How long does it take to get a mortgage loan review? Will there be a text message notification?

There will be. After the mortgage loan is approved, the bank will usually send a text message to the mobile phone number reserved by the user within a week. Moreover, the text message content will inform the user to go to a bank branch as soon as possible for a mortgage interview. Generally speaking, after submitting a mortgage application, if the user does not receive a notification text message for a long time, the user can proactively call the hotline of the approving bank and then inquire about the specific review results.

Although the customer service hotline of banks is unified, each bank has its own landline phone number. Users can directly call the landline phone number of the branch.

Will the down payment be refunded if the mortgage is not approved?

The home buyer and the developer signed an agreement when applying for a mortgage. If the mortgage is not approved, the down payment will be refunded in full. At this time If the mortgage loan is not approved, the developer will refund the down payment. If there is no agreement between the two parties, and the home buyer does not pass the mortgage approval due to his own reasons, the down payment will not be refunded at this time, and the two parties will only negotiate to solve the problem.

When signing a contract with a developer, there will generally be a clear stipulation in the contract that if the home loan cannot be successfully applied for unless there is a problem with personal credit, the developer will fully refund all fees paid to the home buyer.

What to do if the mortgage loan review fails

First understand the reasons why the bank failed to pass the review, and then negotiate with the bank to make remedies. If it really fails, but the home buyer really wants to buy it For this property, you can try other banks. If you meet the conditions, you can submit an application, or you can find a guarantee company. The risk of a loan is greater than that of a bank, and the interest rate will be relatively high. Generally, it is not recommended.

In addition, it can also be dealt with based on specific reasons:

1. The developer’s reasons: If the developer sells houses that do not meet the sales conditions, that is, the developer has not obtained a pre-sale license. Or sell existing houses that are not in good condition for use.

If the bank finds this situation during review, it will not approve the loan. At this time, the buyer can ask the developer to return the down payment and deposit. And require the developer to pay corresponding interest losses.

2. The home buyer’s reasons: If the information provided by the home buyer is untrue or the home buyer’s credit record is not good and the bank does not approve the loan, the home buyer should bear the liability for breach of contract.

3. Reasons other than those between the buyer and the seller: If government policies or bank regulations change and the loan that the home buyer should have obtained cannot be realized, the home buyer should negotiate with the developer. If the negotiation fails, the contract will be terminated. There is no agreement. Home buyers can sue and prove that they are not at fault and are indeed unable to purchase the house, and require the developer to return the down payment and deposit.