According to El Cronista, the activities of the real estate companies entered a period of a break due to the long terms that the banks had to approve a loan and deliver it, together with the issuance of deeds.
For this reason, financial institutions gained strength, since they offer much more agile processes than banks, when applying for mortgage loans or bridging loans.
The response time in a finance company is much faster, which is why they have won in the market, in addition to the fact that the requirements are more flexible for both individuals and companies.
More and more people are encouraged to apply for mortgage loans to buy a home; however, many applicants for a loan have agreed to the prolongation of the procedures.
The ideal thing for any client interested in acquiring a loan is to wait the least amount of time to be able to obtain the resource they need to establish their equity.
Therefore, companies that are agile in these procedures have a great advantage over those that are not.
The mortgage loan process is a shared process
The first thing to be clear about before acquiring a mortgage loan is that the process is a shared process since both parties have to be agile in their part to obtain the loan in the shortest amount of time.
What do you have to do as an applicant for a mortgage loan?
The part that corresponds to you as a client in the mortgage loan process is the documentation.
As we know, each financial institution has established requirements to be able to access a mortgage loan.
1. Get in touch with the company: After comparing your options, you should contact the company of your interest to know in detail the requirements, interest rates and all the doubts you have regarding the credit that interests you.
2. Analyze the requirements: As an applicant, what you should do is carefully read the requirements of the company you chose to grant you the credit and see if you meet its requirements.
This action will facilitate the understanding of the documents you need to start the process.
3. If you have questions, get in touch: In the case of mortgage loans, the idea is that if there is any point within the requirements that you do not understand, contact the financial institution immediately, as they will be the ones who can guide you and solve your concerns.
4. Do not leave any documents pending: All the requirements set out by an institution are of vital importance for the approval of your credit, so the idea is that when you deliver the documents you make sure not to leave any pending.
5. Maintain a good credit history: One of the most common factors why companies deny a loan to an applicant is because of a credit history that reflects your bad payment habits, so it is recommended that you are up to date first. in your finances to appear without incident in the credit bureau.
How is the approval process of the financial institution?
Some would think that financial institutions are very strict in the period of investigation of the applicant for mortgage credit, but the reality is that it must be like that because the amounts of money that they will grant are high.
What you should keep in mind is that the more agile and precise you are in your process of collecting and delivering documentation, the financial institution will be much faster in approving the loan.
The key in the approval of a mortgage loan application is to comply 100% with the requirements of the financial institution because in this way the company will not find any but to grant you the credit immediately.
The process that a financier follows is about the analysis and corroboration of the documentation provided by the applicant, to determine if he has the profile, salary and financial history necessary to be a creditor of a mortgage loan.
Currently, institutions such as ION Financiera offer you first response to your 5-day mortgage loan application, as long as you comply with the application and corresponding checklist.
Remember that the responsibility for a mortgage loan process is shared and that agility in the process depends on both parties.