Mortgage Loans: How to get the financing approved?

Today the scenario has changed, mainly due to the improvement in our current economic situation. Although we are not living in a golden age, real estate financing has become more accessible and easier, at least in part.

What should I do to be approved?

What should I do to be approved?

Freelancers can apply for a mortgage as long as they meet all the requirements set by the lender

The first requirements for you to be approved for housing finance are as follows:…

Do not commit more than 30% of your monthly income to the financing. The bank may understand that you will not be able to settle the debt.

Know exactly what the bank you want to apply for financing requires, especially in terms of documentation.

Usually there is a certain pasteurization, all institutions tend to request the same thing, the same documents from the potential beneficiary, but talking directly to the manager and understanding the particulars the bank requires can make all the difference.

The minimum documents required and that you will be unable to apply for financing without them are your personal identification, ID, social security number, proof of address and income and income tax return.

In the case of proof of income you can use from pay stub to bank statement. The income tax return counts as proof of income but has a second option as well.

It’s not just your documents that need to be in order. The property to be financed as well.

It is necessary that the property has no debts with the property tax. In the case of real estate within condominiums they must not be pending, and the property must be evaluated by an engineer of the financing institution. Look for accredited professionals from your chosen bank to conduct the survey.

These are our most general tips, but do you want to further increase your chances of getting approved?

We have separated some other tips that can facilitate the long-awaited home purchase.

Real Estate Financing Changes

Real Estate Financing Changes

The advance of the market and its progressive stability caused interest rates to plummet, making financing more attractive. The time for their discharge also extended. It is currently possible to finance a property in 10, 20 years, even more depending on the bank chosen.

Although it has changed in some ways, getting approved for a mortgage is still a challenge for many.

You may be negated at the time of credit assessment even if you have submitted all the required documents. Do you know why this happens?

Financing and approval difficulties

Financing and approval difficulties

Only those looking for housing finance or any other type of finance know how difficult it is to finally receive the communication that your application has been approved.

Having compatible income for financing as well as not being negative are minimum requirements to try financing of any kind.

Although banks are not unanimous among the companies offering the financing option, they are usually the most requested by consumers.

If you can’t wait to get your long-awaited homeowner and want to get the financing, you need to be aware that it may not be approved as the bank conducts numerous appraisals to release or not the financing.

If you are self-employed do not worry, among other tips we will help you to conquer your own home.

The bank’s financing of real estate, property or vehicles is not a privilege only of those with a portfolio. Yes, even if you are self-employed and self-employed without registration it is possible to try financing for home ownership.

Among other things what the bank takes into account is your purchase history, ie it is not only worth being a formal employee and having income commensurate with the value of the property to be funded if you have problems with settling your financial backlogs. the institution.

Speaking of formal jobs, although there is a false belief that only people with a portfolio can go through the credit assessment process, this is not true.

The bank makes numerous demands for the release of credit and having a portfolio is not one of them, which makes it possible for freelancers to be able to apply.

Freelancers may apply for a mortgage as long as they meet all the requirements set by the lender.

Use intermediates

This tip goes for you who wants to make the process easier, as well as speed it up a bit.

When we talk about intermediaries, we are talking about the websites that bridge the gap between beneficiaries and funding institutions.

The advantages of using this service is that you do not have to move and carry out the test with the intended bank for funding, nor risk losing time if your request is denied.

When you use these intermediaries you direct your full attention to one place. Forward all your documentation to this site and from the simultaneous shooting to several banks the chances of receiving counter proposals from institutions are great.

This service, while extremely practical and advantageous, has no cost to the customer. Who bears the maintenance of the site are the registered banks.

Have a checking account

Open a checking account at the institution chosen for your funding. Although not a stated practice, banks tend to favor their account holders. By being an account holder of the bank where you want to get the financing, as well as resulting in higher chances of approval, you can get the financing with a lower tax burden.

Another tip regarding the current account and its new financing. Remember those cards that the more they are used the more the credit limit tends to increase? Funding is basically that, the bigger and more constant your account movement, the better your request with the bank will be seen.

For example, direct all of your income to this account so that the bank can get a better idea of ​​your earnings and assess whether or not you can afford the installments.

Do not be negated

This is one of the main requirements. No restrictions. You will hardly be able to get a loan from the bank if you are negative.

The register serves as a consultation bank to let banks and other establishments know whether or not that particular consumer has a good payment history.

When you have a good track record you can negotiate better payment terms and a more affordable interest rate.

Score is not everything

Score is not everything

While credit score is important when applying for a credit card, it is not crucial when applying for a mortgage.

Pay particular attention to any pending issues in your social security number and try to settle them before joining the entire process.

Become an entrepreneur

If you want to formalize your situation and leave the job informal, becoming a MEI can also assist you in the approval process. Banks often give MEI the same good eyes as their account holders.