgage model specially designed for those the price of this type of building.

Normally, the self-promotion mortgage For homes that have already been built, they have the same characteristics as traditional mortgage loans. In this head, the bank keeps doing it 80% money In most cases we earlier.

Therefore, for buying a pre-owned house, you should also save it 20% of the value of the houseplus an additional 10% to complete the acquisition process and associated expenses.

Idealista professionals point out that “it is also possible that in these cases a interest rate lower, for example, than 70%, given that companies do not like to consider the additional risk involved in financing unfinished assets.

Before giving a mortgage for the purchase of a earlierthe banking institution will conduct a corresponding survey of the customers. This is a process developed by the Banks any financial product.

As a common law, it is difficult to accept it 100% money about a banking something for the acquisition of a prefabricated house. However, the possibility of being fully funded depends on those customer business profileas occurs with mortgages intended for the purchase of a traditional home.

Them mortgage developer are mainly organized in the business prefabricated house. Its purpose is for the user to build their home. In this regard, from Idealista they conclude that “those banking something “It will not give you all the money at once, but instead it will be delivered as work progress, for which you must document the capital used and the steps completed in the work, among other places.”