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| Mortgage Loans - Do's and Dont's | ||
Buying a home is an important step in life and it’s probably one of the costliest. Unless you have lots of cash, rich parents, or you have inherited a fortune, buying a home will likely be possible only with the help of banks. Even if you consider yourself the perfect credit applicant, take the following advice on the do’s and don’ts in the mortgage loan process. 1. One of the most important things is to make sure your personal finances are in good health. This is crucial especially in times of crisis as we see it today. Banks are very strict when it comes to credit applicants and you should have in mind that along with the rise of interest, we witness banks that simply won’t grant credits to anyone. Estimate your personal finances carefully, and make sure you can afford the monthly mortgage installments. Specialists recommend that the mortgage coverage per month does not go over 30-40% of the family budget. That way you won’t face the difficult situation where the bank becomes the new owner of your home. 2. Find out what the basic requirements of the bank are before filing your loan application. Many banks require a minimum amount of income from the applicant, which will further guarantee their ability to pay for the loan. 3. Do not make any considerable purchases, avoid using your credit cards to the limit, and try not to buy anything on installment plans. Overlooking this rule may cost you your loan. A 2000 BGN limit credit card, for example, or buying a LCD TV on installment plan considerably changes your income-indebtedness ratio, and the bank will consider this. A larger purchase, like a car, will altogether cut your chances for a bigger loan from the bank for the next five years if you will, unless your income is virtually huge. Remember, banks have a well developed potential credit applicants database, and once you get in the “not approved” section, they may all turn their backs on you. 4. Not declaring your debts is definitely a “don’t”. Once inspected (for which you give your consent in advance), all your debts will show, and a lie like that is a reason enough for the bank to say “NO” without explaining why. 5. Changing your job just before applying for a bank loan, or just before getting one is not recommended. Most bank institutions require a minimum of served time with an employer, because it makes them more secure. Find out the specific requirements of your bank so that you may be a successful applicant. 6. Before you take the credit application endeavor at all, you need to make sure you have found the right property to purchase. Do not deposit any money and do not conclude any preliminary contracts thinking that you can’t but get the credit, because in case, for some reason the bank says “NO”, you might suffer serious financial losses. |
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| Monday, Nov 23, 2009 | ||
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