Facts about Mortgage Credit

The Mortgage Credits are available to people between 18 to 65 years old who qualify among the requirements of the bank. It is worth knowing the 8 main facts about home loans.

The Mortgage Credits are granted by a bank with a term that goes from 20 to 30 years mainly. The Mortgage Credit Rates depend on several factors: how much is requested, the value of the property and the monthly profit of the applicant. They can be fixed, variable or mixed.

Credit request

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It is necessary to request a shift to be attended by a bank account executive, through the website or in person, the second being more recommended. The waiting time will depend on the demand that the institution has at that time.

Credit with own land: For those who have the deed of a lot, the allocation of the loan will be easier, provided that the requirements are met. It is possible to build from the base or to renovate or enlarge an existing one.

 Loan without land

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In this case, the Mortgage Loan Rates may vary, but, above all, the totality of what is requested will not be accessed and will depend on the location of the project, how much money is saved, if there were already verbal agreements for the acquisition of the lot or have none in sight, etc.

Location of the land

If it is in a rural or urban area, and how far from the branch where the credit is requested, or if there is a policy or regulation to grant better conditions in a certain place, these are questions to consult.

Requirements for those who do not yet have the land

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Minimum one year employment (dependency relationship) or two years on their own account. Spouse’s income can be added. The net salary is taken into account.

Background

The person or people requesting a credit cannot have a negative history within the financial system, that is, in ongoing debt.

Buy a house already built

It will depend on the regulations of the bank and, above all, if the client meets the requirements of the entity. The property and the cost reported by the real estate agent or owner will be legally analyzed.

Now that you know these details you can compare the offers and request the Mortgage Credit that suits you best. Simulate your Mortgage Credit in Compare and fulfill your dream of your own home.

Cheap credit from the Internet.

Online banks are a lot cheaper when it comes to the terms of a loan

Online banks are a lot cheaper when it comes to the terms of a loan

The Internet is becoming the number one contact point for more and more people when it comes to obtaining information or services. This is also the case in the banking business. Online banking has long gained a firm place and for some time now, it has also been loans that are processed via banks from the Internet. People have by no means become more trustworthy, but there are now many offers that are tested and trustworthy, which are in no way inferior to those of a branch bank. Except in terms of cost, of course. The difference between the two types of bank is clearly noticeable here. In general, online banks are a lot cheaper when it comes to the terms of a loan. Many online banks set a credit limit that is, for example, only 100,000 USD, but others also finance higher amounts that are needed, for example, when building or buying a property.

Good conditions are immensely important, especially with such large sums, because a large amount is quickly accumulated that is to be paid solely for the interest. Some banks on the Internet advertise the loan repayment with an interest-free provision of the loan amount for a certain period of time, often even for a year or possibly longer. This is where the point of interest comes into play again, because the interest is of course still payable for this period and the duration of the repayment period is extended, which automatically means a higher interest amount. Nevertheless, loans from the Internet are usually cheaper because the overall interest rate is lower than with the offers of a branch bank.

Repay the loan in large installments

Repay the loan in large installments

It is also often possible to save money by agreeing that it is possible to repay the loan in large installments, that is, depending on the availability, a certain amount of money will be repaid. Online banks are generally more flexible here, while this is not, or at least not always, the case with branch banks. The reason is that if the loan is redeemed more quickly, the bank will lose interest income. Loans from the Internet are cheaper because the banks offering them work cheaper. For example, you need less staff and therefore less office space. This eliminates part of the cost of staff hiring. Overall, the administration of banks is often leaner, which in turn saves costs.

The banks then pass on some of these savings to their customers in the form of cheap account or loan offers. Even if this is only a small amount per month, it does add up quite a considerable amount in the course of the repayment years: the account management fees. The borrower is usually required to set up a checking account only for the loan disbursement and repayment and the payments to be made from the money, which of course involves costs. Some banks offer this free of charge. It is definitely worth it for every loan applicant to take a look at the offers on the Internet, because the loans are usually really cheaper here.

Bad credit history is a verdict?

So you need a loan. When you refused in one bank, you went to another bank, but you also suffered a failure. What is the problem? You also seem to have a revenue certificate and the requested amount is not out of the cloud. People with bad credit history often face such problems. What does it mean? It’s very simple: at some point in your life you refused to pay a loan or regularly withhold contributions.

 

Bad credit history

Bad credit history

For banks, client credit history is one of the most important criteria. And if you have proven yourself as an irresponsible debtor, it will be difficult to remedy a negative reputation. After all, the bank is not absolutely interested in working with people who are prone to breaking the terms of the contract. In fact, your living conditions are virtually meaningless to them. It’s more important how reliable you are as a debtor.

How does a bad credit history arise? There are several violations that can contribute to this:

  • Full non-refund of credit (this is the most serious breach and you should not expect a positive loan decision in the future).
  • Multiple delinquency of payments for 5 to 35 days or more (average severity of the infringement).
  • Simple payment delay in less than 5 days.

As for the last point, this violation is not taken into account. After all, it is quite common for the borrower to make a deposit by the deadline for payment, and simply do not have time to get to the bank at the right time. Little attention is paid to such details. If delays of less than 5 days are regular, it is not possible to name the ideal credit history. However, most banks do not see serious grounds for refusal.

 

Where you can take out a loan with a bad credit history?

If payments are due for five days to 35, credit history is already bad. However, if the debt has been paid in one way or another, the bank may subsequently approve your application for a new loan.

Customers who have never paid credit funds at all, banks do not even take into account – they are immediately rejected.

This could be a bad credit history that has always paid the bank’s debt to the lender. Obstacles to fundraising can be litigation, recovery of maintenance or even a kind of debt to a neighbor.

 

How to fix the situation?

credit history

Many people are interested in where you can borrow bad credit history. Of course you will find such opportunities. However, you can hardly work with official structures. And you have to pay for it. Therefore, it is better to think about how to correct (or rather improve) your credit history.

  • Visit a bank branch and present the evidence that you have become responsible when you changed your attitude to the loan. For example, you can submit statements that confirm the current payment of different accounts (service bills, etc.) in recent years. The big advantage is the availability of documents confirming high solvency and regular income.
  • Explain the reasons for a non-debt loan (if the reasons are not dependent on you and have been associated with illness, reduced work, non-payment of wages, and so on. N.).
  • Deposit accounts opened with this bank (from 1 year) can be another proof of credibility.

Credit cash with a bad credit history can be used in special services, but usually it is necessary to pay heavily interest for such pleasure.