Currently, when major banks review an applicant's credit status, they use six or more overdue repayments within two years as a criterion for whether there is a bad credit record. For applicants who are "three in a row and six in a row", that is, they are overdue three times in a row within two years or are overdue six times or more in total, the loan will not be granted. The mortgage loan requires the applicant to have a good credit report, so the user's credit report cannot have any bad records. Overdue records will only be retained in the credit report for 5 years after being paid off. Therefore, after 5 years, the user's credit report will return to normal, and then you can submit a mortgage application.

It should be noted that if you are overdue multiple times or continuously, serious negative information such as "three in a row and six in a row" may be left in your personal credit report. Once an overdue payment occurs, you must find a way to pay off the debt as soon as possible. Otherwise, if you continue to default on the debt, the overdue record may remain on the credit report, which will continue to have a negative impact on the customer's credit.

What are the factors that affect home purchase loans

1. Whether there is a loan default. If the principal and interest of the loan has not been repaid or the guarantor is repaying it when applying for a loan, a single loan has a record of unpaid principal and interest for more than 6 consecutive periods, a single loan has a cumulative overdue record of more than 24 periods, and the loan has been extended or exceeded in the past two years. Recording of assets such as debt offsets will affect loan approval.

2. Personal credit situation. When an individual applies for a home purchase loan, the bank will first investigate the individual's credit report, that is, check the individual's credit report. If the personal credit report shows that there have been three consecutive or six cumulative overdue repayments in the past two years, the borrower's home loan application is likely to be rejected. Therefore, everyone should maintain their credit information on a daily basis and ensure that they have better credit information.

3. Whether the debt is too high. When banks review home purchase loan applications, they will also investigate an individual's debt situation to ensure that the borrower has sufficient ability to repay the loan. If the monthly credit card repayment exceeds 50% of the monthly income, or the existing car loan and house loan repayment exceeds 50% of the monthly income, etc., the debt is too high and the bank will consider rejecting the loan.

4. Personal repayment ability. When banks review loan applications, in addition to reviewing credit information, they also focus on examining the individual's repayment ability. If the loan applicant's debt is too large or the income certificate provided does not meet the bank's loan requirements, it will affect the loan approval or reduce the loan amount.

5. Age of the borrower. The age of the borrower is the first factor that banks review. When banks review loans, they usually require borrowers to be between 18 and 65 years old, with 25-40 years old being the most popular group, followed by 18-25 years old and 40 years old. -People who are 50 years old, if they are between 50-65 years old, it will be more difficult to apply for a mortgage loan.

6. Occupation of the borrower. During home loan approval, banks will also review the borrower’s work industry and occupation. High-quality customers generally recognized by banks include civil servants, teachers, doctors, lawyers, certified public accountants, etc., who are more likely to obtain loans. For people engaged in high-risk occupations, when taking loans, banks will consider possible risks such as being unable to repay their mortgages on time in the event of danger.

7. The age of the house. Generally, if you are buying a second-hand house, the bank will review the age of the second-hand house and usually require the age of the second-hand house to be no more than 20-25 years. A relatively loose one will require 30 years, and a more stringent one will require 15 or 10 years. The loan limit for second-hand houses with older houses may be reduced. If they encounter more stringent banks, they will simply be rejected. It can be said that the younger the house is, the easier it is to obtain a loan, and the loan limit is higher than that for older houses.