With the help of borrowed funds today you can realize any of your plans. At the expense of the loan, you can get your own housing, buy a car, pay for education for children or open your own business. Such important goals and large loans cannot be taken lightly.
What should the future borrower take care of?
You must first prepare for their design in order to borrow in the best conditions. TD Bank Routing Number The right approach to borrowing will save on overpayments and accurately receive the requested amount without failures.
Six Months Before The Loan
Six months before the fateful trip to the bank, you need to do the following:
- Official employment;
- “White” income;
- Creation of a credit history;
- Salary project;
- Opening deposit.
A few months before applying for a loan, you should try to do everything to please the bank. Do you work illegally and get paid in envelopes? It’s time to find a new employer or agree to apply for all the rules with the current management in order to remove your income from the shadows. Banks like prudent people do not hide anything and can document the stability of their earnings.
At this stage, it is time to choose a future lender and get acquainted with the bank. There are three ways to help the bank get to know you better:
- Take a small loan and repay it in a timely manner, or use a credit card;
- Get your salary into the account (card) of a particular bank;
- Open contribution.
Moreover, the placement of money on deposit will also make it possible to realize another important point in cooperation with the bank – to accumulate the largest possible down payment. As a rule, large targeted loans are provided subject to the contribution of a portion of the funds of the borrower himself. The larger the installment, the more favorable the borrowing conditions. For existing clients, whether it is a depositor or a salary client, certain preferences and benefits are provided in any bank.
Month to Loan
A month before the proposed loan, you need to:
- Credit history check;
- Search for collateral.
Request your own credit dossier in advance. It is free and will take several days, but it will provide an opportunity to find out how you look in the eyes of the bank. if there are errors in the credit history, then you will have time to correct them by contacting the BCI with the appropriate statement.
In addition, the borrower’s dossier will display all the obligations that are worth paying off in order to take out a loan for any necessary amount. Excessive leverage will prevent this. This document contains information on arrears of taxes and fees, fines and alimony, as well as other obligations under legal claims. Also, the limit approved by credit card will look like a debt to the bank, although you have never used the card. For this reason, you should close those cards that you do not plan to use.
It is worth considering the guarantees of repayment of borrowed funds that the bank expects from you. The lender will lower the rate if the client is able to provide additional security – a guarantee of a private or legal entity, or a pledge of property. Now there is just time to find a suitable guarantor or collect documents for your own assets.
Week to Loan
A few days before the visit to the lender, you need to do two things:
- Collect help;
- Update loan information.
You need to check the current loan conditions in the selected bank. All information can be taken on the official website of the credit institution.
You will need to clarify the list of necessary documents and check yourself for compliance with the requirements of the bank.
In the same period, it is worth ordering all the necessary certificates from the place of work and other documents, only if you have all of them, you can go to the U.S.A Routing Number bank and fill out the application. It is important that the information in the application form for a loan is fully consistent with the data in official papers.
Loan Application Day
On this day, in addition to appearance, an important aspect is the availability of communications. Immediately after filling out the application, it is necessary to provide that the bank representatives can contact you and inform the decision, also the loan officer can call home and work phones. You should make sure that all contact numbers are available.
All these measures will allow you to significantly increase the chances of approving a loan, and most importantly, to improve the financing options that the bank will offer you. Compliance with these recommendations helps to obtain a discount of 5-10 percentage points from the base rate, as well as a significant reduction in the overall overpayment. Proper preparation is the key to success in communicating with the lender.