4 Tips to Secure Approval for Your Home Loan Application
Buying a new home requires sufficient prep time. It’s not all about visiting places and having big dreams. You need to consider some serious aspects to get the best possible deal. You should be aware of your financial condition to begin this process. If your finances are a mess, you should first get them back on track.
Most money lending companies will look for any excuse to reject your application. However, New City Financial wants your business to grow and they are willing to work with you to make sure you get the best deal within your possibilities. Read on to know what you should do to get your home loan application approved.
- Learn about today’s mortgage market
As you probably remember, the housing industry suffered a big crisis during 2008 and 2009. The system was designed to offer indiscriminate amounts of money to people with no proven credit record or no means to pay back. Since that moment, the protocols to get mortgage has changed a lot. Every company has new rules and regulations on how to hand out money to new applicants. It’s up to you to learn what the best deal is and how you comply with the rulings of the company you choose to deal with.
- Put down on paper your assets
If you want to get a loan, try to get help from an accountant and fix everything that might have problems, from your taxes to your credit history and everything regarding the assets you own. Try to be as sincere as you can and make sure to have a record of everything on paper.
- Get rid of debt
Nothing says “approved loan” better than a clean health bill on your credit story. This might be the hardest step if you live everyday with the back-up of your credit cards. But do your best to get rid of your credit card debt or any other debt for that matter. Pay the quotes of any assets you owe, and do your best to avoid spending big as long as the process of approval is taking place.
- Get a pre-approval
This is the stage when you should have your bearings together. As you begin the process of getting a loan, you’ll be researched by the banks and the agencies you get involved with. This will open the door to get a pre-qualification, which is a mean to let you know that you earn enough money to get to the next phase. Getting pre-approval is a whole different card and it’s a signal that the bank or the mortgage company knows everything it needs to know about you, and how much you are worth on paper.