postheadericon The Right answer for the Proper Mortgage

These credit institutions give mortgages to customers at affordable rates.More and more banks are beginning to issue loans, including mortgage loans, to so-called “customers from the street”. That is, those who have not previously resorted to the services of a particular organization: do not have a card of this bank; do not receive wages in it.

At the same time, from January to September 2016, 15 largest mortgage banks lowered rates for “unfamiliar” customers. In most cases, organizations reduced interest by 0.5-1 pp. It is noteworthy that most often rates were reduced in the framework of programs for the acquisition of new, or primary, housing. Due to the still valid program of state support for the mortgage (its operation, by the way, was prolonged until March 1, 2017), loans for newly built real estate and new buildings now remain more profitable than loans granted to receive a secondary. Take the help of the mortgage broker Geelong  for the right mortgage.

Thus, banks are increasingly attracting new customers. This is due to the fact that credit institutions note signs of stabilizing the situation in the non-financial economic sector and increasing the solvency of borrowers.

  • Experts, in turn, notice that the desire to attract more borrowers speaks about the excess liquidity of banks and expectations of its surplus in the near future.
  • These organizations give mortgages even to customers with a bad credit history, low incomes and a small down payment.
  • For those who have a bad credit history …

Cheap mortgage: who will pay for it?

Of course, this is not about malicious defaulters, but rather about borrowers with rare or objectively conditioned violations of credit obligations. These banks can approve the borrower’s application even with overdue more than 90 days. However, the client will need to provide an explanation of the reasons for the debt or close current loans. Less often – to correct errors in credit history, when the borrower is credited with “non-existent” violations.

  • The amount of the borrower’s income directly determines the amount of the loan, but different banks practice their approach to assessing the solvency of clients.

It is better to apply to state-owned banks they use a more flexible income assessment system and often endorse the maximum possible loan amount for borrowers, at which about 70% of the total income can go to monthly mortgage payments.

Commercial banks adhere to the “50 to 50” rule and approve the amount of the loan, payments on which do not exceed 50% of the total income.

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