Obtaining a mortgage loan can be relatively simple if you have the right characteristics that accredit you as a very responsible person and with the ability and intention to pay. There are many factors that influence when calculating credit and in this article we will reveal what banks are set to calculate a mortgage credit.
Some of the factors that influence when calculating a mortgage loan are:
1. Labor stability
The banks will highly appreciate the possibility that the person requesting the loan could lose their job, although it is also taken into account that their working conditions may change, this is one of the main factors that influence when calculating a mortgage loan.
Generally, dependent workers who receive a salary for a plant job and who have been working in a company for several years are generally more favored. Workers who have a temporary contract and those independent people tend to be penalized. However, this does not mean that it is an impediment to receiving a good mortgage rate.
The labor activity sector is also valued, people who exercise a profession in an unstable environment are usually harmed.
2. Your age
You may have a great credit history and very good income, however, if you are 85 years of age it is very difficult for them to give you a loan with terms longer than 10 years. This aspect is another of the factors that influence the moment of calculating the credit and in case of being granted, the bank could request the presentation of a guarantee, a person who can take care of the payment of the debt in case of death.
3. Monthly income
Checking your income is very simple when you are a dependent person. Simply submit your payment receipts or a statement to prove that you have the ability to dedicate no more than 40% of your income to the payment of the loan you are requesting.
It is for this reason that financial institutions can ask you if you pay an income, if you have people who depend on your salary, whether they are children or parents, just as they can also ask you about other monthly consumption that you may have. The objective is that you do not overdo it, get into debt and that you can continue paying; This is an important point when calculating a mortgage loan.
4. Payment history
Did you know that the omission of payments or delays in the payment of services and your credit card are also taken into consideration? These could damage your credit score quickly. Clearing the impact of the records could take a long time, even years. So if you plan to ask for a mortgage loan soon, be sure to pay all your debts.
If you fully and promptly cancel all balances of your credit cards and your accounts, your credit bureau record will remain clean, which will result in a higher rating at the time of calculating the mortgage credit.
5. Credit history
The credit history in the Credit Bureau is not only affected by the time you have had access to it, but also by trends in payment patterns and credit refinancing requests. Therefore, the factors that influence when calculating the credit are not only to have a long history of good credit (which could well boost your rating), but also in the habit of skipping payments or requesting credit refinancing; which could drastically decrease your rating.
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6. Experience with other types of loans
One of the best cover letters you have when applying for a loan is past experience with previous credits. For example vehicle or study credits.
Your past behavior with past credits reflects that you are not a stranger to the financial system and also reveals that you are a trusted person who has handled your payments on time.
7. Current debts
Having high debt balances (in relation to the total credit limit) of several cards could reflect a higher risk of default and reduce your rating, which is why you should consider this as one of the factors that influence when Calculate a mortgage loan that you could access.