Hey, are you planning to buy a house and consider a loan? You may already know that in order to apply for a mortgage, you have to look at their credit records, whether they are overdue or over-indebted. But do you know if you need to clear all consumer loans before you apply for a mortgage? Look down and find the answer

Do you need to pay off all consumer loans before applying for a mortgage

So, before you apply for a house loan, do you need to pay off all the consumer loans

The answer is yes. All consumer loans are cleared before applying for a mortgage. If you still have outstanding consumer loans, this may indicate that you are using consumer loans or misuse credit cards to raise down payments, which are strictly prohibited from going to the real estate market. Also, with regard to monthly income, the criteria for applying for a mortgage are that your monthly income is at least two to three times the amount repaid, which means that you need to minimize the total monthly repayment。

So, what are the conditions for applying for a mortgage

FIRST OF ALL, YOU NEED A PERMANENT RESIDENCE IN THE CITY OR A VALID RESIDENCE PERMIT. SECOND, THERE IS A NEED FOR A STABLE ECONOMIC INCOME AND, IN ADDITION, A GOOD CREDIT POSITION WITH THE CAPACITY TO REPAY THE PRINCIPAL AND INTEREST OF THE LOAN. AND DON'T FORGET, YOU NEED A LEGAL CONTRACT AND AN AGREEMENT. IT WOULD BE BETTER IF ASSETS RECOGNIZED BY LENDERS WERE USED AS COLLATERAL OR SECURITY. THE SELF-FINANCING PART OF YOU NEEDS MORE THAN 301 TP3T OF THE TOTAL PURCHASE PRICE. FINALLY, IF YOU INTEND TO APPLY FOR A PROVIDENT FUND LOAN, YOU ALSO NEED TO ENSURE THAT THE FULL AMOUNT OF THE PROVIDENT FUND IS PAID ON TIME FOR THE LAST SIX MONTHS AND THAT THE FUND ACCOUNTS ARE IN A NORMAL STATE AND THAT THERE ARE NO OUTSTANDING PROVIDENT FUND LOANS。

The above information on "Whether all consumer loans need to be repaid before applying for a mortgage" is of interest to you。