Monday, September 7, 2009
Struggling to get a mortgage?
It's all over the news and media. Banks are not lending, finding finance to get a mortgage is impossible. Or so we are lead to believe... I am aware that the banks are infact lending and they will continue to do so, as they are businesses after all and their market is money, lending and mortgages!
So, what can you do to be successful in your bid to get a 100% mortgage? You need to think outside your own needs for a moment. Place yourself in the shoes (or boots) of the bank and the bank manager.
Think carefully, what are they looking for in new prospects for the bank (if you were interviewing customers as a bank manager, what would you want to see)?
Great payment record? Stable job? Ability to repay? Property with excellent return (incase you have to resell it to get your money back?)
Sit down and consider the mortgage from the other side. If you can see what they are looking for and you do not match that criteria, then you have 2 choices basically- you can continue to be refused your applications and disappointed, or you can take the bull by the hands and ensure you offer the bank what they are looking for in a prospective mortgage customer.
Remember, to be lent the whole 100% of the mortgage the bank are in reality taking all the risk, you can't expect them to do that on anything that is not a "dead cert", so make sure you, your credit and the property step up to the mark!
By: Suzie Lewis
Ref: goarticles.com/cgi-bin/showa.cgi?C=1883953
So, what can you do to be successful in your bid to get a 100% mortgage? You need to think outside your own needs for a moment. Place yourself in the shoes (or boots) of the bank and the bank manager.
Think carefully, what are they looking for in new prospects for the bank (if you were interviewing customers as a bank manager, what would you want to see)?
Great payment record? Stable job? Ability to repay? Property with excellent return (incase you have to resell it to get your money back?)
Sit down and consider the mortgage from the other side. If you can see what they are looking for and you do not match that criteria, then you have 2 choices basically- you can continue to be refused your applications and disappointed, or you can take the bull by the hands and ensure you offer the bank what they are looking for in a prospective mortgage customer.
Remember, to be lent the whole 100% of the mortgage the bank are in reality taking all the risk, you can't expect them to do that on anything that is not a "dead cert", so make sure you, your credit and the property step up to the mark!
By: Suzie Lewis
Ref: goarticles.com/cgi-bin/showa.cgi?C=1883953
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