Proper Options for the Great Mortgage Options

This is possible, and there are three options for obtaining a mortgage depending on the baseline conditions.A person does not work officially, but still is employed and receives a salary “in black.” In this case, the easiest way to get a mortgage will be as follows: a copy of the employment contract and a salary certificate in the form of a bank are provided to the bank. You can get the best deals from the mortgage broker GeelongĀ .

How to take a mortgage: instructions for beginners

Mortgage without down payment: where, how, how much?

  • A person does not work at all, or there is no possibility to provide an employment contract. Get a mortgage with such data is possible in two cases.
  • The borrower provides two documents (for example, a passport and driver’s license) and has an initial payment for the acquired property in the amount of not less than 50% of its value.
  • There is a crediting on the security of the existing property. In this case, the appraisers accredited in the bank must determine the value of this property. The size of the mortgage loan in most cases will not exceed 50% of the value of collateral real estate; on this occasion different banks have different conditions.

It should be borne in mind that the bank has the right to refuse to provide a loan in any of the above cases, without explaining the reasons. Therefore, in such difficult situations I recommend to contact a mortgage broker working in a major real estate agency. Also, a mortgage broker in a number of cases helps to obtain more favorable terms, a more loyal attitude on the part of the bank and an explanation of the reason for the refusal and options for solving the problem.

  • If a person is officially employed but cannot show a document on the official income, he can get a mortgage. There may be situations when a person is formally employed and does not receive a salary at the place of “employment” (for example, on leave at his own expense or on maternity leave), but incomes have – such citizens can be credited. Moreover, a person in general cannot work anywhere officially, but receive income from the delivery of apartments, from deposits. If these assets are documented to the bank, the bank can approve the mortgage.

The Bank takes into account the client’s social status and the availability of real estate (residential and commercial), motor transport (including commercial real estate) in his property. These assets fairly accurately indicate the level of real income and can themselves be a source of income when leasing. Present your deposit agreements to the bank for several years, statements on your deposit accounts – you will show the bank that you have money for the initial payment and, possibly, even for payment of a part of the monthly mortgage payment.

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