Home Loan Lending Criteria
Are you qualifying for Home Loan Lending Products offered by lenders? This is the 1st question you have to check out.
Home loan is the most common loan at market, almost all peoples need it when purchase a new or sub-sales house. Here are some tips, hopefully will help you getting to know more on the loan criteria.
Generally, the amount borrowed of home loan is simply reaching hundred thousand or even million. Lenders won't easily lend a money to you, unless they have to confirm you are meeting their requirements. Below are the criteria they will considered :-
1) Most important is the borrower's income. Lenders will not only check your monthly income, but to ensure you have a steady job, under employment more than 12 months. If you are still new at 1 company, the chances of getting the loan very minimal.
2) To ensure you have sufficient income to support your basic needs & repayment.
3) Assets will be part of reason to qualifying you for the home loan. Whether your property, another house will be take under consideration.
4) Your other liabilities such personal loan, car loan, debt will affect you getting the home loan.
5) Your credit score also plays an important role, it will affect the interest rate offer by lenders. If your credit score is high, probably you will get a better offer and lower rate.
6) Other than the few criterion stated above, lenders will refer to your saving history also. For people who have good saving record, congratulation! your chances of getting the loan is higher than other.
For people who have a bad credit score or bankruptcy, don't feel sad. There are variety of home loan products in the market. please check out
Home Loans instead of Home Loan Lending
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