Mortgage Answers.
He answered the questions of a respected journalist now and thought that perhaps the answers would be interesting to you. Let it turn out a little poppy and short, but such "basics of mortgage loans" can be curious.
Which borrowers are most desirable for bankers? Why? What does it depend on?
Can you describe a portrait of an ideal borrower?
The borrower who is most likely to be able to repay the loan is most desirable. This, in general, is obvious. Everywhere they will be glad to the borrower with a completely white income, but they will react quite normally to gray, with certain parameters of the borrower. If we consider in more detail, then it is interesting to hire male specialists up to 35 years old with experience in the current industry, who have been promoted and have high qualifications, confirmed by specialized education and other professional diplomas or certificates.
What factors primarily affect the decision of the bank to issue a mortgage loan? What pay attention besides salary? Why? What gives bankers an account of these factors? Do bankers pay attention to the position of the client, the growth prospects?
The degree of confirmation of income is of primary interest. Those. starting from a fully official, further subject to a certificate from the management, verbally to the management and so on, ending with a completely black business.
Also pay attention to the salary and qualifications. Those. a person who is currently receiving $ 2,000 should be able to receive at least as much when moving to another company. This means that a driver with an income of $ 4,000 will most likely not be given a loan, or they will be given a smaller amount based on the average driver's salary from the point of view of a bank employee. Same thing with a secretary with a salary of $ 3,000.
It is also important that there is a profession and qualification, i.e. so that a person dismissed for any reason could be able to find work within an acceptable time period without loss of income. Therefore, they do not like professions that do not require special qualifications and with a high rotation of personnel (waiters, croupiers, etc.).
It is important for the bank not only how much the borrower's income is at the time of taking the loan, but also how stable this income will be in the future.
For example, how significant is the age of the borrower? How does this affect the decision of the bank? And marital status?
Age is usually of interest in terms of the proximity of a pension. Those. at the time of repayment of the loan to the borrower, there must be no more than the age limit established by the bank. Usually it is 60 years old. Although there are exceptions, for example, for business owners. Marital status is more likely to be interesting in terms of the presence or possible appearance of children. Read, dependents. Those. a young married couple without children can give a little less credit than a single man without children, but with the same income as the couple's total. They may also pay more attention to assessing the solvency of a young childless woman. But this is not a rule, but depends more on the bank.
And a borrower who can hardly count on a mortgage loan even with a high salary? Why?
See the example with a secretary or a driver.
If the borrower's current income is much higher than the average for the industry and for his position, then they can cut the loan amount or refuse at all. The same situation when income fits into the framework, but the qualifications are not sufficient for the position. Sometimes it happens that he does not have a higher education, but an intelligent specialist grows well inside the company, but he can be reduced the loan amount due to fear that in another company he will not be able to apply for the current position.
Is there any way to divide potential borrowers into groups? Do you have any classification?
Yes, there is a classification. We use the main factor - the type of income confirmation. Those. white income employee; employee with income confirmed by a certificate from the management; employee with income verbally confirmed by management; employee with income not confirmed in any way; business owner with a fully official income; owner of a business with minimal official income and “difficult cases” :) Complex cases are, for example, an artist who does not sell paintings and receives income from a sponsor or a girl without official work, qualifications and with “income” from a “patron”. Although, here the rates are from 15% in the currency already.
Which borrowers are most desirable for bankers? Why? What does it depend on?
Can you describe a portrait of an ideal borrower?
The borrower who is most likely to be able to repay the loan is most desirable. This, in general, is obvious. Everywhere they will be glad to the borrower with a completely white income, but they will react quite normally to gray, with certain parameters of the borrower. If we consider in more detail, then it is interesting to hire male specialists up to 35 years old with experience in the current industry, who have been promoted and have high qualifications, confirmed by specialized education and other professional diplomas or certificates.
What factors primarily affect the decision of the bank to issue a mortgage loan? What pay attention besides salary? Why? What gives bankers an account of these factors? Do bankers pay attention to the position of the client, the growth prospects?
The degree of confirmation of income is of primary interest. Those. starting from a fully official, further subject to a certificate from the management, verbally to the management and so on, ending with a completely black business.
Also pay attention to the salary and qualifications. Those. a person who is currently receiving $ 2,000 should be able to receive at least as much when moving to another company. This means that a driver with an income of $ 4,000 will most likely not be given a loan, or they will be given a smaller amount based on the average driver's salary from the point of view of a bank employee. Same thing with a secretary with a salary of $ 3,000.
It is also important that there is a profession and qualification, i.e. so that a person dismissed for any reason could be able to find work within an acceptable time period without loss of income. Therefore, they do not like professions that do not require special qualifications and with a high rotation of personnel (waiters, croupiers, etc.).
It is important for the bank not only how much the borrower's income is at the time of taking the loan, but also how stable this income will be in the future.
For example, how significant is the age of the borrower? How does this affect the decision of the bank? And marital status?
Age is usually of interest in terms of the proximity of a pension. Those. at the time of repayment of the loan to the borrower, there must be no more than the age limit established by the bank. Usually it is 60 years old. Although there are exceptions, for example, for business owners. Marital status is more likely to be interesting in terms of the presence or possible appearance of children. Read, dependents. Those. a young married couple without children can give a little less credit than a single man without children, but with the same income as the couple's total. They may also pay more attention to assessing the solvency of a young childless woman. But this is not a rule, but depends more on the bank.
And a borrower who can hardly count on a mortgage loan even with a high salary? Why?
See the example with a secretary or a driver.
If the borrower's current income is much higher than the average for the industry and for his position, then they can cut the loan amount or refuse at all. The same situation when income fits into the framework, but the qualifications are not sufficient for the position. Sometimes it happens that he does not have a higher education, but an intelligent specialist grows well inside the company, but he can be reduced the loan amount due to fear that in another company he will not be able to apply for the current position.
Is there any way to divide potential borrowers into groups? Do you have any classification?
Yes, there is a classification. We use the main factor - the type of income confirmation. Those. white income employee; employee with income confirmed by a certificate from the management; employee with income verbally confirmed by management; employee with income not confirmed in any way; business owner with a fully official income; owner of a business with minimal official income and “difficult cases” :) Complex cases are, for example, an artist who does not sell paintings and receives income from a sponsor or a girl without official work, qualifications and with “income” from a “patron”. Although, here the rates are from 15% in the currency already.