How to change the loan program
The loan program determines the requirements for real estate that can be purchased under this program. You may need to change the program, for example, if you first planned to buy a second home and then decided on a new building. Or instead of buying an apartment, they decided to build a house.
Usually, it is possible to change the loan program without submitting a new application. Just inform the manager that you would like to do this and which program you have chosen. In this case, the application will be reviewed anew – since there are different rates for different lending programs.
How to change the loan amount
If you need more amounts Found your dream apartment, and is it worth more than you bargained for? You can also try to change the loan amount within the framework of an already approved application, and you will not have to submit a new one. To do this, contact your manager – he will offer an option that suits you. In this case, the application will also be reviewed again.
Possible ways to increase the amount of the mortgage:
– Increase the loan term: as the loan term increases, the monthly payment decreases, and after it, the financial burden
– Consider additional income: for example, income from part-time work or renting an apartment
– Add a co-borrower: to increase the amount of the mortgage loan, you can attract co-borrowers, taking into account their solvency – then the bank will take into account the total income.
How to change the loan term
The size of the monthly payment and the financial burden as a whole depends on the term of the loan. As a result, if the term is changed, your application will be reconsidered by the lender. The term can be changed both in a shorter and a larger direction – but not more than up to 30 years.
How to change the loan rate
The approved loan rate depends on the loan program, participation in special promotions and services that you selected on the calculator when applying. If you want to get a loan with a discount on the mortgage rate, use the services that reduce the rate.
Can the lender, itself, change the conditions in my application?
Yes, it happens. The lender may adjust the approved conditions – for example, the approved amount or term – or even refuse to grant a loan at all, but this occurs very rarely. This can happen if circumstances change after you applied for a mortgage. So from the moment of approval until the issuance of a loan, it is not recommended to change jobs, apply for new loans, or to increase credit card limits.
Written by Bader Albader, market researcher.