August 26, 2022 • 4 minute read
Having a place to live keeps us all safe and secure. It's a home that brings family members closer together. Matchmo, on the other hand, is an excellent platform for financing your future house, investing in a property, refinancing, or applying for your first home loan.
Matchmo comprises great, well-trained individuals with a decade of expertise in this industry. Because they have worked with over 17 banks nationally, they make your house application more straightforward and less stressful. In fact, when it comes to client home loan applications, they have seen it all. This is excellent news since it means they have a lot of insider information to help you avoid having your loan refused by banks and approved. Here are seven of the best. Take a look!
- Be Prepared: To minimize delays or complications with your application, have all of your documents ready and available. If you're unsure, consult your mortgage broker, and never apply for a loan until you're well prepared.
- Stay Put: If you know you'll be applying for a loan in the next three, six, or even twelve months, don't change employment, decrease your hours, go casual or temporary, move enterprises, or establish a new firm. Lenders want consistency and a consistent track record. They will require proof of continuous employment and company results for up to two years if self-employed.
- Be Honest: Do not lie or neglect to provide critical financial information on your application under any circumstances. Because banks will discover, and they do not appreciate inconsistencies, surprises, or dishonest applicants.
- Don't Check Your Credit Score: Avoid conducting credit inquiries as this is frowned at. Instead, have your broker do it on your behalf because it will not affect your credit history.
- Your History Counts: Banks consider previous behavior a good predictor of future behavior, and with centralized credit analysis, everything matters. Ensure that your credit score is as high as possible. It thus includes paying your loans, bills, and credit cards on time, not exceeding your credit limits, and exhibiting evidence of savings. Banks will verify this by reviewing up to 12 months of your bills and credit history.
- Snow White Spending: Before applying, be careful of your spending habits and maintain them clean for at least six months. Also, don't establish new credit card accounts or spend recklessly.
- Different Strokes for Different Folks: Recognize that not all lenders are created equal. Some lenders specialize in specific types of loans. Therefore implies that simply though you run your own business, are self-employed, or have experienced credit problems in the past, you will not be authorized. Speak with your broker and describe your position so they can propose the best loan for you.
Planning to apply for a home loan? Matchmo is ready to assist you!
