Mortgage: Causes of refusal.

Mortgage

However, apply is easier than simple, but approval from it is far from all potential borrowers. You will get acquainted with the most popular reasons for refusing this product.

As a rule, all financial organizations have rather standard requirements for the current place of work. Conditions consist of a minimum period that ranges from 3 to 6 months.

If you just got a job and immediately decided to apply for a mortgage, then more likely to get a failure. This is all due to the fact that in order to assess the solvency of the potential borrower, the financial institution relies on the certificate of income.

And as we know, Help 2ndfl provides for the average value of wages for the last 3 months, and if the citizen has worked there less than this period, then the certificate will not get.

The presence of bad credit history is often accompanied by bank failures. Since the bank can not be sure if you have already been an excuse that this will not arise this time.

If the borrower does not have a credit history at all, this often happens when a citizen never took on credit obligations, he is for the bank as a white sheet of paper. The lender also has no confidence that the borrower will repay the loan in a timely manner.

If you have never had any credit obligations, then do not hurry to run behind the mortgage, with a greater probability, you will get a failure. In order to increase the chances of approval, prepare your credit history in advance.

Full or partial wages in the envelope reduces the chances of approval of the mortgage. Despite the fact that a large number of banks takes instead of the reference of the 2ndFL — a certificate in the form of the bank, the first option will always be less risky.

This indicator is 40% of wages. That is, if you receive salary of 60 thousand rubles each month, no more than 24 thousand rubles should be leaving for making monthly payments on loan obligations.

From this we can conclude that if you have a salary of 60 thousand rubles and there are no current loan obligations, then you can count on the approval of the mortgage, if the amount of the monthly payment is no more than 24 thousand rubles.

It is also necessary to indicate additional incomes, for example from deposits or dividends, and the availability of another property (machine, real estate) or deposits in banks.

If you want to issue a mortgage loan Try to the maximum to close all existing loans and installments. Additional load for the borrower creates inconvenience and can be in a loan. It is also not excluded by the human factor, and you simply may not hold information on all your loans and to be delayed.

Previously, we brought an example on the calculation of the maximum monthly payment. So, if your wage is also 60 thousand rubles, then 24 thousand you can also safely spend on credit obligations, only your payments must fit in this amount.

And if you expect to take a mortgage with a monthly payment of 20 thousand rubles, and you still have a consumer loan with a monthly payment of 7 thousand rubles, the bank may refuse you or offer an alternative to an increase in the loan period.

The minimum initial contribution for the borrower should be from 10 to 15 percent of the loan amount. However, its own funds should be about 20-25% and higher. This will allow you to prove your solvency and significantly reduce the risks of the bank.

In addition, the more you initially make money, the less you will have to take a debt, and respectively, overpay.

Are there any mortgage without the initial contribution, you ask?

Yes, exists. However, this is practiced far from all banks, and there is a limit on the maximum amount.

Financial institutions are more willing to provide loan to employees than business owners and individual entrepreneurs. This is due to the fact that the lender increases risks from the provision of loans for businessmen, as they do not have the confidence that the business does not go bankrupt.

We have already said that having a delay, the borrower risks with a greater probability to receive a refusal. However, other arrears in the field of alimony, utilities and executive sheet services may also lead to refusal.

The presence of a criminal record is even 10 years ago, will also serve as an obstacle in obtaining a loan.

In order not to have any questions in the process of approval, prepare in advance, and then buying housing will become a real and rapid opportunity.