Getting a mortgage is a relatively difficult task. Without good credit standing, you don’t really have the chance to sign a long-term commitment. However, has the mortgage market improved for the average retail banking client in recent years, and if so for what reasons? In the article you will learn about several factors that significantly changed the balance of power on the mortgage market in the national space.
One of the most important changes concerns the introduction of the mortgage loan law
As well as the setting of very low interest rates by the Lifeline Bank in accordance with the current inflation strategy. The Mortgage Act refers to key issues related to servicing the liability. Thanks to the Act, the sector of credit intermediaries has clearly optimized, which are currently characterized by higher qualifications. Specialists from the credit industry normally take the skills test. Added to this was the insurance potential of credit intermediaries, which has not been or has been very rare in recent years. In addition, the Mortgage Act imposes greater responsibility on banks in proposing qualitative debt restructuring. If the borrower gets his leg turned down when paying off the mortgage, he or she does not have to worry about immediate sale of assets or emotionally negative meetings with the debt collection department. The bank meets the requirements and suggests many restructuring tools, including the extension of the contract, including reduction of installments in exchange for additional security, as well as many other interesting options. Restructuring of mortgage loans is therefore not too much of a problem under current legal conditions. The Mortgage Act also makes it impossible to change the terms of the contract after it has been signed. Thanks to this, borrowers are not exposed to large losses.
Borrower’s greater confidence is directed to independent credit brokers
Many mortgage brokers specialize not only in monitoring offers in retail banks, but they are more broadly involved in cooperation with developers or on the orders of specific apartments. Developers are eager to cooperate with quality brokers, because it is a chance to increase sales while ensuring a good level of real estate financing. A mortgage refusal is not final either. After settling the creditworthiness, the borrower can easily apply for re-evaluation, without undue analysis problems. On the network you will find a lot of multimedia mortgage comparison websites connected with creditworthiness calculators. It is good to use such tools before making an appointment with an agent or adviser directly at the bank. Do you think the mortgage market has improved in recent years?