Not everyone is eligible for a mortgage. Before being able to access financing, you will have to succeed in convincing the banks by displaying an exemplary profile. Only people who are able to repay their loan correctly without destabilizing their budget can benefit from the confidence of lenders. Explanations.
To avoid being rejected in the context of a mortgage application, it is important to know in advance the reasons which lead banks to refuse to allocate funds to borrowers to finance the purchase of the house or the apartment. The first reason concerns insufficient repayment capacity. Is it still necessary to recall the rule of the debt ratio of 33% not to be exceeded? A bank will never grant you credit if your monthly loan payments exceed one third of your income, as this can put you in a difficult financial situation. Sometimes, access to the loan is not necessarily obvious even if your debt ratio is less than 33%. The bank will first check your remainder to live and ensure that you are really able to assume a new expense.
Poor financial management is also a crippling criterion for obtaining a mortgage. Remember that the most important thing for the bank is to be sure that you will be reimbursed for the borrowed funds. If you are someone who is often subject to bank overdrafts, payment incidents or if you have accumulated too many consumer loans, you are not the ideal candidate, because it is estimated that you have trouble keeping your accounts . No question of trusting a person who does not know how to manage his money.
The good borrower will have to have a stable professional situation. If you are on a permanent contract or you are a civil servant, this is a good point. Thanks to this type of employment contract, you are able to justify sufficient regular income. On the other hand, CDDs, temporary workers and other self-employed workers must present numerous guarantees before obtaining the banking agreement.
Finally, you should also pay attention to your borrower insurance. Because if you can't get it, you probably won't be able to borrow. In general, insurers exclude profiles who practice sports or a risky profession, who have a health history, who have had a serious accident or who are subject to illness. These people will have to take out specific insurance which is usually accompanied by additional premiums intended to cover the risk they represent.
The application for a mortgage must be prepared carefully. It is imperative to forge your borrower profile well before trying your luck in order to avoid a refusal. If you think you do not yet meet the eligibility criteria of the banks, postpone your project until later, the time to restore order in your situation. For example, if you have accumulated too many consumer loans, try to repay them before starting the process for a mortgage.
In addition, it is advisable not to be satisfied with soliciting a single banking institution. Try to obtain different loan offers by multiplying the appointments with the different agencies. There are some establishments that may be more flexible than others and agree to grant your request to retain a new customer.
Do not hesitate to go through the services of a mortgage broker who will offer very valuable assistance, especially if your file is delicate. Thanks to his negotiating strength and his large network of partners, he will easily find a bank willing to take care of you by offering attractive rates and conditions.
