Preparing for Debt Reunification

By Fred on Feb 9, 2009 in Debt Management, Mortgage

We are constantly swamped because in many families have made a series of debt as monthly payment of the share of mortgage financing, credit cards, car buying time, and other personal loans. All these debts are not feasible that a person can maintain their status without being profoundly affected in their ordinary life. To cope with this situation, we can restructure our finances, being a new mortgage to cover all loans that we have, which include very high interest, making long-term liabilities with preferential interest.
To make a reunification of debts, the bank requires us to use it, within which we find that the loan amount should not exceed 60% of the appraised value of the collateral and the rate of effort does not exceed 50% of our monthly income. It is very important that we prepare well for the present operation and that the bank may have a high acceptance rate

We can achieve this goal following a methodology that includes the following elements:
Dossier:
The bank will make a series of studies with personal documents, income and security.
Viability of the operation:
Verification of compliance with the bank’s lending parameters, such as: loan amount, fees payable, debt ratio and market value of property

Once the study, our bank will indicate if the operation is pre approved. In case so, proceeded to appraise the house and then sign the transaction in the notary.
Importantly, if the transaction is rejected by the bank, we must delve into the reasons that the bank gives to its denial and, if possible, address these points, we can try it at other entities, either through internet or agencies close to our residence.

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