Refusal of housing loans: what solutions?
A person wishing to obtain a mortgage must prove to the banking establishment that he is creditworthy. Many banks ask for a mortgage or a guarantee of Good Finance. However, its granting is not automatic. How to do, in case of refusal?
Why can a Housing Credit not be granted?
Good Finance is not to be associated with borrower insurance. This covers you if, during the repayment of the mortgage, you encounter payment difficulties due to an accident or illness, for example.
Good Finance is highly appreciated by banking establishments which see in it a guarantee of being reimbursed, if the borrower is no longer solvent, for a given period. This is why, when the bank has hesitation about the repayment capacity of a potential buyer, it does not hesitate to send them the loan request file, for study.
An unstable professional situation may be the reason for the refusal of Good Finance. It is indeed necessary to prove that the income is fixed, to guarantee reimbursement. The presence of too many credits to be reimbursed can also explain this negative response. Finally, the fact of not having contributed, when applying for the loan, does not work in favor of the applicant.
What solution to obtain your mortgage, in case of refusal by Good Finance?
Fortunately, there are solutions to get a positive response from the bank. At first, you can set up a mortgage. Of course, it is necessary to present an asset whose value will correspond to that of the loan requested.
This solution is to be considered, but know that you will have to postpone your purchase by at least a month; time required to set up this mortgage. If you do not have real estate that can serve you, for this solution, you can turn to another bank.
You just got a bank refusal. But all banking establishments are different. Of course, the financial aspect will always remain a major criterion. But sometimes bankers are less reluctant than others to lend money if they think your file is acceptable.
In this sense, you can turn to online comparators, but you can also get help from a broker.
What is the role of a broker?
A broker is a financial intermediary between individuals and banking establishments. You can contact him and tell him about your problem. It will, first of all, establish the feasibility of this request for credit, with regard to the state of your finances.
If he thinks that the file can pass, he will make an exhaustive comparison of the banks. With an extensive relationship, he knows which bank practices this rate and which other gives more easily a mortgage on a longer-term.
Knowing this, he will be able to direct you to a bank that will listen to you and take the time to examine your request, with fresh eyes and without preconceptions. With, perhaps, the key, a mortgage, to finally be a homeowner.