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The following article was published in our article directory on April 17, 2015.
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Understanding Mortgage Lending

Article Category: Real Estate

Author Name: Roy Wingate

Mortgage lending is a financial mechanism used in many countries to finance home loan properties. Each country may have variations to the general usage of the term, but its primary components are the same in all countries. In essence, these components involve the following:
- Residential property  this refers to the asset which is to be financed.
- Creditor/ lender  a bank or any financial institution which secures the fund.
- Borrower  the person who has direct ownership over the property.
- Mortgage  secured interest of the lender in the property.
- Principal- the original price of the property which will be repaid by the borrower.
Foreclosure  the tendency for the property to be held due to reasonable grounds.
Who are allowed to borrow?

In reality, anyone who have the means to borrow and pay back would be allowed to avail of mortgage lending. After all, the credit score and net income of the borrower are the major determinants whether or not you are fit to borrow. Take a look at the typical classifications of borrowers.

Self-employed  these are individual business owners who own approximately 20-25|of the business. If you are one of these, you may be required to show your income declaration certificate to prove that you are capable of paying the amount you want to borrow.

Partnerships  this category is the same as self-employed except that there is better chance to have higher amount of loan.

Directors of limited companies - lenders base the amount they can offer on the share of the ownership, basic salary, and dividends received by the borrower.
- Obviously, an individual without a regular source of income may find mortgage lending way<>^~�'"���� V X r t ,
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- more difficult than it should be. This is only natural because neither the lender nor the borrower would want to enter into mortgage that is clearly impossible to get paid. That being said, it is safe to infer that in mortgage lending, calculation of the amount of money you earn is not about proving how much your income is, but it is assessing how much money you can borrow for mortgage.

Tips and tricks for borrowers

Both the lender and the borrower wanted a speedy mortgage lending transaction. So as a borrower, it pays to know few simple tips and tricks to save both of your time and effort.

First, make sure you have a chartered or certified accountant, and up-to-date account. Typically, previous account not later than 18 months (this may vary per lender s rules) should be prepared in applying for mortgage lending.

Second, do not apply for mortgage if your company has insufficient income and turnovers. It is the same as saying that you cannot afford a mortgage, so why bother?

Third, refrain from changing your type of business if you are planning to have a mortgage. This may result to slower mortgage transaction than usual. If you must, do it after the mortgage, or stabilize your new business for some time first before applying a mortgage.

In conclusion, home loan processes may be tough, but it is not impossible to have one because lenders are more than willing to aid the borrowers who can pay regularly, avoid foreclosures, and maintain their properties to sell their homes in no time.

Keywords: real estate investing, real estate investing course, mortgage lending, real estate investing for beginners

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