Top Mortgage Tips Everyone Should Know About
Looking for the best mortgage deal is not as easy as you thought. It can be quite challenging, actually. But don’t worry because there are several tips that you should always keep in mind in order to get the best possible mortgage that you want, and you deserve. Try to be as patient as you can because you’ll go through different processes before you can close a good mortgage deal.
Consider the lender’s criteria
First things first, you need to understand that not all lenders are all the same. Different lenders execute different styles and techniques when it comes to evaluating if they wanted to lend to you or not. You know too well that you will berate and evaluated. Therefore you should meet all of their criteria if you are applying and if you want to be accepted. Most of the lenders are rating you by the following criterion:
- The amount that you wanted to take
- The amount of money that you’ve saved
- Your monthly salary and your status as an employee or employer
- The ratings of your credit
- All of your outgoing
- All of your unpaid debt.
Make sure that you consider the aforementioned factors above in order to make a good impression to the lender and make them accept you. If you think that you have passed the criteria, then you will most likely be accepted.
Make sure that you have financial discipline
Before anything else, make sure that you have a good credit score. Lenders will always want someone who’s disciplined enough in paying back their mortgage. Therefore, a good credit score can help you convince your lender that all throughout your repayment history, you have paid well in all of your loans.
Create a file that consists all you’re your credit cards, debts, mortgages, bills, and payments in all of your account that had been transacted for the last 5 years.
There are some agencies that check out your credit score for free. You can ask for a report from them so that you can show it to your lender later on.
Make sure that you are registered to vote
Lenders will always want to verify your personality, or at least make sure that what you are saying is true. They tend to utilize the electoral roll, therefore, it is very important that you are registered to vote so that they will be able to access general information about you for their confirmation.
Check your local council to see if you are listed on the electoral roll already. Make sure that you do this ahead of time because it can consume quite some time and you don’t want to keep them waiting just because you didn’t check it out earlier.
However, if you have found out that you are still not registered, then you should make sure that you register already to increase your chance. Do not worry because you will not spend a single penny in doing it.
Check out your partner’s credit score
If you have been linked to someone else financially, then before you apply for mortgage make sure that you cut off all links first. For instance, you have a joint credit before, and your partner isn’t as disciplined as you when it comes to payment. All of their bad records will directly reflect on you, and it can lower the chance of you getting accepted for the mortgage that you are applying to. Make sure that their credit history will not affect your good record, but if so, it’s always the best move to delink yourself before you can discourage your lender.