The Right Mortgage Options for the Best Deals

The vast majority of apartments in new buildings buyers buy with a mortgage. In here, the share of mortgage transactions in the primary market is 85%, in the regions the figures are hardly very different. It is clear that for many, a loan for an apartment is the only way to buy a home. So successfully passing all the bank checks becomes a very, very important mission.

What rules need to be met and what requirements to meet in order to underwrite the bank and get a mortgage loan. The mortgage broker GeelongĀ helps in the best deals here.

Fixed income

As practice shows, the application for a mortgage is most often considered 2-4 days. This is quite enough for the bank’s specialists to study the potential borrower from all sides. Undoubtedly, one of the most important criteria for the approval of a loan is regular wages, and the higher it is, the better. The income will need to be confirmed with a 2-NDFL certificate or a certificate in the form of a bank. The availability of other official revenues (dividends, rental income, deposits), as well as assets – of a land plot, car or dacha significantly increase the chances of obtaining a loan.

Higher education

The presence of a diploma of higher professional education is also a plus in the characteristics of the borrower. It is important for the bank that the loan is serviced in a timely manner, and the availability of professional knowledge and skills is seen as a guarantee that the borrower will always be able to find work and fulfill its obligations to service the loan.

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At the same time employees for hire, with regular income, have an advantage over representatives of creative professions, whose financial income is difficult to predict. Banks avoid giving out loans to those whose professional activities involve a high risk of injury, such as extreme sportsmen. For men under 27 years of age, it is extremely important to have a military ticket, and his absence must have a legal basis.

Credit history

This fact, like the borrower’s credit history, will also not be left without attention. Mortgage involves payments over time, so it is important for banks to know how conscientiously the borrower performed his duties before, if he already took out a loan. Delays in payments in the past, even for a cell phone or a fur coat, may be the reason for refusing a loan.

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