However, there are many pointers to consider when aiming to get an approval. Here are three important factors to keep in mind:
1. Choose the right property.
Lenders are very strict when it comes to handing out financials, they would need all of the valid reasons and paperwork as proof that you would be utilizing the amount well, hence, why you should consider giving them detailed information regarding the condo unit that you are about to avail and the developers involved in creating this particular condo structure. An expert in this field once said that, “Condo financing is very situational because it depends not only on the borrower but also on the project itself. The guidelines have tightened because lenders want to see a financially healthy condo development. They want to see a higher concentration of owner-occupants, and they want to see that delinquency rates on condo fees are low.” Don’t take any chances; choose a well-validated developer that would better help convince the lender to approve your loan application.
2. Never limit your options.
If you think that you’re going to have a tough run with one lender, then try out another. We have various local institutions and government offices that are willing to lend you the needed amount for your condo purchase, given that you have all of the requirements ready (they would still need to validate your cause for a loan, of course). Never hesitate to weigh in all your options. Remember, you are in need of a loan for a cozy place, and the last thing you’ll need is a headache brought about the strenuous process of loan applications. Choose which would best work for you and go for one which would provide you a good amount and interaction.
3. Prepare the down payment.
One main way of impressing the lenders is by preparing a down payment of at least 20% of the total property value. This would show the lender that you’re financially capable and ready to take on the responsibility of paying them thereafter. This isn’t just about showing that you have the capacity to pay, but the will to do good in your deal, that you are definitely someone to be trusted, well enough to get the approval in no time.
With all of these in mind, you’re finally ready to settle down at your own condo unit. If you are looking to experience only the best when it comes to quality condos look no further than Torre Lorenzo. Feel free to contact us via 86-TORRE (86773) or visit our website at https://www.torrelorenzo.com for more information.