Three Ways to Stay On Top of Your Mortgage Application
Every year, thousands of applicants approach banks in the hopes of receiving a cash investment to be put toward a new home. Of this amount, only 40% will actually obtain approval. The reasons for this are wide and varied, but what can be said for certain is that lenders are becoming stricter and stricter as the years go by, making it even more challenging for borrowers to receive the financial support that they are after.
For those hoping to maximise their chances at receiving approval, here’s a selection of mortgage advice.
Hire a Mortgage Broker
One of the best ways to find a great deal, improve your chances of approval and enjoy a fair repayment rate, is by hiring a broker to take care of the hard work on your behalf. They’ll set about approaching lenders, comparing loans and finding the most relevant options, as well as being able to negotiate terms and rates.
Expert Document Preparation
A lender will undoubtedly want to see evidence of financial income and expenses, so having these documents prepared by an expert can help to ensure that they are easily calculable. Accountants can help here, as can financial advisors, and as long as everything is clear and easy to understand a bank will find it much easier to work out whether the applicant could be a viable customer.
Patience is Key
Although most banks will strive to provide an approval (or rejection) notice as quickly as possible, there might be times when things take a little longer. In these events, it’s best not to stress yourself out, or lose sleep over the matter. Once documents and forms have been submitted, it will be down to the bank to review the application and reach a decision – so whatever will be, will be. If you do find yourself worrying, then it may be worth calling the bank each week or two; just to see if there’s anything that can be done to help with the process in general.