If you intend to buy houses with loans from the bank, you refer 6 helpful tips below to the transaction goes smoothly and quickly.
Financial planning and determining the amount you want to borrow
If it is determined by loan mortgage banking, your existing balance amount and sources of "supporting" the other, and should only borrow 60 -70% determined value of the apartment purchased. Because the maximum loan limit at banks usually 70% if you use the apartment as collateral to buy or mortgage by 90% if other real estate.
According to experts, if your income stability (from wages, rental property and / or business) loans make confident decisions, and soon owned the house.
Selecting banks and lending incentives program
To stimulate the market, today there are many banks in conjunction with investor commitments to provide preferential loans with various incentive programs focused on interest rates, combined with gifts, discounts .... For long-term loans such as buying a home, when selecting preferential package, you do not just look at the numbers, no bank interest-free loan you should determine the actual interest rate for the duration of loans (including including preferential rates and preferential later). Specific information about the incentives package, you can consult the Internet, employees of real estate trading floor, investors or friends, relatives ...
Besides, you also need to understand the conditions associated incentives and other parameters make it easy to balance the needs and master plans such as borrowing limits (mentioned above) and tenor besides the bank's interest rates.
Balance of income and monthly repayment amount
For sure your income, you need to determine the amount of monthly payment (principal + interest) should not exceed 60-70% of the income threshold. Remember, your income must also cover the cost of other daily activities.
Actively preparing the necessary dossier
You should take the initiative to prepare the necessary documents before you meet the bank, full profile and quality will determine 90% of the time and process loans.
So, what should prepare to get answers from the bank? Simple, ready at 3 items:
- Legal documents Personal
- Profile of documents proving the loan purpose
- Documents to prove income
Additionally you take the initiative requires the help of bank employees when there are obstacles in the process of preparing documents.
Fees and binding commitments of banks
The incentive program is often associated with certain binding conditions. No one wants to owe forever, while loans often determine the long term to split the amount to be paid monthly; so, should consider the possibility that you will repay before maturity, break the contract. Hence the need to learn about early repayment charges and the ability to repay preferential ...
Keep in touch with the bank
Take the initiative to communicate with the bank instead of passively waiting for the loans approved and disbursed. This also helps you avoid the risk of fines payment schedule or damage deposit of the purchase contract.
If done properly 6 point on, you totally can put problem loans at any bank and negotiating contract terms most beneficial and suitable for you.
