What factors affect mortgage approval

[Setfragil]

You are right that the policies of banks regarding loans depend on the government and its laws. However with banks here the usual requirements is the capacity to pay and the willingness to pay. For big loans the collateral is also required for the equity.

Here in my country, mortgage loans are often given to workers that works with companies with good staff records especially government workers. They do not usually request for collateral as the money will be deducted from your basic salary

 

[Lens]

Another determining factor for mortgage approval is your income. They will check your income with the number of persons that depends on you for livelihood. They will counter check the amount you earn with the total amount you spent

 

[Richard92]

You are right that the policies of banks regarding loans depend on the government and its laws. However with banks here the usual requirements is the capacity to pay and the willingness to pay. For big loans the collateral is also required for the equity.

Most of the factors that affect mortgage approval is to know whether you are willing to pay for the property are you a working class do you receive money every month all these are basic factors that will affect your mortgage approval.

 

[Senator]

Before you can go for a mortgage you need to check your income versus the payment of the mortgage,if your income won't cover the installment or you have an unserviced loan then you can not get a mortgage.

Very true comment here. If the income is not comensurate with the amount your mortgage application is having, that might be a real problem getting approved

 

[Kunkun]

Getting a mortgage is usually a detailed experience since money is involved and the ability to repay would definitely be huge in determining that coupled with other factors some you've mentioned

 

[Alexandoy]

The capacity to pay is the most basic requirement for giving our a loan by the bank. The borrower is required to present 3 years of their tax payments as proof of their regular income. The installments will be computed and compared with the 25% of your monthly income.

 

[Ray]

I think only a financial institute can tell you the best. General rules are the same everywhere but the main criteria is your job, credit score, and repaying capacity.

 

[Richard92]

I think only a financial institute can tell you the best. General rules are the same everywhere but the main criteria is your job, credit score, and repaying capacity.

Most of the factors that affect mortgage approval is when plaintiff is not working or when he or she does not receive salary on a monthly basis with all this condition not in place mortgage will not to be approved.

 

[Bousine123]

I think those two you have mentioned are basically what is required. Mortgage is not common in my country so I can't categorically state it.

 

[Sincerem]

Mortgages are simply looking at one with clean swept that has high loan score to borrow funds to. They don't borrow money out when they aren't satisfied by the person's information.

 

[Alexandoy]

I think those two you have mentioned are basically what is required. Mortgage is not common in my country so I can't categorically state it.

Gee, does that mean you do not have a housing problem in your country? The purpose of mortgage is to help people in purchasing their own home that later on they will be free of rent. If your country is agricultural in nature then that would be good because life is simple although you do not have luxuries.

 

[Queentener]

Mortgage is not really common in my country, but in developed countries the major factor is your credit ability, I think the higher your credit appetite the higher your chance

 

[Sincerem]

When who is a debtor can't get a higher credit score. The debts is a hindrance to any future loan demand. Even if he or she clears it, it wouldn't be possible to get higher score when the deadline has been broken.

 

[Ceeny007]

I think the first thing they will check if you have a legitimate Source of income and also try to see what your credit score looks like,if you're a chronic debtor

 

[Sincerem]

I think the first thing they will check if you have a legitimate Source of income and also try to see what your credit score looks like,if you're a chronic debtor

Sure, if the income is lower than the amount which the borrower is requesting then it is believed the mortgage won't issue loan which the borrower can't afford to pay back.

 

[Oliver4smile]

Apart from your credit score and the size of your down payment, mortgage lenders will also consider your income and employment status, debt-to-income ratio, and your assets and liabilities.

 

[nimzy]

Your level of income that's your pocket strength because sometimes it may favour but most often fails and a good number of persons have suffered the lost of such investment a d not encourageble at all cost.

 

[Sincerem]

Your level of income that's your pocket strength because sometimes it may favour but most often fails and a good number of persons have suffered the lost of such investment a d not encourageble at all cost.

The level of the one seeking for loan via mortgage bank must maintain a reasonable income to be able to settle the loan charges.

 

[btaliat]

At times they do check the past records of the person that want to secure loans from the mortgage bank. If the person has a good record, then the is high chance of getting the loan.

 

[Kubiat-Abasi]

Before you mortgage you should consider the legitimacy of your documents, the credit facility you'll use to envisage the loan, some mortgage company will even check your past and track record with similar loan facilities to know your authenticity, also, if your mortgage is not valuable, it will be rejected/declined.