How and where to get a mortgage loan without a down payment to the unemployed
Property prices are rising, respectively, to get their own housing have to take a mortgage. It is good if a person officially works and receives good money, but there is no 100% guarantee that in this case the bank will approve the loan. But how to take a mortgage without a down payment to the officially unemployed, let’s look at this article.
How to get a mortgage without a down payment to the unemployed?
If there is no official income, this does not mean that a person has no other income and that he has nothing to repay the loan. Credit institutions have long known that the majority of the population of our country works either unofficially or have a minimum official rate and receive the rest of their salaries in envelopes. But not all banks agree to cooperate with such a lender, because the risk of no refund is high.
Banks are cautiously issuing loans even to working citizens, and if they find out about any problems of a person at work, then the chance for a mortgage falls twice.
In order to get the money you need to provide a whole package of documents, which includes a certificate of income or other supporting documents.
If a citizen works informally, then he is perceived in the bank as insolvent.
Unemployed can still get a mortgage, but the chances are very small, another drawback – the support from the state for such citizens is not provided.
Unofficially, a person can work under a service contract, for example. To increase the chances of a loan, you can provide a copy of this agreement. Also, the employer can write a certificate of income of the employee or verbally confirm.
If the bank approves the loan, then a prerequisite will be – making the first installment. In detail where to get a loan with a bad credit history, read here, which describes how to obtain a loan without refusal and certificates of income.
A citizen’s credit history plays an unimportant role; if there are unpaid loans or payment has been delayed, or several loans have already been taken, the bank is more likely to refuse to cooperate with such a client.
The presence of large personal property, and better real estate will have a positive impact on the decision. In this case, the property will serve as a pledge, which means that if the creditor did not repay the loan on time or fail to repay it, the bank becomes the owner of the citizen’s property and has the right to dispose of it as it sees fit, for example, to sell.
The loan amount will be calculated based on the location of the property of the citizen, and what is its real value. But the pledge will not save from the initial payment, it will still have to pay.
Consequently, it is possible to get a loan for an officially unemployed person, but it is difficult. At the same time, it is necessary to prove to the bank its solvency, it is possible to leave property as a pledge and be sure to pay the initial payment.