The credit history, income, work experience and reliability of the company are important. Age, marital status, education, and assets are also taken into account
Before applying to a bank for a home loan, it is worth assessing the compliance with the requirements of banks. The Elite.ru portal, based on data from the Metrium company, tells what the best mortgage borrower looks like.
Good credit history
Such a borrower should have a good credit history – a kind of financial biography. The higher the credit rating, the more likely a positive decision at a low rate. If there is no credit history or it is bad, and there have been past dues in the past, then you can attract co-borrowers, provide certificates of account movements or the ownership of expensive assets, such as real estate. But it is not necessary to issue a consumer loan for household appliances or a microloan, as is often advised. This, on the contrary, will call into question solvency and increase the risk of refusal.
A sufficient level of income
A sufficient level of income is also required to service the mortgage. It includes wages, income from the rental of real estate at the official execution of documents, income from investments, contributions and deposits. In this case, the income must correspond to the position. If it is too high, then the bank may have doubts about the reliability of the information. And this is easy to check, for example, by deductions to the FIU.
With a “gray” salary, you can also get a mortgage, but you will need to confirm it with a certificate in the form of a bank signed by the employer, as well as the movement of accounts. In addition, the rate in this case may be higher. If the client is married, then the spouse is considered a co-borrower, and joint income is taken into account. You can calculate the approximate monthly income at which a mortgage will be approved using calculators on the websites of banks, developers or aggregators. You can also simply multiply your monthly payment by 1.6.
More than two years of work
A positive signal for the bank will be to work in last place for at least two years, and preferably five. It is impossible to have long, more than two months, breaks in the experience without good reasons. Career growth is welcome, as it speaks of the prospects of an employee who can get promoted more than once. With an increase in income, the risks of delinquency and non-payment on the loan decrease. Frequent job changes, for example, every year and a half, can alert the bank.
Stable company
They also study the company in which the borrower works. Reliable, according to the bank, has been on the market for more than 2 years, is competitive in the industry, has a staff of more than 50 people, a website and a landline phone. Data about the company, including tax payments and debts, is available in different databases: SBIS and SPARK.
Refusal is more likely if the work is associated with a risk to health and life. Or suggests a long absence. For example, contracted sailors. And if the bank approves such an application, then the insurance company may refuse to issue a policy to the borrower or apply a multiplying coefficient, which will increase costs.
Since the beginning of the coronavirus pandemic, the chances of getting a mortgage among employees of the industries most affected by it have greatly decreased. These are the service industry, the entertainment industry and travel companies. Since this spring, they have been joined by employees of companies that have suspended their activities in the country or completely left it. Banks do not fully understand the career and financial prospects of such people, which is why they refuse them.
Age 27-50
Banks are more loyal to borrowers aged 27 to 50, when a person is most productive as an employee and already has life experience. Young people who are between 18 and 27 years old are at risk. For many, at the beginning of their career, income does not allow servicing a mortgage. Also, a man at this age can be drafted into the army, which makes it difficult to repay a loan. In recent years, banks have begun to raise the maximum age of the borrower at the time of repayment of the loan: it can reach 75 years. In this case, the bank can offer a payment schedule in which they are significantly reduced (up to 65%) after the client reaches retirement age.
Married with children
Family borrowers with children are more likely to have a positive decision. Such clients are considered more responsible, since they also need to provide for their children in addition to themselves, and they are not expected to make rash decisions in the form of going “nowhere”. In addition, if you lose your job or become disabled, the other spouse can temporarily pay the mortgage.
Two higher educations
In the scoring system (a customer rating system used by banks), each parameter is assigned a score, and the level of education is also taken into account. The presence of two or more higher educations will be a good signal for the bank. This suggests that the borrower invested not only in tangible assets, but also in his own development.
Owned assets
The decision may be influenced by the presence of assets in the property. First of all, we are talking about liquid objects, which, if necessary, can be quickly sold to pay off debts. These are apartments, cottages and land plots, non-residential premises, garages and parking spaces. An extract from a brokerage account is unlikely to help, because securities prices are subject to serious fluctuations.
