How not to risk your consolidated loans if you are using a housing loan

 

 

“We can give you 100 000 leva. Bring us a preliminary contract and documents for the dwelling. During this time we will also evaluate the property. And then you will have the money. “

A lot, but be careful if you hear these words from a bank employee!

Why pay attention?

Because this is a hypothesis dressed in a promise. Sounds like a promise, but it’s not. It’s an opportunity, probability. Forecast that is actually feasible. But there is no promise! And there is no way to be.

Do you wonder why?

Is your consolidated inspector deliberately misleading you? Does he give you promises that do not depend on him to catch the hook?

Extremely rarely this is the reason. That’s just the way in the banks. The standard procedure for approving housing consolidateds. You represent your income, submit several documents for yourself, submit a signed preliminary contract for the purchase and sale of the property, provide expert assessment of the dwelling, present all the documents for the property that the bank requires and – if everything is fine – sign a consolidated agreement .

Hmm … how could it go wrong?

The truth is that absolutely everything can go wrong.

Want specifics?

You’re welcome! Directly from the “kitchen” of my personal practice :

1. Insurance Problem : You think that by working for 10 years for your boss, he regularly pays the contributions you owe by law. Yes, however, it turns out that your boss is behind ** k and quite often and fails to do so. Is this a problem? Definitely.

2. Gray Economy Problem : You get a good salary, but at least half is under the table. You have heard that some banks accept declarations or certificates of your actual salary, but with surprise you find two things: it takes you a lot of time to find out who these banks are; you are miserably aware that this will increase your interest; on the brink of panic, you realize that no matter how you say you take, banks first look at your insurance income, and on the basis of it they determine what percentage of the “real-life note” they will accept.

3. CCR issue : You had old consolidateds that – thank you – you have already paid off. And you think that with their quenching you can forget them. Yes, however, they do not forget you. I’m talking about bad consolidated history. T. “Bad CCR” (Central consolidated Register). Surprisingly, you find that although you have recently repaid all your quick and not too fast consolidateds, no bank wants to give you a new consolidated because you have regularly delayed your contributions. Do you have a good salary? Not only, but everything is bright. You want a lot of money. No, there is not 50% of the value of the property. Do they give you consolidated? They are not giving.

4. Problem with the valuation of the property : Your income is sufficient to receive a consolidated of BGN 1 000 000, but the bank assesses the dwelling you are buying at 100 000 BGN and decides that it will give you no more than 85%. You, however, need 120,000 leva to shop for. Is it a problem? No, as long as you have the 35,000 leva in question.

5. Problem with property documents or the seller himself : Everything with your documents, insurance and consolidated history is perfect. Property valuation is also perfect. This is not the case, however, with the documents for the dwelling you are buying or the personal documents of the owner of the property. You will say: it is not my problem! But it is yours. The moment you sign a Preliminary Contract and give your salesperson problems, your problems can be very easy. But why? Is there no logic ?! There is – if your preliminary contract is illiterate written and there are no safeguards what would happen if the seller does not obtain a document that the bank requires. Attention! I do not even mean having a documentary problem on the property. I’m not talking about weights on the property, as some of you have thought. I’ll give you only one joker: banks often require vendors additional documents not legally required by notaries. Guess what happens if a bank attorney stumbles like a donkey on a bridge, wants a document, and the seller rightfully refuses to provide it because that document is not required by law …

And many more, but only marked:

6. Waiting for a Baby : Congratulations! Whether it can be a consolidated problem, how do you think? And whether it can be elegantly “covered”? If yes – how?

7. You have recently changed your job: It is good. Three times higher salary. How will you do it if you are still in probation? Will you have time to find a bank to close your eyes and open your pockets in this situation?

8. You will leave your job: Good or bad – you can not stay longer with your current employer. Do you know at what point exactly to take the exit request? And what if they fired you in the meantime, and you have not taken the consolidated yet?

9. Are you in a hospital or are planning to go out there : Have you ever thought about how banks look at the hospital? Is there a difference between the types of hospital? What do you do if you often go out or do you have one?

10. You have current or previous illnesses : Suddenly the insurer refuses to make you life insurance, and the bank refuses consolidated without active life insurance. Is it not wise to choose a bank in advance that does not hold so much on life insurance if at any cost you have decided to withdraw this consolidated? Or do not choose a bank through which you can save your medical check-up?

And still a lot, but I think you already got the idea:

This is the standard procedure. However, did you already think that if there is a standard order, there is also a nonstandard one. Well, for some of you, it will be vital to take advantage of “non-standard” ways of approving a home consolidated.

What is the “non-standard” for banks, but the safest procedure for approving a housing consolidated?

First you submit your documents / yours, the property and the vendor / s and evaluate the dwelling.

Your papers to find out if the bank would really give you 1 leva.

Documents to get a legal opinion from the bank.

Rate to know how much money you can really get.

These 3 indicators / buyer-borrower, seller-property and property valuation / can also go through the risk unit available to each bank.

Have you been through final approval, with a song by mouth you can sign a preliminary contract.

How do you do that ?! Banks refuse!

You will look for other banks once they refuse you. One thing is for sure. There is no bank that can offer you this “non-standard” version of approval. And it is crystal clear why. Because you’re wasting their time. The secret is always in motivation. If you do not know how to motivate them – look for someone to know.

And to finish …

If this safety problem is still resolved, as long as you know how, there is another, much harder problem.

When you’re worried about something related to your consolidated approval, you’re more cautious. Then you are more likely to think of seeking help or advice .

But what do you do when you live in a happy ignorance. You have a problem, but do you have no idea of ​​its existence in your tranquil world?

My personal statistics shows that articles like this will be intrigued by 99% of people who have already realized they have a problem. Some of them will be late and no consultation will be able to help them.

But my 12-year work with home consolidateds shows that this article will be most useful to those who are convinced that “their work is in a cloth tied.” Unfortunately – they will fall on her when they find out that there is a hole in the cloth.

 

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