8 home loan application mistakes that can get your lenders approval

Solutions to the 8 most common home loan application mistakes to ensure you get your loan application approved.

Getting your home loan approved

I wrote a long article about  about the mistakes I see home buyers making all the time when completing their home loan applications. The article was too long for a post here, so I thought I would write a smaller preview post to give you the idea I was trying to convey, with a link to how avoiding mortgage loan application mistakes article further down this post.

The idea I was giving is that avoiding mistakes in mortgage loan applications is critical to prevent your loan application from being flagged for further checks that delay you getting your loan approved, put in the too hard basket, or worse, getting your loan application declined.

On the basis that a Mortgage Broker normally offers a fee free service to you [the ultimate lender pays him or her a commission for introducing the loan], and that they can best place and navigate your loan application through the mortgage process with the right lender for your needs, you might be puzzled as to why so many people choose to do it themselves. After all getting a “finance declined” is not the end of a home buyer’s dreams, but it can cause them to lose the home they chose if their finance misses the real estate contracts, deadline clauses.

I have called the post [heres's the link to the full article] Why using a Mortgage Broker can save you these 8 loan application mistakes . I suggest you read it now.
[widget id="ad_unit-4"]Ad Widget: Ad Unit[/widget]
Just to give you a quick run down, the eight most common mistakes that I often discover in a home loan application are:

1. There are too many credit enquiry notations on your credit file.
2. Your loan submission is poorly written.
3. Your proposed home is appraised lower than the agreed purchase price.
4. Your chosen lender says you have insufficient funds, as savings, deposit, or your income level does not qualify you for the loan you seek.
5. You have changed jobs, employers or job status recently.
6. You have no savings history, or an irregular savings pattern.
7. You or your partner have an undisclosed bad credit or poor credit history.
8. You chose the wrong lender and your security is declined.

There are other mistakes that home finance applicants make, so make sure that you have your mortgage broker check your application and understands your needs well, but each of these can be deal breakers in the eyes of the lender. Check the full article here.

About: Rick Adlam: Rick Adlam has been helping clients with home loan finance since 1985 when he was home consultant with AV Jennings. Rick started Equity Home Loans in 1996 to help homeowners become property investors. Rick currently consults in the development of Mr Mortgage for mortgage brokers and HomeMate for new home buyers. Website: http://www.mrmortgage.com.au