«I want to use my mortgage loan in Valladolid», is one of the most common phrases we hear at the office.
For our clients, getting a mortgage to buy a house in Valladolid is a great option. As it allows, people to get a home with a small down payment.
In general, you should consider that the use of credits has limitations. It is definitely not possible to use it with just any property.
If you want to know more about how to choose your ideal home, read our article!
## I want to use my mortgage loan in Valladolid: the challenges of using credit in Valladolid.
To begin with, the use of mortgage credit is possible. However, there are several situations that you have to consider.
For this reason, it is important to know more about the use of mortgage credit for foreigners.
First of all, it is important to approach your mortgage broker to start the process of getting credit. Then they will ask you for a long list of personal documents and review your credit history before approval.
After the evaluation, the mortgage, bank, or finance company adjust the loan amounts or definitively deny you the mortgage.
Only when you have done this step, it is advisable to look for the house.
I want to use my mortgage loan in Valladolid:
To purchase a colonial house
Many clients call us, looking to use their credit to buy a colonial or historical house.
As a general rule, the house to be purchased must have a useful life of 70 years or more, when these houses are over a hundred years old.
The house must have well-marked spaces for the living room, dining room, kitchen, bedrooms, and bathroom. In general, the colonial house does not have these spaces and for that reason, the bank does not accept them either.
For any financial, bank, army loan, to give you a loan, the house must also have a parking space. Colonial houses generally do not have a garage.
If you add these aspects, plus the fact that most of these houses are in very poor condition, the recommendation is to seek other financing options for these type of properties.
### To purchase a traditional house
If really your only option is to buy with credit, this is usually the most viable option. Since most of the traditional houses have the characteristics that banks or mortgages require:
- Land use: it must be exclusively residential.
- Size of the house, which has at least a kitchen, bathroom, living room and a bedroom, or, where appropriate, a multipurpose space.
- Quality in materials and construction.
- Closeness to your work and your family.
- Close to schools, hospitals, shops and markets.
- Public services.
- Public transport and roads.
- Public spaces. source: infonavit.org.mx
To acquire ranches, land or apartments
Mortgage loans can only be used to buy houses in built-up areas. That is, it has the following services: water, electricity, drainage and paved street.
Likewise, the house must be for residential use. If, for example, you have a small apartment at the back or a space that you use as a beauty salon but the structure of the house has not been modified, it is viable.
If the house has been modified to such a degree that it no longer has the spaces of the house that we mentioned above. Most likely it is not feasible. Eg, a house converted into a warehouse, apartments, conveniencestores, clinic, etc.
To purchase a lot of land
Acquiring land to build is an excellent option, there are even credits for land or to build on your own land.
It is important that the land to acquire or build has the following requirements:
- Firstly, the property must have a legal deed
- Secondly, land in an urban area that has pavement, water service, electricity, sewage services. We also have lands that have direct credit from the developers, check the information here!
If you want to use your credit, contact us !
Contact us so we can help you find the house of your dreams. Get advice from the only certified real estate agents in Valladolid.
