Errors to avoid

Applying for a home loan is surely exciting as well as a daunting task. To make this journey a smooth one, we suggest you to not make these common mistakes.

Not disclosing your income and expenses accurately - providing incorrect or incomplete information can reduce your approval chances.

Too many home loan applications - Shopping around for the best loan and applying with different lenders are two different things. Each time a loan application is made by you, it is recorded in your credit file and noticed by all the lenders.

Applying for a home loan in a hurry - When you have decided on a lender, it can be very easy to get excited and submit a home loan application with errors. By doing so, you are not only putting your home loan application at risk but also impairing your credibility.

Do not make any sudden career changes just before you are applying for a home loan. Lenders usually like the borrowers having a stable employment and income source. If you to accept a new job offer, contact us and we can guide you accordingly.

Try and avoid making any big-ticket purchases like buying a new car. Buying big ticket items will either reduce your savings balance if paying cash OR if you take out a loan, it gets added to your credit record and increases your debt-to-income ratio.

It is best to consult an expert mortgage broker to avoid making any of these mistakes. Snap Financial Solutions takes a professional approach at detecting and avoiding these mistakes at a much early stage.