Any missed commission is destroy your opportunity of getting acknowledged having an alternative mortgage. Pag-IBIG refuses housing applications of borrowers having outstanding multi-purpose loans or foreclosed/terminated construction mortgage account into institution. Look at the existing Pag-IBIG loan levels, if any, and you can pay one a fantastic finance before applying getting a good the new homes https://paydayloancolorado.net/elbert/ mortgage which have Pag-IBIG.
?? Remain a reliable Revenue stream
Considering quitting your job? Work hopping usually hurt your chances of delivering accepted-way more if you switch to a lower life expectancy-spending jobs or work having irregular earnings.
Pag-IBIG have a tendency to look at the a career record to evaluate whenever you are economically steady enough to manage your monthly mortgage loans. Your work period shows your revenue balances.
Preferably, you will have a stable source of income for at least several age. You are best off staying with your existing employment if you plan to try to get financing that have Pag-IBIG soon.
?? Look at your Credit history and you will Alter your Credit score
Think about the credit rating just like the a reflection of honesty and obligation whenever dealing with money or other bills. One delinquency on your bank card and you will financing costs are a good red-flag in order to lenders. For those who have a bad history of payments, you may be less likely to get approved
Opinion your credit history at the very least a-year before applying to possess a property loan towards Pag-IBIG Fund. This will make you enough time to correct people problems and you can change your credit score. You can access your credit score through the Borrowing from the bank Recommendations Organization otherwise certainly one of the certified credit reporting agencies.
?? Get a price You can Pay-off
Accredited Pag-IBIG users is also use up to ?6 million to own financing a house, but that doesn’t mean you ought to choose for the most. After all, the brand new agencies tend to still see when you are actually accredited. A similar level of confirmation and you may review might use actually when you are borrowing money worthy of below ?six mil.
Pag-IBIG possess a housing loan affordability calculator one to easily exercise exactly how much you could use and shell out for the monthly amortization. The fresh formula will be based upon your income, your preferred financing term and you will fixed rates months, as well as the projected worth of the home we would like to pick. Additionally it is of good use if you would like know the expected gross month-to-month income toward number we should use.
?? Make increased Deposit
And also make a giant downpayment shows your financial stability. Additionally it is a victory for you due to the fact you’ll be credit an excellent straight down amount from the Pag-IBIG Finance, which ortizations.
While determined to increase a high down payment and you can willing in order to slow down you buy, imagine creating a different stream of money, such as for instance side gigs otherwise a small business. If you have an excellent windfall, eg an urgent inheritance, fee, otherwise incentive, put it to use to cover their down payment.
?? Ensure that your Money Document Reflects All Money
Their Certification off Work and you will Settlement (CEC) renders otherwise break your houses application for the loan. It earnings file, which shows your own disgusting monthly income or other monetary benefits, shows your power to repay your loan.
The CEC have to incorporate particular and you will current recommendations. Such as, for those who recently got a boost, it should suggest the newest month-to-month income. If you are choosing de minimis gurus otherwise low-nonexempt allowances, request the Time manager to provide including info too.
?? Imagine Applying for the latest Affordable Housing Loan Program
In case the income try reduced, it’s hard to qualify for most mortgage brokers regarding the Philippines. However, fortunately, you may qualify for Pag-IBIG’s Affordable Casing Mortgage Program.
