- In Bee Savvy - Getting the most out of your loan, First things first - Steps before applying for finance, Loan disasters - When finance goes wrong
Applying for a home loan can feel daunting. You might feel like you don’t have a lot of control over the process, and so many things can go wrong. But there are some steps you can take to avoid problems, and keep the process running smoothly.
Home loan hassles
So what sort of things can go wrong when applying for a home loan? One area that we’re seeing a lot of people having issues with is their financial statements. Lenders are becoming increasingly particular about the state of applicants existing loans and credit cards.
Something as simple as exceeding the limit on a credit card can cause you significant problems when applying for a home loan. It might seem like a small thing, but even being a few days late with a payment can also result in a lender declining your home loan application.
Lenders will request copies of your financial statements, and go through them carefully. Thus, even if you only have one late payment or overdrawn account, it will count against you.
Avoiding these problems
In an ideal world, none of us would have problems like a car loan payment being a couple of days late, or an overdrawn credit card. But these things happen.
The most important thing you can do, is to be up front with your broker, about what loans you have, and what state they’re in. We often ask for copies of our clients financial statements, so that we can double check them. This makes it much easier for us to identify anything that might cause a lender to decline your home loan application.
If we do find any problems, we work with our clients to find a solution. These solutions take a number of different forms. Sometimes it might be going to a more flexible lender. Other times, we may work with a client to help them get a clean financial history before we lodge an application on their behalf.
Get in touch with Bee Finance Savvy today!
If you’d like a free consultation to assess your situation and plan a problem free home loan application, why not give our friendly broker Desiree a call! It’s easy – you can call or text Desiree, on 0455 131 937 or 1300 140 554. Desiree can also be reached at email@example.com . Alternatively, you can fill out the contact us form on this site.
If you’d like to learn more about the fantastic service provided by Bee Finance Savvy, take a look at our reviews on WOMO! https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda