How to prepare for a mortgage interview

When deciding on a mortgage, we want all the formalities to go smoothly and without unnecessary delay. In such a situation a good decision is to meet with a mortgage advisor who will acquaint us with the current offer of banks. However, it is worth preparing for such a meeting.
When coming to the first meeting with a credit counselor, it is worth to get some information on the basis of which it will be possible to estimate your creditworthiness. The basic document here is a statement of income for the last few months.
We can generate them from our electronic banking system. The minimum period we have to examine is 3 months, but for better preparation of an offer it is best to make a statement for the whole period.
When meeting with a credit advisor it is also important to provide information about the source of income and the form of employment (employment contract, contract of mandate, contract for specific work, managerial contract, etc.).
For a credit counselor the following are also important issues: type and amount of earned income, repaid credit obligations to banks and other financial institutions, property status, job seniority, and also e.g. number of dependents.
Credit counselor
The question that is asked at the first meeting with a credit expert is the current financial obligations that we have.
The case is different for entrepreneurs. Here, the income test must be prepared based on the accounting of the entire company, and the best period for the creditworthiness test is the accounting statement of the KPiR for the entire previous year, plus the current period, i.e. from the beginning of the current calendar year to the last settled month.
What questions will the credit counselor ask?
The first question asked is the age and marital status of the mortgage applicant. These are key elements in determining the maximum term of the loan and the possible need to provide additional documents, such as separation of property.
The next important question is the source and amount of income.
In case of an employment contract it is important whether the contract is concluded for a definite period and for how long or indefinite or in case of a business activity from when it is run and on what principles the tax is settled.
As far as the amount of income of a customer interested in a loan is concerned, in case of an employment contract, contract of mandate or contract for specific work the matter is relatively simple. It is enough to give the average amount of net earnings for the last 3, 6 or 12 months. In case of a business activity, however, the matter is more complex because the advisor will need detailed information about the amount of income, costs, business income even for the period of the last two years.
In addition, issues related to the company’s liabilities will be important, e.g. whether the company has leases or credits, and the amount of depreciation write-offs for the last two years may also be an important issue.
A question that is also asked at the first meeting with a credit counselor is the current financial obligations that we have.
That is, all loans and installment loans, account limits and credit cards. In this regard, it is important not only the amount of monthly installments, but also the remaining capital to be repaid.
During the meeting, the advisor will ask about the timeliness of loan repayments. You should not be afraid to talk about the delays that have occurred. It is just that some banks are more and some are less strict about such situations.
Questions that may surprise you
When meeting with a credit counselor you have to be prepared for the fact that some questions may seem surprising. The advisor may ask directly if the client was late with payments to banks in the last few years.
Banks pay special attention to the regularity of credit installments and any delay of more than 31 days can have an impact on the negative assessment of the client.
In the case of women, but not only, questions may arise as to whether a given person is on sick leave or on maternity or parental leave – this is of decisive importance and influences the bank’s assessment as to whether a given source of income can be taken into account in the evaluation of creditworthiness.

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