Hiding having children, cars, concealing credit obligations are just some of the little sins of mortgage customers. The truth, however, always comes to light, because bank analysts are masters in reading between lines.
The mortgage loan has settled in the Polish housing reality for good. Despite many years of experience, however, knowledge about it is still rather negligible.
Everything because the housing loan is really a one-off product
Of course, we can refinance it, pay it back faster and take another loan. However, in our reality, we probably change TV sets or household appliances more often than a mortgage. Therefore, knowledge about it is rather low or medium, which is partly justified, because credit is a complex product and to understand it one needs to be familiar with basic economic concepts.
However, future borrowers derive their knowledge of financial products from advertising, and there everything is clear, simple and proof. Hence, they often make the same mistakes when they apply for financing a flat and are often surprised that a housing loan is not only the amount needed to buy a flat, but also additional costs and of course interest.
I don’t have children or a car
Customers often think that they will increase their chances of credit when they hide the reason for spending money. Having children is indeed an expensive pleasure, which is why it often happens that potential borrowers conceal this information in their applications or forget that they have two children, not one. – They approach the issue of owning a car and fuel expenses as well as operating costs similarly.
Bank analysts have many ways to check the truth
When a bank analyst analyzes the history of our payments using a card or directly from the account, he can read a lot there. The fact of having children also comes to light in our tax returns, when a child tax relief is entered in the PIT.
I don’t have any loans
Forgetting about other financial obligations is almost a standard. Unfortunately, this seems to be an innocent lie, we are crossing out our chances for a loan. All you have to do is look at the base of the Credit Information Bureau and you can see everything there. The reaction of customers to the information that they have a loan is priceless and the same translation is usually heard – “Oh, man, this loan actually, and I forgot.”
Confusing gross income with net income is also a common mistake made by customers. Four thousand zlotys net sounds good, but as it turns out, however, this is the amount of gross earnings, the creditworthiness of the potential borrower decreases drastically.
The more, the smaller the chances
Often, customers think that they will increase their chances of getting a loan when they simultaneously submit a loan application to several banks. As Good Finance family expert notes: – Unfortunately, the effect is the reverse, because for each loan application, the bank will send a request for our credit history to BIK, which are recorded by this institution.
Thus, at the time of many inquiries in a short time, each subsequent bank may have suspicions as to their number, or that in previous cases something not has been found that caused the decision to refuse and led to the submission of their application.
In contact with a financial institution, it is not worth “tuning” our finances, because the truth will always see the light of day and at best such attempts will be treated as a mere mistake.