Each mortgage available on the market is classified in the categories of banking product. Mortgages are secured. Based on professional data, nearly 2 million mortgage loans are being repaid in our country. The total amount is almost PLN 400 billion. According to financial analysts, this amount is the result of interest and the amount of own contribution. Poland is a country that stands out from other EU countries in terms of economic growth. For this reason, the increase in salaries allows for greater interest in buying real estate. Mortgages also effectively attract relatively low interest rates. This is one of the most popular methods today to finalize the idea of buying a new house or apartment. However, you should realize that getting a loan is not a simple matter. First, the debt repayment period is terrifying.
According to analyst calculations, the average citizen needs 142 days to earn the right amount to pay back the annual interest rate. Mortgage loans, as the name suggests, are secured by a mortgage. The reason is simple – when the borrower ceases for some reason to repay the debt, the bank has the right to take his property without any qualms. Both the lender and borrower must conclude an agreement between them that is accepted by both parties. The bank is obliged to transfer the requested amount to the bank account of the customer applying for the loan after determining in advance the currency in which the cash is to be withdrawn. The customer, of course, undertakes to repay the debt incurred on a regular basis, along with the commission and accrued interest.
What should the loan be used for?
When receiving a loan, many of us will be faced with the choice of what to spend the money on. It is not necessary to spend the amount received on buying a new house or flat. For the money received, we can successfully buy a plot or carry out renovation. Mortgages are invariably the most popular banking product on the market. Those who are considered by the bank to be the ideal material for the borrower have the greatest chance of receiving it. The ideal borrower, in the bank’s opinion, is a customer who has any savings on his account. It is synonymous with the possibility of paying own contribution as well as regular repayment of installments due. Above all, those whose earnings can be specified in the above average category can apply for a high loan amount.
Those who are employed on the basis of a full-time employment contract of indefinite duration also have great opportunities. Contracts for mandate or specific task contracts are not very welcome when trying to apply for a loan because they are contracts for a limited period. Banks are therefore concerned that if the contract with the employer expires, the client will not be able to pay the outstanding commitment on time.
Lack of debt is half the battle
The ideal borrower’s profile is defined as someone who has a spouse, but not necessarily a child. Children, as you know, are additional expenses. Another very important aspect deciding about the positive consideration of a loan application is the lack of debt in other bank branches. As a result, the bank can confidently assume that it is dealing with a responsible customer who will not avoid paying the installments due. Lack of debt in other branches is a good start on the road to receiving the desired loan.