Applying for a home loan can be stress-inducing, particularly if you are unfamiliar with the process and how to do it. Rest assured that here at Simpler, we are here to make things simpler—from finding the best home loans to selecting the right lender, we are committed to simplifying the home loan process, while still giving you the best possible outcome.
So, how can you apply for a home loan online successfully?
Here’s how you can improve your chances of being approved for a home loan:
Check Your Credit History
If you're unsure if you have good credit, you can check your credit history to find any discrepancies and/or defaults that you may not be aware of. This allows you to remedy any incorrect information. Some banks might ask about your credit history, so you must be prepared to give a reasonable explanation for any issues that they may have spotted (and why it will no longer be a problem in the future). You can do this for free at Illion or Centrix.
Maintain a Good Credit Score
Your credit score can play a role in whether you are approved for a home loan—your credit score will be checked by the bank or lender when you make an application, and applicants with excellent credit scores are more likely to be successful (and have better options) compared to those who have poor credit scores.
Reduce Debt
If you have existing debt this affects your borrowing in two ways. Firstly it evidences to a lender you repay your loans and secondly it reduces the amount of take home pay you have available as your servicing existing loan repayments. Reducing this debt increases your available income for home loan repayments and therefore can increase your borrowing capacity for a home loan
Save Money
No matter if you are a first home buyer or an existing homeowner, being able to show that you save regularly is appealing to lenders. They want to see that you are able to regularly contribute to your savings, which reflects your ability to make regular repayments for the loan.
Apply for a home loan with ease with Simpler—our mortgage advisors are on hand to help you find the perfect lender for your needs, with over a decade of experience in the banking industry, so you can count on us for the best advice. Discover the best home loans with Simpler! Get in touch with us today to schedule an appointment with one of our advisors, or for simply more information regarding our (free) service.
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