what to know for getting housing loans approval ?

There are certain things in which most of the banks looks for approving loans and It is one of the main points that financial institutions look to decide not only to approve the application but also to determine their interest rate. Mainly, the better your payment history, the greater the chance that your application will be approved and have the best interest rate. If you have the habit of leaving accounts overdue or negotiate debts, even if you no longer have any arrears, you may suffer the consequences by having the credit disapproved. 

Your employment relationship and your marital status are also factors that can influence when applying for a housing loans. This is why public-sector workers, who are more stable in employment, often find it easier to borrow a loan from a bank. At times when the economy of the country goes bad, banks may decide to grant fewer loans due to the pessimistic scenario. 

This is because institutions seek to reduce the level of risk they may face. If the default expectation is higher because of an estimated increase in the unemployment rate, fewer clients will have access to credit. The value of equity and credit guarantees may be the support for the bank granting your housing loans. A good asset on the part of the client is the guarantee used by the bank to be able to recover the amount due if the client fails to pay their installments. 

The ability to manage money is also an important element that can define the granting of credit. It is assessed, for example, through personal data such as the position held in the company, job stability and level of education. Although banks have models of analysis, loans are studied on a case-by-case basis and the approval criteria vary from institution to institution. The lender will evaluate your request and your financial data to make the decision about the loan. 

If your application is not accepted, you may be advised what to do to obtain financing. In this phase, sometimes called "loan liquidation", your mortgage loan consultant will work with you to purchase the required title insurance and any real estate documents to protect you against third parties that may claim ownership of the property. The day and time that all the final documents of the mortgage are signed, and all necessary payments are transferred to complete the purchase of a house.

It is also known as the settlement date. The steps taken to maintain a loan from closing until it is fully paid, for example, bill the borrower, collect payments and make changes to the contract. It is not uncommon for the loan service to be transferred between many companies during the life of a loan.