Banks always ask for ample guarantees before granting a mortgage. The paycheck of the young worker is often not enough and the parents may have already signed a surety for another child. The game is not lost. If we learn how they think when evaluating a question of mutual we can understand using the 5 tricks to get a mortgage without the guarantees that the bank would like.
a) Faced with the concerns of the bank for the low paycheck, it is good to point out that in reality every mortgage is more than guaranteed. In fact, the bank registers a mortgage on the property being purchased.
The bank decides, through its own trusted technician, the value to be attributed to the property for which the loan is contracted. Then the bank will estimate the mortgage less than what the property is really worth on the market and will grant a lower mortgage than that value. With the mortgage on the property you will have a guarantee in hand that is more than adequate for the sum lent.
You can therefore safely tell the bank that the mortgage is never without guarantees, even when the applicant’s paycheck is low.
The 5 tricks to get a mortgage without the guarantees that the bank would like
b) Another excellent strategy is to close any other debts before going to the bank to ask for a mortgage. The bank, in fact, will evaluate the reliability of its customer. Having no more debt to pay in installments means that all of our income will go towards paying that one mortgage.
c) Having an external guarantor intervene can be the keystone if our paycheck is not exceptional. The guarantor will often be a close relative, a parent of the person applying for the loan. In Italy, retirees often have attractive incomes and a home they own. The bank will therefore feel sufficiently guaranteed.
d) Carefully study low-interest mortgages. Banks often launch campaigns for subsidized mortgages for young couples or other categories. There is no need to take out the loan with the same bank where we have the main account. This allows you to take advantage of the best opportunity that the market offers by looking at the mortgage interest rate.
e) Don’t be in too much of a hurry. If the applicant’s economic conditions do not allow favorable conditions to be ticked, it is better not to insist on demanding a mortgage by force. In fact, the bank, feeling less guaranteed, would apply a interest rate higher. Perhaps better to wait for a steady job or a career spurt and then return to the office.
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