With so many thousands of mortgage applications to review each year, it’s no wonder why most leading banks and lenders will reject a far higher percentage than they approve. Mortgages may be similar to other types of home loans, but there is a lot more to the application process than is the case with regular applications.
For a start, the types of sums borrowed for a mortgage often feature 6 figures, so lenders and banks will be far stricter about the types of people that they approve. If you’re considering applying for a home loan, then here are three quick tips to help with speeding the process along – whilst increasing the likelihood of being approved.
Seek the help of a mortgage broker
Brokers specialise in one thing and one thing alone, and that’s to help their clients obtain mortgages at the best rates. Many brokers have direct access to exclusive deals and offers, so seeking their advice and services can be very beneficial.
Use a mortgage calculator to provide a better idea of costs
Mortgage calculators allow users to compare interest rates, understand repayment costs and plan their finances. They are an ideal tool for new applicants as they can provide further information that can help with the application process, or they can simply be used to understand just how much a new buyer can afford to borrow.
Don’t be afraid to ask questions
There’s really nothing wrong with booking an appointment and making enquiries with a particular bank or lender. Most will be forthcoming with information on their rates and terms, so this can be a good opportunity to really get to the crux of the matter and identify whether or not you will be in the position to apply for a mortgage. You are always free to walk away and find another lender if the first few don’t tick all of the right boxes – and it’s always worth bearing in mind that they need your business as much as you need their investment.