A mortgage can make your dream of buying a home a reality. If everything is done correctly, the application will be approved, and you will be able to proceed to the next stage of the transaction. However, not everyone manages to cope with this successfully. The source will tell you why foreign home buyers will not be able to get a real estate mortgage.
Mortgage features in Dubai
Currently, when buyers compete for the same housing, lenders can be selective when approving applications in the real estate market. However, giving up a mortgage almost always means a missed opportunity.
A mortgage can make your dream of buying a home a reality. If everything is done correctly, the application will be approved, and you will be able to proceed to the next stage of the transaction. However, not everyone manages to cope with this successfully. The source https://www.axcapital.ae/ will tell you why foreign home buyers will not be able to get a real estate mortgage.
The Most Common Reasons For Rejection
Unreliable financial condition
To pay off the loan, the borrower must have a stable source of income. A good mortgage broker can confirm that your source of revenue is sufficient to pay off the mortgage.
To determine your ability to pay, lenders consider net income compared to your expenses and conclude whether you can commit to the financing you are applying for. You must declare all sources of income in advance so that the bank does not have any questions for you.
Bad credit
The first thing that bank employees check is your credit history. In addition to income and debt, this is crucial as it indicates your future repayment behavior based on your past lending activity and your current financial condition.
Labor history
Lenders do not just check your revenue and credit score. They study your work history to make sure how reliable your income and your honesty as an employee are. If you change jobs too often or do not have proven work experience with your employer, the bank may refuse to issue a loan.
Unreliable companies
The last point in this list does not depend on the potential borrower. In addition to your honesty, lenders evaluate how stable the company you work for is.
If you work for a smaller or less well-known employer, it affects your mortgage chances. Moreover, situations like your company’s refusal to pay and other employees’ failure to fulfill loan obligations affect your eligibility for a real estate mortgage.
You can receive famous real estate for sale in Business Bay from top developers in Dubai in the catalog on the Ax Capital website.
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