It’s no secret that getting your mortgage is not an easy process and can cost a lot of money when done without paying attention to the right principles. To help you get started, we have summarized our top tips to getting your finance application approved:
Keep on top of your personal expenses.
The lending environment is forever evolving, and a key factor in getting yourself finance ready is by having your personal finances in order. This includes spending less than what you are paid, keeping down credit card, personal loan, & car debt, and reducing the amount of purchases made through services such as AfterPay and UberEats.
Get a successful mortgage broker on your team, rather than going direct to the bank.
Property is commonly referred to as a game of finance. What rates, which bank, should I have an offset account, and who’s name should I buy in are just some of the questions you should have a clear answer to. All investors with a sizeable portfolio will attest to the integral requirement of a clearly defined finance strategy for continued growth. Fortunately you have enquired to receive a call shortly from one of PMI’s approved Mortgage Broker partners.
Don’t hide anything.
With the regulations that surround the lending market, it is essential that you disclose all relevant information to your mortgage broker when you make your application. If the lender you chose to proceed with discovers information that has been left out, such as undisclosed liabilities or debts including afterPay, then they are more likely to decline your Home Loan application.
Keep educated and on top of what is occurring within the current markets.
To help you do this, PMI is committed to providing articles covering the latest News, Research, Hot Spots, and much more. To view of latest news visit here.
In addition to this you can view of latest video series, which includes interviewing real investors who share their stories.