After submitting an application for a mortgage, many are faced with the bank’s refusal to design. At the same time, the Bank remains the right to dismiss the cause of a negative decision. Therefore, we suggest to figure out why banks can refuse a mortgage loan so that you know in advance what you can face, and what to do about it.
The income of the borrower is considered by the bank first. For official wages confirmation, you need to provide a certificate of income from the place of work. And if your income is sufficient to pay monthly mortgage payments, paying housing and utilities, possibly other credit products and so on, then the mortgage will be approved. But, if, for example, you get wages in the amount of 25 thousand rubles, and the mortgage payment is 17 thousand rubles, then the bank will refuse you in the design, since the remaining amount of income is insufficient for life.
This reason for the failure smoothly follows from the previous one, since the presence of other loans or credit products imposes an additional financial burden on the borrower, and ultimately may leave the client without livelihood. Therefore, in order to avoid such an outcome, the Bank will refuse the mortgage to the full payment of the current loan or increase the amount of the income of the borrower, or bring the co-cooration.
Unfortunately, delay in past loans are reflected in credit history. Therefore, if you did not pay the monthly loan payments on time, or did not make spent amounts from credit cards back to the grace period, this makes it possible to believe that in the case of a mortgage you may have problems with timely payment. Banks reluctantly go to cooperation with such borrowers, so the refusal in this case is not a rare matter.
It happens. That the borrower deliberately indicates unreliable information in the application for a mortgage. So he counts on a positive answer. But, all information is carefully checked by the Bank’s Security Service. And differences in the data filled with the borrower, and those that are specified in the documents provided are the cause of the failure of the mortgage. It is important to carefully check all the information before sending an application, because even with a random error in mindfulness, you can lose a positive solution.
So we come to the conclusion
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