How to apply for a mortgage without an advance

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It seems impossible to believe it, but there are economic and financial alternatives to buy a house without having the necessary liquidity to do so. These are possibilities that somehow arose to make up for the difficulty of obtaining a mortgage from banks. Furthermore, these solutions are advantageous for both the owner and the buyer, leaving a wide margin of choice on the possibility of making the purchase, as in the case of rent to own.The redemption of the house through the payment of a monthly rent takes place after a lease, which can last from 2 to 7 years. At the end of this period the tenant can decide whether to continue paying, transforming what has already been paid into a deposit, which therefore will not be lost and can be exploited for this purpose. In some cases the tenant may not even continue with this formula, if his economic conditions do not allow it MoneyLab.

The advantage with this formula is to immediately enter the house you intend to buy and gain time to set aside the liquidity necessary to face the payment of the rent in the future. The monthly feein this case it is slightly higher than that of a normal lease and also the deposit is calculated as a percentage, based on the value of the property itself. Usually it is around 7% -9% – In favor of the tenant there is the fact of not having to pay any tax on the property which, until the definition of the sale, remains the responsibility of the owner. With the rent to own formula, therefore, the rent is finally invested in a fruitful way.

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The mortgage loan

It is a way to buy a house without liquidity reserved for those over 60 who intend to ensure a good standard of living in old age and following retirement. The house can become a source of income or guarantee, by requesting a line of credit or a loan from the bank, behind the mortgage on the property, called 1st degree. The advantage lies in the fact that, as long as the owner is alive, he will not have to pay the bank any reimbursement for the loan, without prejudice to the possibility of wanting to regain full possession of the property. The task of deciding on the matter will be delegated to the legitimate heirs, who will be able to choose whether to repay the capital obtained by their spouse by restoring the property, or let the bank become the owner. It may happen, in fact, that the heirs are not in a position to repay the capital, also in consideration of the fact that it increases in relation to the interests that have accrued over the years. Alternatively, even the owner himself who is still alive can change his mind and pay the money received to the bank, legitimately regaining possession of the property.