Jul 19

Apply for a Home Loan

The Right Way to Apply for a Home Loan

Putting an application forward for a mortgage doesn’t have to be anywhere near as daunting as many new applicants believe. There are many methods to help to maximise the chances of being approved and by following them, the entire process can be far less daunting that originally anticipated.


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Step One – consider seeking help

There are hundreds of home loans applied for each week and it’s not unheard of for lenders to grow so fed up, that they simply reject applications en masse. Seeking professional advice from mortgage brokers can help to minimise the risk of this event occurring, as they will be able to advise on the best times of year to apply (avoiding peak periods), as well as the most effective channels to pursue to put the application forward.

Step Two – prepare your finances

There’s no greater tool than a mortgage calculator when it comes to preparing your finances and these useful little resources are free to use in their entirety. They can help an applicant to identify how much they are able to afford to repay, as well as other factors that can assist with the application process. A bank will be far more likely to fast-track an application put together by a prepared party, and this little extra effort can certainly pay off.

Step Three – approach more than one lender

Whether you’re planning on approaching a lender, or if you’re leaving this task to your mortgage broker – there’s really no harm in putting your application forward to several financial institutes at any given time. Not only will this increase your chances of being approved by at least one of them; if you’re fortunate, you may obtain several approvals and then the power will be yours to decide which one to go with, or to evaluate whether it’s worth using the competition against the lenders.

When applying for mortgages, it’s very important to approach the situation with confidence and a suitable level of preparedness. Failure to compile your relevant documents, or if the lender suspects that you may not be in a position to repay what you owe (with interest), could lead to an almost immediate rejection, so consider all of your options carefully before moving forward.