There is no problem in depositing the down payment of a mortgage in cash, but it is best to deposit the down payment in batches before the loan or in a lump sum, which can reduce some unnecessary down payments. payment review. Banks generally don't care too much about how the down payment is deposited into the account, but they are more concerned about the source of the down payment.
If the bank discovers that the borrower's down payment was obtained through borrowing, the commercial bank may refuse the loan due to risk control considerations. Therefore, when the lender applies for a mortgage, it must be tens of millions of dollars. Avoid unnecessary trouble by taking out a loan to raise a down payment.
Banks have always been cautious when dealing with mortgage loans. If they find that a customer does not meet the loan requirements, they will directly refuse the loan. Therefore, lenders must be cautious when applying for a mortgage and try not to make any mistakes. Things that make banks unhappy.
Under normal circumstances, it takes about a month for a bank's mortgage loan approval to be issued. If the bank's loan limit is insufficient, it will take more time. In order to speed up the bank's review efficiency, The information submitted by the lender must be detailed and detailed.
What should I do if the bank fails to approve the mortgage after I have paid the down payment?
First of all, check whether there are any relevant provisions in the contract. There are actually many reasons why the mortgage application cannot be processed, and it still needs to be dealt with according to the specific situation. Generally, the first thing that comes to mind is for the two parties to negotiate. If the negotiation fails, they may apply to the court for arbitration. Whether it is negotiation between the two parties or arbitration in court, the matter will definitely be handled in accordance with the relevant contents in the house purchase contract.
The banks that apply for loans to buy houses are usually banks designated by developers, so once approval is not granted, the homebuyers will suffer more after all. In order to avoid losses, when signing a contract, the home buyer must clearly define the person responsible for this situation. For example, "If the bank loan application fails to meet the expected amount, or the bank refuses the loan, the home purchase fails. Can be exempted from liability and return the paid amount. "If there is no such clause, then the estimated result is: either the home buyer will make up the remaining loan, or the contract will be terminated, and the defaulting party will compensate for the losses. As for which party is the defaulting party, it depends on the specific reason why the bank refuses to approve the loan.
1. The bank refused to lend due to the developer’s reasons. If the expected amount is not reached or the approval is not passed due to the developer's fault, for example, the developer's formal documents are incomplete, or the bank believes that the developer's credit is relatively low. The buyer cannot apply for a mortgage and cannot perform the contract. In this case, the defaulting party is the developer. The buyer can request to terminate the contract and ask the developer to return the corresponding amounts, including the down payment and other amounts.
2. The bank refuses the loan due to the home buyer’s reasons. If it is because the home buyer's own information and documents are incomplete, or the home buyer fails to meet the approval conditions, lacks the ability to repay, etc., the bank fails to pass the review and will not grant the loan, and the contract cannot be performed as scheduled. If a home buyer wants to terminate the contract, the court will generally not support it. In this case, the home buyer can only either renegotiate the payment with the developer or pay the house in full. If neither option is chosen, the developer can request to terminate the contract and be held liable for breach of contract.
3. If neither party is responsible. It is also possible that bank regulations or government policies have suddenly changed, resulting in home buyers who should have been able to get loans but actually did not. Both parties need to take a step back and negotiate a solution. If the negotiation is unsuccessful and there is no specific agreement on this situation in the contract, the home buyer can ask for the down payment through litigation. During the litigation process, the home buyer must provide evidence to prove that he was not at fault and was unable to purchase the home.