Aren't you worried about buying a new house and running out of renovation money? Did you ever think that you could apply for a renovation loan while paying for the mortgage? Let's look at this together。

Can you apply for a mortgage

First, for those who have a mortgage, it is theoretically possible to apply for a loan for renovation. However, when a bank or financial institution reviews your application, it assesses your ability to repay. If your monthly mortgage is already high, there may be some difficulty in applying for the renovation loan. The key here is for banks to see your economic power and your ability to repay。

Then you might wonder, "How does the amount of the renovation loan determine?" Three main factors: personal credit, income status, and bank contribution。

First of all, if you have a good credit record, this means that your repayment appetite and ability are stronger, your borrowing risk is lower, and the amount of credit approved by the bank is correspondingly higher。

Second, your income will affect the loan line. The work unit and nature of the work of the borrower can reflect its income position. Similarly, the bank will look at your liabilities and determine the amount of the loan by judging your repayment capacity in relation to your income and liabilities。

Finally, the bank will consider your contribution. For example, if your salary is issued by the bank, you have deposits in the bank, you buy property, you have a bank credit card, or you have a mortgage client in the bank, which may increase your bank's contribution and increase your loan。