In life, there are certain occasions where our nerves are at their highest point. For most, it starts with exam results, the first job interview, meeting a girlfriend, getting married, and having the first child. After this, the next nerve-jangling event is waiting for approval on your first home as a family. In fact, this process can be stressful regardless of how many homes you have owned.
Of course, you want to do what you can to avoid the disappointment of being denied so we have compiled a list of five fantastic tips here today.
Have the Right Support
When going it alone, waiting for approval can be tricky and we often find people make simple mistakes. Therefore, we always suggest having someone by your side with experience in the market and the right skills to get the approval you desire. At Benson Mortgages, we have access to a whole host of banks as well as private lenders and we spend every day of our lives in this environment. Therefore, we know what needs to be done and when to put you in the best position.
Reduce Debt & Improve Credit
Before you even apply, we always recommend reducing your debt as much as possible. Even after the application has been made, you can still reduce your credit cards, pay all debts on time, and improve your credit rating in whatever way possible. When you do this, the mortgage provider will look at your record and see someone who is trustworthy and reliable with finances.
Don’t Make Major Purchases
‘Right, the home application has been sent off so we can now apply for a car’ - stop, this is a huge mistake. When applying for a car or even a small loan on the side, this will impact your credit rating and the mortgage provider will see it as a warning light. If you want to make a huge purchase, we urge you to do so once your mortgage application has been approved and everything has gone through without a problem.
We understand your frustration; you just want to get approved so everything else can fall into place and you can choose your dream home but you absolutely need to have patience. Remember, there are thousands of others in the same boat right now so there is nothing to panic about just yet. If you try to rush it all through, you might just regret it in the long-run so don’t place any offers until the approval comes through.
Finally, honesty is always the best policy. If you lie or even fabricate the truth even a little during the application process, your trust value decreases and you will be denied. At Benson Mortgages, we have seen it all through the years so don’t be afraid to tell us your position at the very beginning. If we know everything about you from the start, we can find you the best possible deal with the information in mind rather than trying to hide it. Sooner or later, the provider will find out and you will get into trouble.
There we have it, five tips for helping the approval of your mortgage or home. Once again, don’t be afraid to contact Benson Mortgages because we surround ourselves in this environment every day and we haven’t yet lost an ounce of passion for what we do!