It is essential to understand what are the advantages and disadvantages of mortgaging my home without having a job. Well, if I need money and I don’t have a stable job, I may think that the best way to get it is through a mortgage, but I may be wrong.
It is a fairly common practice and in clear growth today. Proof of this is that almost 90 thousand people in 2016 had mortgaged their home and the following year, before April, at least 30 thousand people had registered mortgages in the Public Registry.
What are the advantages of having a house when applying for a loan?
Among the advantages are:
- It represents a quick way to get a loan
- You do not need to have a stable job:
- It does not require income checks to access credit.
What are the risks of mortgaging my home without having a stable job?
Some of the risks that you will have to face if you happen to mortgage the house without having a job are the following:
Difficulty paying timely fees. Without a stable income, there is a higher risk of not paying the fees per day.
Having to pay higher interest: Many times the interest is higher than if the negotiation of the loan was based on income.
Not having money to bear the costs of the negotiation
One of the expenses is the main contract that is signed between the owner of the house and the financial institution, as well as the qualification rights before the SUNARP.
In short, I can easily mortgage my house without having a stable job but this option has its risks and, in addition, does not mean the final resolution of my problems. Even when interest rates are going down, I have to take the risk of losing it.