Increase the odds of getting your home loan approved
Like most things in life, there are a few tips that can make a world of difference when applying for a home loan. Decisions that are made in the months leading up to applying for a home loan can have a significant impact on the assessment of your loan, so make sure that you use the skills and knowledge of your mortgage broker.
They have a wealth of experience in dealing with different lenders and have a very good understanding of some of the little quirks that can make a real difference when applying for a loan.
If you feel that any of the scenarios set out below apply to you, then ask your mortgage broker for help.
Don’t change jobs if you can help it!
Whilst it isn’t necessarily the end of the world if you have changed jobs recently, it is far better to wait until after a loan has been approved.
This is simply because many lenders insist that borrowers have a minimum period of employment before applying for a loan so having a track record will simply give you a bigger range of lenders to choose from.
Keep savings separate from everyday banking
Most lenders will want to see a set amount of savings put aside each week so to make things as easy as possible, open a separate account and make regular deposits to it to show your genuine savings over a period of time.
This will give you access to more lenders to choose from instead of limiting yourself to the few who don’t require genuine savings.
Unusual Savings
Did you know that some lenders will accept Shares that have been held for more than 6 months?
Others will take into account extra repayments that have been made in advance on Personal loans as savings.
One or both of these can be just the answer to coming up with enough genuine savings to meet the lenders requirements.
Don’t take out personal loans Credit Cards or Interest Free terms
The monthly repayment on a Personal or Interest Free loan can have a huge impact on the amount that you can borrow on a home loan. Likewise, the limit on a Credit Card is taken into account and can also affect your borrowing power. In order to maximize the amount that you can borrow, it is better to wait until after you have purchased your home as it is far easier to borrow funds on a Personal Loan than it is a home loan.
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