- February 22, 2016
- Posted by: Ethica Private Wealth
- Category: Info Articles
Many factors play into the successful application of a mortgage on the Sunshine Coast. If these factors are not met, there’s the possibility that a mortgage can be denied entirely. So how do you ensure an error-free mortgage application? Here are some tips to consider:
Keep up with your bill payments
Missed bill payments is one of the most common reasons behind denied mortgage applications. Expect lending institutions to put your credit history under a microscope, and if you are frequently delinquent with your payments, you put your application in danger. To avoid this, make sure you pay your bills on time every time.
Be stable at your job
Lenders will also take a look at your recent employment record to confirm that you are receiving regular income of at least six to twelve months. If you are currently unemployed, it will be good for you if you find a stable job first and stick with it for the recommended amount of time before filing your application. If you are currently employed but are seriously looking to change company, you must decide whether to file your application and stay at your job or transfer to a new company and save your application for later.
Know what you can afford
Too often, homebuyers get caught up in finding the real property that meets their needs that they soon forget to check if they actually have the capacity to pay for it. Avoid a disheartening disappointment by getting your loan preapproved before searching for a property. A Sunshine Coast mortgage broker can help you in this regard.
The loan amount that you can get, the requirements that you need to file, and the down payment that you need to make can differ significantly with each lender, so the wise thing to do is to consider all your options. Don’t just limit yourself to just one to two lenders. To gain access to the most options available, it can help to course your application through a mortgage broker that you can trust.
Homebuyers on the Sunshine Coast know that they can rely on established mortgage brokers such as Ethica Private Wealth Specialists to increase their chances at mortgage application success.
10 things that can derail your mortgage application, YourMortgage.com