Should you consider mortgage refinancing when the rates go down?

Regardless of which institution you apply for a loan from, the lender must look at your credit report and personal income and wealth. If the credit report is not good, you can choose a mortgage to apply for a loan, which will be easier than other forms. Generally, if you want to immediately apply for a mortgage loan from a bank, it is easier to complete the assessment of a house mortgage loan. So how can apply for a mortgage loan?

If the bank’s assessment is more thorough, in general, under the condition of real estate as a guarantee, the lending institution will appropriately lower the threshold for loans, but if the borrower applies for this loan at the bank, even if the real estate is used as collateral, it may be rejected. Therefore, it’s suggested that borrowers with bad credit records should seek non-bank financial institutions (such as loan companies, pawnshops, guarantee companies, etc.) to apply for loans in order to ensure smooth loans.

1. Loan companies

Compared with bank loans, the loan company’s requirements for borrowers are slightly lower. If the borrower has a credit overdue no more than 3 times or the overdue has not reached 90 days, the house will be mortgaged, and all the formalities are guaranteed. Or more likely to obtain loans through loan companies. If the loan company has different loan product requirements for the borrower, the borrower will need to “shop around” to find the one that works best with itself.

2. Pawnshop loans

If you have real estate in your name, finding a pawnshop loan is the best option when you need money. According to the detailed understanding of many parties, for a pawn bank loan, as long as the borrower has collateral and the collateral meets the loan requirements, the pawn bank can neglect the requirements for working years and salary conditions, and under the condition of complete procedures, the borrower’s day Get a loan.

3. Find a guarantee company

In the case of real estate collateral, the borrower can also find a formal guarantee company to participate. Generally, under the condition of a secured company, if the personal credit is defective, the loan can be smoothly obtained. The involvement of the guarantee company reduces the bank’s loan risk.

Non-bank financial institutions not only have low thresholds for loans, but also have fast loan rates. As long as the borrower has the necessary procedures, they can make loans on the same day. If the real estate as a mortgage must have a real estate certificate and a state-owned land use certificate, the age of the house must not exceed 20 years, and it can be listed for the business. The real estate mortgage loan amount can be up to 70% of the real estate evaluation value, and the longest loan term can be up to 10 years, which can effectively reduce the financial pressure on the borrower.