How many guarantors can I hire a mortgage credit with?
Can I get a home loan with multiple holders? And what if it's with a friend? These are pertinent questions that arise when buying a house. Therefore, let's see how it works legally.
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To better understand the issue of mortgage holders, we will explain in this article.
Being the holder of a home loan: What does it entail?
When hiring a home loan, you become the loan holder. In other words, being the holder of this credit implies being responsible for repaying the debt of financing a property.
As the holder, it is stated in the credit contract signed at the notary and registered at the Land Registry. And you become the mortgage holder, in the eyes of the bank, now having the obligation to pay off the loan amount granted by the entity.
This value includes, of course, interest and other charges associated with financing. Therefore, it is up to the holder or several holders to pay, within the defined repayment period, the monthly installments of the credit (according to the conditions established in the contract signed in the deed).
You should also know that it is possible to be the holder of a home loan without being the owner of the property. In most cases, the owner is the holder, but it may not be.
This means you may become the debt holder and responsible for repaying the loan without being the owner, with no rights over the mortgaged property.
How many people can be holders of a housing loan?
According to the law, there is no limit on the number of holders in home credit. Financing can be contracted by individuals or entities, collectively. However, the requirements to be met to be a holder apply to everyone, so if you want to contract a home loan with other people, make sure that everyone meets the necessary requirements.
The more people hire credit, of course, the more easily it will be granted. This is because the greater the income considered for the effort rate, the lower it will be. And the lower the effort rate, the more likely credit will be approved.
The ideal effort rate should not exceed 35% (income compared to credit expenses), so if there are more holders, there is less risk of defaulting on payments. Whether or not equitably, there are more people responsible for the total debt value.
This is because, regardless of your position in the loan ownership (1st, 2nd, 3rd, or other proponent), the responsibility for complying with the payment of installments is identical for the total debt financing. So, know that you can always be held responsible for full compliance, jointly with the other participants.
But the conditions offered by banks in a home loan with multiple account holders can be more favorable, probably not needing a guarantor. Normally, the home loan is contracted by two people as a couple, and it is possible to see better conditions in this case than in the case of a single person contracting the same loan.
Can I apply for a mortgage with a friend?
Yes, mortgage credit is usually contracted with spouses or family members, but it can also be contracted with a friend.
Credit conditions may vary. When contracting credit as a couple or with a family member, the housing is considered own and permanent. But when contracting credit with a friend, it is considered a second home.
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