Rovan Singh is a very successful entrepreneur and seasoned real estate developer who is prolific in the field. He also founded his family’s business, which functions internationally and reaches a wide geographical range of people, particularly in Italy and Canada. He has a proven record of determination and skill and continues to improve his craft through education, research and a hands-on approach. Rovan will undoubtedly continue to have a successful career and emerge as a leading real estate investor in his area and beyond. Below are some words from him about the benefits of mortgage protection insurance:
Maintaining a good credit score is essential when it comes to acquiring a mortgage. It is used by the service providers to determine your creditworthiness and hence determining the applicable interest rate. When an applicant has a high credit score, they are likely to enjoy lower interest rates. Depending on your creditworthiness, the lenders may decide to grant or reject your request. The demand for mortgages has been increasing over the years and the listings available in the market today are insufficient. Therefore, the lenders only choose the clients with the best credit records. Another factor that many mortgage firms consider is whether an applicant has a job or a steady source of income to service the debt. According to statistics, the number of mortgage lenders that are now willing to consider contemporary credit metrics has been on the rise. This article explores some of the available options for mortgage applicants today that most service providers have adopted.
One of the most common method is evaluating the rental income. This exercise aims at ensuring that you have documented proof of timely payments. When the applicants are married, there are higher chances of getting an approval where they have a joint account. Since the bank account has names for the two individuals, the rent payable is attributed to both of them irrespective of the individual contributions to the mortgage plan. If a client is timely in his/her rental payments, then they are likely to get the mortgage requested for. Most lenders consider the rental payment history for the last twelve months.
Child Payment or Alimony Payments
The aspect of financial responsibility revolves around many issues. When somebody parts ways with their spouse, they may be required to pay a certain amount of money to cater for certain expenses. It is highly recommended for the partners to ensure that all the costs incurred towards their obligations after the separation are well documented. The lenders may require the applicants to produce the documents as they may influence whether to offer the credit facilities or not.
Some experts recommend the potential mortgage applicants to set aside a regular amount of their income to a savings account. When an individual saves a certain amount on a specific day of a month, they are likely to be viewed as financially responsible by the lenders. The individuals must understand that the amount set is low enough to afford every month and also sufficient for the mortgage they intend to apply for. The more the savings, the higher the chances of succeeding in a mortgage application.
The utility bills of an individual are an essential indicator of their financial responsibility. If they are in your name, then you can use them in your application to improve your chances of your request being approved. The main aim of evaluating the bills is to check whether the applicants are timely in meeting their obligations.