Mortgage Loan Rejected Services
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A Reliable Mortgage Consultant in Malaysia.
In Malaysia, a mortgage firm with years of expertise is called loan-agency.com. Our mortgage brokers have the expertise to assist clients in locating and applying for a mortgage loan that is appropriate for their situation.
How Do Mortgage Loans Work?
A mortgage is a loan that is secured by real estate or other transportable objects, such as a house. The borrower enters a contract with the lender (often a bank or financial institution) committing to pay the lender cash upfront and repay the loan over a predetermined time until it is fully repaid. A mortgage loan is also referred to as a home or housing loan since it is typically used to buy a property.
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Rate of Fixed Interest
An interest rate on a fixed-rate mortgage stays the same throughout the term of the loan. The borrower's current loan will not be impacted by changes in market interest rates. To take advantage of the lower interest rate, refinancing the loan is advised if the rate reduces sufficiently.
Who Is Eligible To Apply For A Mortgage Loan?
Mortgage loans are intended for homebuyers who lack the necessary funds on hand to make a property purchase. The loan can be used by people and corporations to buy additional properties without having to pay the whole purchase price upfront.
Buyers should comprehend which of the several forms of mortgage loans is suitable for them. Many mortgages have a 5-year maximum term, while others can be extended for 35 years or until the borrower becomes 70, whichever comes first. The most common fixed-term mortgages are 15 and 30 years long.
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What Is Refinancing a Mortgage?
You may replace your existing mortgage with one that has newer and better features by refinancing your mortgage. Reduced interest rates and monthly payments are two examples.
Benefits of Refinancing Your Mortgage:
Reduce your interest expenses- You can save money by refinancing your current mortgage loan. A reduced interest rate allows you to pay off other high-interest debt, increase your savings, or contribute more to your retirement.
Modification of Loan Term- You can adjust the loan's term through mortgage refinancing to suit your demands. For instance, if your income increases, you might choose a shorter loan term so that you can pay off the mortgage more quickly by making larger monthly payments.
Cash Flow Modifications- Your monthly obligation may be decreased with a mortgage refinance. You will be able to better manage your cash flows and have more money for your every day costs if your monthly spending is lower.
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Why Your Loan Was Rejected?
A Banking Requirement- Being employed is one of the requirements that banks have for each loan application. This is so that your income can show if you can afford to pay back the loan. The bank will immediately deny your loan application if you cannot demonstrate that you are employed or are earning enough money to repay the loan.
Payroll Requirement- Any changes to your income may have an impact on your application even if you have demonstrated that you are employed. For instance, even though your credit score does not reflect your current income level, banks will demand that you reveal the details so that they may further evaluate you. In the event that your salary falls short of the bank's standards, your application will be refused.
Rating of Credit (CCRIS or CTOS)- Your track record, including late or overdue transactions and your monthly balance, will be reviewed by the bank. These details will be used to evaluate your credit risk and establish if you are a reliable borrower.
Lack of Credit History- Some of us may not have credit cards or other financial obligations because we are too concerned about spending. However, this is useless when applying for a loan. This is due to the fact that the bank lacks sufficient information to assess your suitability as a paymaster or vice versa.
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Why loan-agency.com?
Brokerage Of Licenced Loans In Malaysia- As your lending agents, we represent both people and corporations. We deal with a variety of borrowers as expert financial consultants to get your loans authorized. Even if a bank or other lender turns you down, you will still have access to a variety of loans. Our services are intended to guarantee that your loan application will be accepted.
Ten years of expertise- No matter the problem, we are there for our consumers, processing the payment procedure and removing any hiccups. Our solutions, which include loan and credit solutions, consulting on real estate finance, conveyance, and asset technology response, have been designed using the information we have amassed over our ten years of experience.
One-Stop Solution - We serve as a one-stop shop for clients and offer an all-inclusive collateral service. The only thing that clients need to do is give us the pertinent paperwork, such as their income statement, assets, and obligations, job history, and credit history. We will take care of your collateral and loan application paperwork.
