Applying for a home loan is like playing cards its either you have the best
hand or not. So how do you get the best chance of nailing a home loan?
The best way is to make yourself attractive prospect. Make yourself pleasing in FNB Home Loans' eyes. They should look at you and smile because they know they have
found themselves a worthy client.
Banks and lenders judge their applicants based on a variety of factors.
These are debts, credit scores, income per month and savings.
So if you want to be an attractive applicant you have set a plan to clean
up any mess you've made under those factors. To get you on a good start here
are some helpful tips to make your life easier.
4 Tips to an Easier Home Loan Application:
1. Start Saving like a Crazy Person:
From the very start you know you have to save when your opting for
financial help. Banks want people who can put down a considerable amount in
their down payment. For them, this means that you're serious and you have the
means to pay them back.
For your side, a bigger payment now means lesser money to borrow which then
means a much more easier task to complete which also means a much better chance
of getting approved.
2. Strive to Settle and Finish Debts:
Debts are always a bad sign for lenders. They look at it as something that
you have to pay for monthly with your home loan and that's not very reassuring.
So the problem here is if you want a high value loan, they can't give it to you
when you have revolving debts. So settle your debts and make yourself
attractive.
3. Get a long term job with a salary that can pay off the monthly fees:
You need to have job that is capable of paying the monthly dues. With that
said, if the bank doesn't see your current job capable they might doubt your
application.
4. Do not just play the game, be in it to win it:
You can look at the home loan application as a game. There are many factors
or opponents that will get in your way. Your responsibility is to find ways to
beat them.
Find out what the banks are looking for and strive to make things work and
match on your side. Give them something to work with. Settle your debts, review
and fix your credit and credit score and get a job preferably long term and
within the same line of work.
You can do a lot of things to improve your chances of loan approval.
If things get too complicated for you,
you can always ask the help of a professional at the very start. You can
hire a mortgage expert or a loan officer to help you with the whole process.
Don't just pass an application and pray to the heavens that it may be
approved. Help yourself, help the bank help you. Prepare the necessary
requirements to make things work.
