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Five Expert Tips for Successful Home Loan Application

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Home Mortgage

Five Expert Tips for Successful Home Loan Application

by Vicki Horton
April 18, 2021
in Mortgage
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Gone are the times when mortgage officers unhesitantly stamped on residential loan applications. These days, banks, mortgage brokers, and other lending institutions are not doing it unless they have full scrutiny of your expenses. They want and even have the right to know the flow of your net income, right from your mobile bill down to your frequent payments at the cafes. With that, the chances of getting approval for your loan become narrow.

The only way out is to understand different requirements and complications in the processing process. Careful planning and preparation would let you focus on other important tasks while your mortgage loan approval comes like a breeze. Here are some tips to ensure a hassle-free and sure-shot go-ahead for your residential loan application –

Home Loan

1. Assess Your Affordability Status

The first and foremost thing to do before you make your loan application is to evaluate your repayment status carefully. Other than the down payment, there would be installments that you have to arrange every month, skipping, which would lead to heavy penalties.

Thus, consider your monthly obligations in mind to see if you can make up with EMI payments for another five to ten years. Use a mortgage calculator for that purpose.

2. Maintain a Good Credit Score

Any lending institution that you contact would first look into your credit history. They would be interested in your current living expenses and other mandatory financial commitments and how you are tackling them.

So, check your credit score before you apply for a loan. If you are over and above the range, there would be great confidence in you when approaching the lender and a surety that there won’t be any rejection.

3. Keep Your Documents Handy

Loans are often denied because applicants cannot furnish the relevant documents on time or information doesn’t match. And, because making arrangements for obligatory files and statements can take time, you better get them in place days in advance.

All your bank statements, tax returns, identity, and address proofs must be prepared months before so that when your local bank or mortgage broker asks for them, you have everything by your side.

4. Adhere to Credit Card Limits

Shopping seems super fun when you don’t have to pay immediately but are you also aware of your credit limits, for that matter? If you aren’t within the boundary or your repayments are not within their time frames, there are possibilities that you are going to impact your credit score soon.

That is why mortgage lenders are usually hesitant to lend money to people with high credit card limits. They want the surety that the loan repayment won’t be problematic.

5. Avoid Career or Job Changes

Everyone must know that it is your income that you would be used for repayment of your mortgage. And, if by any chance the officers feel that you don’t have a stable source of earnings or you are switching jobs too often, that would take a toll on the loan application right away.

So, even if you have started a new job, don’t rush. Be with the employer for at least six months, and you would be perceived as a low –risk applicant.

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Vicki Horton

Vicki Horton

Twitter enthusiast. Proud tv guru. Food buff. Student. Travel aficionado. Web trailblazer. Bacon fanatic. Set new standards for promoting jump ropes in the aftermarket. Spent a year working with hula hoops in Las Vegas, NV. What gets me going now is buying and selling cannibalism in Ohio. Spent a year developing jigsaw puzzles in Nigeria. Prior to my current job I was consulting about teddy bears in Phoenix, AZ. Lead a team managing crickets in Hanford, CA.

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