Tips for Getting Your Home Loan Approved

Lenders have to be careful about who they lend money to; they can’t afford to make too many “wrong” decisions. That is why they require what can seem like a “mountain” of paperwork.

Every lender has different criteria and a different way of processing home loan applications. Fortunately, your Smartline Rockingham Mortgage Broker knows what each individual lender requires and can steer you to lenders who will view your application most favourably.

Here are some of our favourite tips for ensuring that you are approved for a home loan:

• Apply to the lender most likely to approve your loan. Your Smartline Rockingham Mortgage Broker is an expert in this regard and will figure out which lender is the most favourable for you.
• Professional Presentation. Your Smartline Rockingham mortgage broker will put your documentation in a professional package that makes it easy for lenders to say “yes.”
• Always be truthful. You simply cannot lie on your loan application. Eventually, the lender will find out that you did. Provide evidence for everything you put on your application.
• Lenders want to see proof of savings, so keep records of your savings account for at least three months. Make sure the account grows regularly, giving you a track record for consistency.
• Keep your credit rating score high. Make sure you pay all of your bills on time. Not only does your credit rating affect how much you can borrow, but how much interest you have to pay.
• If you have changed jobs recently, make sure to produce a letter from your employer telling the lender that you are not on probation.

What if the Lender Rejects My Application?

In the rare case that this happens, try not to panic. You may not meet the criteria of one lender, but another may be happy to provide a home loan due to different criteria and standards. Often, your Smartline Rockingham mortgage broker will be allowed to “plead your case” with the lender and find out why you were turned down.

For more information, talk to a Smartline Rockingham Personal Mortgage Adviser or feel free to browse the information on our blog.

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• Find out why so many satisfied clients have chosen Smartline Rockingham for their home loans
• Talk to a Smartline Rockingham Mortgage Adviser