How to Choose a Financial Institution for Loan
In the midst of a credit campaign competition of financial institutions Causing those who are requesting a loan to consider hard because there are quite a few options And each financial institution has different strengths and weaknesses in terms of various conditions. Therefore, choosing a financial institution to request credit should consist of.
How to choose a financial institution to request a loan is as follows.
1. Loan interest rates for loans
Study each institution in terms of calculating interest rates in the desired format or not, such as fixed interest rates throughout the loan period , Short-term fixed interest rates in the first period after that are floating interest rates Then compare the interest rates of each financial institution, where it is higher or lower to be an option.
2. Loan loan fees
Compare the fees of each financial institution, such as appraisal fee, loan submission fee, redemption fee And others according to the conditions of each institution.
3. Check the financial institutions that are expected to lend to request loans.
Each financial institution has rules for determining the qualifications of the borrower and other different factors, such as the income of the borrower. Financial institutions will calculate the annual income of the borrower. And compared with the loan amount requested After that, it will be considered whether the loan applicant has the ability to pay in accordance with the criteria of the financial institution or not. Financial institutions may take the home value from the appraised value. Not the actual price that is traded as a basis for loan approval, meaning that the loan amount may not be enough to the actual house price.
In addition, the financial institution will consider the age of the applicant as well. If aged, it may give a short loan period etc.
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