Real Estate

Improve your chances of getting a home loan with these 4 pointers

Buying a home for the first time can be both exciting and overwhelming. After all, who doesn’t want to have their own home and become a certified homeowner, right? But while it can be tempting to make an impulsive decision, you have to stop and evaluate your finances and your goals. For instance, reading tips from mortgage advisors at https://adelaidehomeloans.com.au/ will help you find the right financial option for your needs.

https://adelaidehomeloans.com.au/

Before you take that leap and buy your first home, here are a few pointers to help you get the home you want:

  1. Evaluate your capacity to pay for a home loan

Before even thinking about applying for a home loan, check your financial capacity first. Pay a visit to your lender. Answer their questions about your assets, monthly income, liabilities and even your projected downpayment. The lender will want to know what portion of your monthly takehome pay will go to your monthly amortisation. Click here Adelaide Home Loans

  1. Make sure your credit history is clean

If you are planning to apply for a home loan, make sure you review your credit history should be clean. Don’t expect that your previous unpaid loans are forgotten. Your borrower’s information is shared by lenders and banks. Therefore, they will be wary of any history of non-payment.

So before even thinking of applying for a home loan, make sure you have no unpaid loans or any credit card balances. Get a certificate of payment from lending institutions so your credit score during the loan process is not interrupted. There are times when diligent lenders check your credit history twice just to see if anything changed.

  1. Prepare to pump up your savings account

Do not walk into a lender’s office with zero savings. You don’t want to waste your chances in having your loan approved. Make sure you have a hefty amount stored in your savings account to improve your credit position. On top of that, this will also help you pay off cash expenses needed for processing the loan.

Lenders are a bit cautious when it comes to home loans. Be sure to shell out some cash for down payments. The higher the down payment, the lower your total mortgage balance will be.

  1. Get pre-approved first before shopping for a home

This means you have to prepare your documents and get pre-approved. Visit a lender and have them check your credit and verify your assets and income, tax returns, paycheck and bank statements. There are times when sellers will not accept offers from those with no pre-approved letters. You can get pre-approved in a matter of minutes if you prepare important documents.

Talk to advisors by visiting https://adelaidehomeloans.com.au/ to gain more insights on how you can get pre-approved.

What benefits can you claim from your state

Check if you are eligible for the South Australia First Home Owners Grant (FHOG). This applies if you are a first-time home buyer in South Australia such as Adelaide. You can get as much as $15,000 worth of grant as long as you meet certain conditions. For instance, you are required to live in the home for a minimum of 6 months of the first 12 consecutive months of ownership.

You may talk to loan mortgage advisors at https://adelaidehomeloans.com.au/ if you are eligible for FHOG. They will also give you a heads up on the best home in Adelaide South Australia that suits your needs.

Jessica Bailey
Jessica Bailey
[email protected] Videographer Geek that loves minimal and harmonious designs. I'm learning Japanese.