Getting a Mortgage broker approve your home loan for fund approved can be daunting for first-timers and the experienced alike – the process is full of large quantities of paperwork and requires a great deal of legwork and tolerance.
We look at 7common application for the loan mistakes and ways to prevent them when you apply for a home loan.
1.Your Credit File Is Full of Too Many Credit Enquiries and Notations.
As a Mortgage broker, you want the best package. Problems may occur when you have too many markings on your credit file. Whatever the lender, because they all get access to the same credit data files, you will see alarm bells.
The loan application
An innocent problem or an omission on your loan application when answering questions about your credit history can be seen as suspicious, potentially fraudulent, by the lending company.
The Lender state governments you don’t have enough savings, too small a first deposit or too low an income.
Deposit sums and income requirements may differ from a Mortgage Broker. You also need more than the first deposit when buying a home. You can find conveyancing costs, home loan insurance, stamp obligation and possibly other legal costs or taxes.
If required, your broker can help find a lender that will require a smaller deposit or the one that pays your mortgage loan insurance, or a lender that requires no home loan insurance.
The Appraisal for The House You Need It Comes in Significantly Less Than the Agreed Price.
This is often a major disappointment. Banking companies lend on Loan to Value Ratios (LVR’s). For instance, if a property is valued at $360,000,but the price tag is $400,000. You might have your 10% first deposit, ($40,000) and you have money for the expenses, about $8,000. The lending …Read More