Steer clear of these mistakes below to give yourself every chance of securing a home loan!
1. Be honest about your Finances
Seriously! The most common reason that mortgage applications get declined are people not being honest about their financial position. They will find out anyway.
2. Make sure you declare ALL your expenses
Forgetting to mention something like school payments for your kids can derail your credit application. If a lender sees this, it is likely they will decline the loan due to non-disclosure. It's best to be honest up front and get an approval.
3. Inconsistency in Employment
Lenders like borrowers who have a relatively stable recent employment record – at least six to twelve months or more in your job, receiving regular income.
4. Paperwork Delays
The paperwork that lenders require can be significant, so it’s important to send everything that is required in a timely manner.
5. Not shopping around
Consider all your options, don’t just apply for a home loan with your own bank, engage the services of a reputable mortgage broker for the best offer from “ALL” the banks.
To get even more financially savvy, check out this blog post below: