When all debts make it impossible for a person to maintain their status without being deeply affected in their daily lives and their income probably be overwhelmed with debt ...
All these debts make it impossible for a person to maintain their status without being profoundly affected in their daily lives.
To cope with this situation, we can restructure our personal finances, constituting a new mortgage to cover all loans that we have, which include high interest rates, making long-term debt with preferential interest.
To make a debt consolidation, the bank requires us to certain requirements, among which we find that the loan amount must 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 bank to present the operation and can have a high acceptance rate
We can achieve this goal following a methodology that includes the following elements:
• Complete Record:
The bank will make a series of studies with personal documents, income and security.
• Feasibility of operation:
Verification of compliance with the bank's credit parameters, such as: loan amount, tax payable, debt ratio and market value of the property
Once the study, our bank will indicate if the operation is pre approved. If yes, proceed to assess the housing and then sign the transaction at the notary.
Importantly, if the operation is rejected by the bank, we go into the reasons that the bank gives for his refusal and if possible address these points, we can try to present it to other entities, either through Internet or agencies close to our residence.
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