Having a credit card and proper management is an argument in your financial history. But is it essential to apply for a mortgage loan?
I have met people who have only one bank account ; also, employees who, by improving their income, access a credit card; Finally, others who invest in stocks and financial papers. Everyone, without exception, could get a mortgage loan.
It’s that simple?
Let’s verify what a mortgage loan consists of. A bank lends a person money to buy a house and, as collateral for the debt, mortgages in their favor the property. It seems that property as collateral is sufficient. So why do they ask for your bank accounts and credit cards?
Lending money carries a risk, we understand it easily. Therefore, financial institutions seek to minimize, approving customers with good prospects. One way to verify the applicant’s reliability is his financial history: how he manages his bank account, what use he gives to the overdraft, how often he refinances, if he uses the total credit card quota, if he pays in full, and if he is not reported at the Risk Center. T his story deserves a score in the study credit.
Having good financial behavior facilitates credit approval. But, if there is no history?
Banks request documents to verify the payment capacity that the client requesting a mortgage loan will have. If you are employed, if you frequently receive remittances, if you are independent, you must prove it. In general, the requirements are similar in all banks, although, of course, there are variations. All are easy to find documents. The stability in the employment situation or the regularity with which money is received from abroad will also have a score. And the normal thing will be that when approving the credit they demand the opening of a bank account to realize the debit of the monthly quota of the credit.
Some banks take advantage of the mortgage loan application to offer you other bank products: a new credit card, a quota for free investment credit or insurance. It will be great to have them if you need them and if you can handle them correctly.
In investing in a property, you should consider this:
- Age counts and much when requesting a mortgage loan. Do not expect too much.
- Job security is appreciated by banks. A year is a good measure.
- Having savings is a good idea; to provecha r options National Savings Fund (FNA). If a good business is presented, you can close the deal quickly.
- Dream, visualize important projects, get away from buying, remodeling, building. With the current market conditions, everything is possible.
And, if you have a credit card, handle it like the finance experts. You know, you are not required to have it to access a mortgage loan, but you better pay it on time.