What Is the Minimum Square Meterage for a Mortgage?
The lending market consists of an array of loan products. Each product has a purpose and lending minimums. For example, most lenders will not finance a mortgage that falls under $100,000. Loans that fall under $100,000 fall into other categories such as personal loans. Thus, some properties do not qualify for a mortgage.
By the same logic, lenders also have a minimum square meterage threshold. Banks stick with a minimum square meterage of 50. This suits individuals who want to purchase an apartment. If the property is too small, its value falls proportionately. Therefore, the property might not qualify for the lending minimum either.
Mortgage House is a non-bank lender. Since we do not service customer deposits, we operate under different regulations. When we issue home loans, we do not risk client savings. Therefore, we can finance mortgages for homebuyers with blemishes on their credit report. Plus, we offer competitive loan terms for well-qualified homebuyers.
Another difference between Mortgage House and a bank is that we drop the minimum square meterage to 30. Thus, we will finance smaller properties. Becoming a Mortgage House client has its perks too. Our clients receive access to additional discounts and tools. Our loan specialists use similar tools to efficiently evaluate applications. Then, they find the most suitable products for most financial circumstances.
Our online mortgage calculator prepares homebuyers for the application.
Minimum Square Meterage for a Mortgage Conclusion
Most lenders request a minimum square meterage of 50. This allows homebuyers to purchase an apartment. Mortgage House drops the requirement to 30. To start the home loan application process, contact our loan specialists today.