Refused a mortgage?

Meet the consultant for you: Martin Boxdorf, "The Bulldog"

The chance that the bank will approve a mortgage for someone who has been refused in the past or may be refused is low, but it increases significantly when you use a mortgage consultant who specializes in mortgages for refused.

Meet the "Bulldog"

In collaboration with legal zap

09/20/2022

Tuesday, September 20, 2022, 1:31 p.m. Updated: 5:07 p.m.

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"The mortgage file, which includes information about your income and banking conduct, must testify in your favor" (Photo: ShutterStock)

Everyone knows that it is not easy to get a mortgage after you have already encountered a rejection of a previous application or when it is quite clear that you are likely to be rejected due to your financial circumstances.

But, it is important to remember that this is absolutely possible and even highly probable, if your mortgage consultant specializes in mortgages for refusers.

Martin Boxdorf, known as "The Bulldog", an expert on such mortgages, explains why.

Boxdorf explains why one mortgage application rejection increases the chance of future rejections.

According to him, "This is a kind of snowball. When a bank refuses a mortgage request, it usually happens because the bank estimates that it is a very high risk that it should not take. For example, a client who has an unstable financial history of repeated checks, difficulty repaying loans in the past and bankruptcies".

The bank, he says, should "trust you not only to be able to meet the monthly repayment, but to be able to do so in a stable manner for 20 or 30 years, and an unstable financial history often indicates a similar future. But not only, also old age, living outside of Israel and low equity may cause the bank to reject your application for a mortgage."

A person with such a history or future, whose application for a mortgage has already been checked and rejected once, basically becomes marked - both in his bank and in other banks - as a customer whose reliability is insufficient, at least not for a loan of this magnitude.

"That way," says Boxdorf, "it is likely that his future requests will also be refused and this will turn into a snowball."

"Well, the chance of mortgage refusers that their future application will still be accepted can greatly increase and become very realistic thanks to two things that cannot be separated between them: changing your banking conduct in a fundamental way and the way in which this change is presented, I would even say from a marketer, to the manager of the mortgage bank in order to Convince him that you are trustworthy."

This is where a mortgage consultant for the rejected comes into the picture.

"Such a consultant can help in both tiers, both thanks to his accumulated knowledge and experience in the specific field of mortgages for those who are refused, and thanks to the connections, credibility and reputation he has built over the years with the managers of the various banks, who trust him that this is not a misrepresentation," says Boxdorf.

"Yes, absolutely, and it can also be said that this is the reason why both those who have already received a refusal and those who are expected to receive a refusal may still receive a mortgage in most cases. Of course, this does not always happen, and depends not only on a real change in your financial conduct but also on the amount of the mortgage you are requesting Matches your repayment capabilities."

"The role of a consultant in the field of mortgage refusals is to study the current situation of the client and his financial history, and to derive the future financial picture from the past and the present. Sometimes, it is necessary to change the present and highlight certain things in the financial past, so that you can convince the bank that he is not taking a high risk If he gives you a mortgage.

"This means that a consultant who specializes in mortgages for those who are refused should know how to build a convincing mortgage portfolio, how to help the client formulate proper banking practices without which it is not possible to build such a portfolio, how to present the portfolio to the manager of the mortgage bank, and equally important - to know which bank to contact, which bank not to It's worth applying and under what circumstances."

How to build a convincing mortgage portfolio?

"The mortgage file, which includes information about your income and banking conduct, must testify in your favor. That is, the income must correspond to the amount of the mortgage you are applying for and the account statements must show exemplary banking conduct. The credit data report attached to the file must also testify in your favor and you must make sure that it is updated And that it does not contain irrelevant data from your financial history, which will work against you.

For example, debts that have been paid in full and still appear in the report."

This is precisely the expertise of a mortgage consultant for those who are refused - he will help you build an action plan and the steps that will improve your mortgage portfolio to the point where he will help you convince the bank that they can trust you and lend you such large sums, emphasizes Boxdorf.

"Proper banking conduct is conduct in which all the income reaches your bank account, you have a savings account (even a very small one), the various payments are reduced by standing orders, and the credit limit is suitable for your abilities. Correct banking conduct can also raise your credit rating and in the end it is Sends the bank a message of stability and responsibility."

"An experienced consultant is a person who has already stood in front of the decision makers at the banks countless times. He knows the language, knows the bank employees and knows how to articulate himself in a way that presents the advantages of the client who submits the application for a mortgage, the guarantees that support his application and the credibility he has gained in loan repayments. A good consultant And an expert in mortgages for those who are rejected will also know how to present your financial rehabilitation story in a way that will work in your favor and based on the facts. For example, you may have made mistakes in the past, but this is not a pattern but a one-time testimony, and now you have learned the lesson and know how to conduct yourself financially correctly."

"There are banks that have no chance of approving you for a mortgage, but this depends entirely on the circumstances. It could be, for example, that the bank where your account is now operated has been burned by the financial problems you had in the past, so you should consider submitting the application to another mortgage bank, which is more likely to agree to give you a chance Or, banks that place special emphasis on repeated checks or any other parameter, which you specifically will not meet. An experienced advisor, who has studied your past and present situation, will know exactly which bank will have the best chance of getting approved for a mortgage for you."

"A mortgage consultant who specializes in mortgages for rejected people has covered a very long distance in the field and his most valuable assets are rich experience and previous successes. He did not specialize in rejected people on the first day or in the first year of his job. Over the years, he forged relationships with bank managers, building a reliable and serious image based on customers who stood by in the mortgage repayments, and learn what to say in which bank and for which customer."

You can also contact the office by phone - 053-9382060.

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