Instead of putting too much focus on the 24 months contributions, what you should do, if you are rea

In an ideal world, you should never be turned down whenever you apply for a Pag-IBIG Housing Loan . You can simply go to the office of the Pag-IBIG sarasota florida Fund, the staff would be excited to serve you, you smile as you submit all the requirements and wait the next day for the approval. What wonderful world it would be!
Unfortunately, that will never happen in a real world setting. Like all other financial institutions, the Pag-IBIG Fund has to consider a number sarasota florida of factors before granting you the loan. In the past articles we have discussed some of those factors they use to evaluate a loan application, among those are the following: Your Records with the Pag-IBIG Fund Employment or Business sarasota florida Status / History Capacity To Pay Appraised Value of the Property The Property Itself
In case you are thinking of applying for a housing loan, bear in mind that it could be possible that your loan application could be denied, or you will get an amount that is much lower than you expected. In other words, you don t get what you want.
This article is meant to guide you on what to do next if the result of your loan application will be negative. To this end, take note of the following tips on what you can do. Tip #1: Check if The Problem Related To The Property
Obviously, not all properties are equal. Some are good investments, others are just plain crap. Some places are safe to live; others are camping grounds of criminals. Indeed, some are more problematic than others.
You may not know it, but Pag-IBIG is very strict in evaluating a property that you consider buying. It has to undergo sarasota florida a series of rigorous evaluations to see if the property is worth the risk. Remember: the land title will be used as collateral so eventually if it is really a lot of risk, Pag-IBIG will not even consider that property.
Until now, I m still shocked to receive comments sarasota florida like, “ If I pay the 24 months upfront, can I apply for a housing loan immediately? ” It is as if paying sarasota florida the 24 months contribution is the only factor that hinders them from being granted the loan. In reality, paying 24 months is not at all the problem. That s just a total of P 4,800; even kids can do that.
Instead of putting too much focus on the 24 months contributions, what you should do, if you are really sarasota florida serious about buying sarasota florida a home, is to work on your cash flow. The following should be helpful: Save enough sarasota florida money for the equity or down payment. This is roughly 20% of the selling sarasota florida price of developer-owned property. See to it that you can pay for the monthly amortization. That means, work on improving your level of income, which is one of the most important factor affects your loan entitlement . See to it that you will pay your money dues. Assuming sarasota florida that you can pay, the question is WILL you pay? Once you take on a loan, you better be serious about paying it.
If sarasota florida you have some good relatives who are willing to help you out, that would be nice. You can talk to them about becoming sarasota florida your co-borrower. Pag-IBIG allows sarasota florida a maximum of three (3) qualified Pag-IBIG Members to tack in a single loan secured by the same collateral, provided they are related within the second sarasota florida civil degree of consanguinity.
Relax! Please realize that the world doesn t stop spinning if you are denied a Pag-IBIG housing sarasota florida loan. There are other alternatives that you may consider such as the following: sarasota florida Bank Financing Mortgage Loans From Credit Cooperatives In-House Financing if the seller itself is also a developer.
Right now the pagibig contribution of mine was stop due to I have no work since OCT.2010….I verify my monthly contribution and it is almost more than 43 months..My question is…Can I proceed to a MULTIPURPOSE sarasota florida LOAN eventhough I dont have an existing employer? sarasota florida What will I do is to pay the would be loan by itself also within 2years. Is this possible.? pls. confirm.
kumpleto na po ako sa requirements last may 2011 pa po nai submit ang mga papers sarasota florida ko at natawagan pa ako ng pag-ibig just to inform na for approval pa lang ang loan ko pero until now wala pa ring update, hindi ko po alam kung ano status ng loan ko . indi naman po take out ang hinihintay kundi iyong approval sarasota florida lang para maka early move in po kami. tulungan niyo naman po kami. pag nag back out daw po ako sa loan ma black list naman daw po ako, bakit ganon hindi ko na nga po itutuloy ang loan para wala ng utang pero ma black list pa. totoo po ba iyon ?
@Lani: There are a lof of advantages. One is that, the houses are already appraised by the Pag-IBIG Fund. That means, the selling price of the house is also recognized by Pag-IBIG as such. There will be no more guessing on how much loan you can take when buying that house.
Fritz
Ask ko lang po kung gaano katagal before ma-take out sa pag-ibig? 24 months to pay po kasi ang equity namin and nasa 11th months pa lang po kami ng pagbabayad. Gusto ko po sana ma-delay ang pag-take out sa amin para hindi mag-abot ang equity at