What mortgage origination requirements does a bank look at? What are the characteristics that make us get a positive or negative response?
Over the course of a lifetime, significant expenses are often associated with applying for a mortgage loan. Buying a house, for example, is one of the major expenses of a person’s life. An expense that few, however, can make without applying for a mortgage and which therefore forces us to justify what are the mortgage origination requirements reviewed by banks during the review process.
The first step is therefore obviously to apply for the mortgage. Once you request a mortgage subsidy at the trusted bank, the bank will initiate the practices and analyze your financial situation.
Mortu Grant Requirements : what data does the bank study?
The bank first examines your financial situation and your history. At this stage, the degree of reliability of payments will be under the control of banking institutions.
Controls of the financial situation mainly concern:
- a verification of the manifestation, in order to certify if there are any incorrect behaviors as part of the check or bill of exchange payment plan (even late payment is reported)
- a verification of the Chamber of Commerce to check whether the mortgage applicant owns shares in companies that present a high risk of bankruptcy. In this phase, past failures are also checked;
- careful monitoring of the mortgage applicant’s personal history, the progress of past loans and the timeliness of past loan payments.
;
a
Assured that your financial situation is “sound”, the bank study the compatibility between the mortgage amount required and the applicant’s income. . Loans that are too high, if they are linked to the client’s salary, will hardly be accepted. In general, a mortgage should never exceed one-third of net income.
personal age people applying for a mortgage subsidy. Age is a key factor in accepting a mortgage. As a general rule, banks do not grant mortgages to individuals who would pay off the mortgage after the age of 75.
Any mortgage subsidy is also assessed on the basis of the property value being bought and sold. The mortgage must be compatible with the real estate value, which is why the bank always has a real estate appraisal to determine the value of the building. In fact, it will be the expertise to say if the amount requested corresponds to the real value of the house.
Source: Chamber of Commerce
–
–
