Finding a property isn’t like searching in haystack anymore

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Posted by MJTM | Posted in Real Estate | Posted on 20-11-2017

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Searching for a suitable property that meet your demands could be like searching for a needle in a haystack, especially these days as cities are growing larger on daily basis and markets are stuffed with a myriad of real estate options.

Property searchers can find themselves lost between countless brokers, phone numbers, locations, houses, and destinations to deal with and choose from. It’s a tiring process by all means. However, solution is available, in fact it’s literally in our hands.

Property listing websites are there featuring a wide set of options in each city to make it easier for property searchers find exactly what they are looking for. Either seeking large villas, studios, regular apartments, or any other type of properties, they can all be found on property listing websites.

According to Internet Live Stats, about 40% of the world’s population has internet access with expectations of further increase in the future. That’s an overwhelming figure, of course not all of them are active users, but it still means that now is the best time for marketing and leveraging tactics to utilize online channels like websites, social media platforms, mobile applications, and other.

The availability of online portals offering comprehensive real estate services starting from featuring recently displayed properties for sale or rent, to issuing reports and market analyses, will definitely change property searchers’ behaviour pushing them to prioritize online searching. As a matter of fact, this is happening now. Searchers found it a lot easier to surf the internet looking for properties instead of contacting brokers and checking listed properties physically thanks to the availability of well curated and responsive online portals offering all needed support.

As a result of audience new orientation, most property brokers in all countries around the world built online presence for themselves and their entities. The Kingdom of Bahrain is one of the countries where real estate business became very active online. Nearly all activities, including finding apartments for sale in Bahrain, contacting brokers, searching for vacant office spaces, or any other, are made online either through specialized websites or through social media channels.

Buttressed by Bahrain’s vibrant market, local property listing websites are teeming with various kinds of properties varying in all specs and scattered throughout the kingdom’s localities. They are mainly visited by foreign investors from other GCC states, expats searching for convenient residential units to rent, and Bahrain nationals looking for buying or leasing.

Most of the websites have presence on social media channels to reach out to the biggest number of audience. They tend to leverage all types of channels by producing content in different contexts either videos, texts, infographics, and many other. Despite the lack of officially issued market data, many of the property listing websites publish accurate reports analyzing the market updates and forecasting its future by scouring their own data generated by their readings and users activity.

The easiness of accessing markets and surfing their listed properties will definitely have a positive impact on property transaction activity and will open the door for launching more investments. Real estate is heading towards tech savviness and nothing will stop it from transformation as long as mobiles and tablets are in the hands.

5 Reasons a Lender May Reject Your Mortgage Application

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Posted by MJTM | Posted in Home Products & Services, Real Estate | Posted on 18-05-2012

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The necessary paperwork that is mandatory to complete for a mortgage application can often be a difficult task to undertake. After finding your dream home, the last thing you want is to then find yourself receiving a call from the lender stating that they have declined the loan. You may even ask yourself what could have caused this to happen. Mortgage applications haven’t changed over the years but the current lending requirements have.

Today’s financial institutions have strict guidelines in place making it difficult for consumers to obtain a loan. The following are five factors that could have an impact on whether a financial institution will lend money for a mortgage.  

1. Changing Employment

Switching jobs may not have an impact on a person’s ability to qualify for a mortgage, but you may be at a disadvantage if you have recently changed companies. If you make a move within the company to a position with the same or greater pay scale, you shouldn’t need to worry.  People who are dependent on commissions or bonuses may suffer a greater risk of getting rejected by the lender. Financial institutions find applicants who have been with the company for two or more years more favourable when lending money. Those with the greatest disadvantage are people who leave a salaried position and start a business venture on their own. Lenders like to see stability and records from a two year period, so they can plan future income appropriately. Furthermore, an applicant that is self-employed could have more expenses to write off, and their income taxes reflect the minimal net income that is reported.

2. Changes in your Credit that have an Impact on Your Credit Score

Equifax, Experian or Transunion are a few of the companies that the lender may use to check the applicants credit history. It can take anywhere from one to three months for a home loan to go through, and the lender may do a final credit check before fully committing to a loan. It’s important to not do anything that could have a negative impact on your credit score during this time. The activities that could prevent your loan from going through include making a late payment, or applying for another type of loan or credit card. It’s in the consumer’s best interest to obtain a copy of their credit report and correct any items that are wrong.  

3. Failing to make your Current Mortgage or other Payments

People who fail to make their monthly mortgage payments or cannot pay their other bills are showing the lender that they are a poor credit risk. If an applicant is having a hard time paying their current mortgage, they should consult with the mortgage holder and see if there are any other options in place, so they can meet the repayment terms on their loan.

4. Too Much Credit Card Debt and Numerous Outstanding Loans

Lenders will take into account an individual’s consumer debt and the mortgage payment, and see how it correlates with their income. The basic rule most lenders follow is approximately 33 percent of an applicant’s gross income with an added five percent for consumer debt. The lender will also look into the available credit a borrower has to utilize, so you may want to think about closing a credit card account or reducing the maximum limit that is allowed.

5. Failure to Complete the Basics

Some financial institutions make it easy and are able to complete the loan application process over the phone. However, many institutions require the individual to physically fill out the form. It’s simple to make mistakes or leave items blank when an applicant rushes through the process and hasn’t filled out the necessary paperwork properly. A lending institution can refuse an application based on these mistakes, so you need to make sure to take the time and go over everything thoroughly. It’s also possible to hire a mortgage broker, attorney or financial adviser to help with the application process and have it all checked before presenting everything to the lender.  These are the primary reasons a lender may refuse an applicant’s mortgage. To make sure this doesn’t happen, an individual should maintain good credit and keep their debt ratio as low as possible. This will have a positive impact on whether their home mortgage is approved.

Bio

Andrew Potter is a finance and property expert and writes for www.myonlineestateagent.com. My Online Estate Agent provides a new alternative to your standard high-street estate agent.