Tripodi & Associates RLA183154
152 Marion Road Richmond
08 8352 3444
08 8352 7440Contact us
You have just found the perfect home! But before you start planning where you will put your favorite coffee table you may need to know if you can obtain a loan to pay for it. Some buyers are lucky enough to fund a new house personally without the need to get a lender involved, however for the rest of us, we will generally need to borrow money. Applying for a home loan can be daunting for a buyer, especially if it your first time, so here are a few tips to help you get through the process.
When applying for a home loan, it is important to understand the aspects that form part of the lender’s evaluation of your eligibilities.
The modern technologies available to lenders also allow them to compute the buyer’s risk. With the help of credit facilities and complex electronic algorithms, lenders are able to assess buyers more meaningfully.
With the help of a mortgage professional, a buyer may be given recommendations to help them with their home loan in spite of low credit scores. For instance, a buyer may be advised to apply for a loan from an institution he/she banks with. Mortgage professionals may also help in clearing unpaid bills, recovery of prior defaults, or checking credits.
Buyers may also want to speed up the loan process by preparing beforehand the required supporting documents and documentations which may include rental ledgers, bank statements, credit card and loan statements, and income documentation from employment.