5 First Time Buyers Tips: How Get Your Mortgage Application Approved *

AD | Buying a home for the first time can be an exciting but also daunting prospect. Knowing what you need to get together before you make your mortgage application is key. You’ll also need to be realistic in terms of what you can afford to borrow and repay over time. That’s why getting advice and help from an expert mortgage advisor or broker can be invaluable in helping you get your mortgage application approved quickly, the first time you apply.

How to Get Your Mortgage Application Approved – What Do Mortgage Lenders Look For?

Mortgage lenders are responsible for evaluating potential borrowers and determining whether they’re qualified to receive a loan. They’ll take into account a variety of factors, such as the borrower’s credit score, income, debt-to-income ratio, and savings. Here are some tips to help you streamline your mortgage application, potentially avoiding delays and stress, as well as increased solicitors fees and other expenses.

Know What You Can Afford

One of the most common reasons for a mortgage rejection is attempting to borrow more than you can afford. Mortgage lenders will look at your income to determine if they feel you can afford the repayments for the loan you’re requesting, so you need to be realistic before you apply. You should also factor in how your income may change in the future, to ensure that the loan you’re taking out won’t become too difficult to manage. You may need to consider emergency funds and additional savings, or perhaps look at other ways to generate some extra income.

Check Your Credit Score and Improve it Before Applying

Credit scores are an important factor in determining whether you’ll be approved for a loan. Some of the factors that affect your credit score include your payment history, amount of debt, length of time accounts have been open, and types of accounts. Checking your own credit score can help you understand where you stand financially, and give you a chance to take any necessary steps to improve things before trying to get your mortgage application approved.

Look At Getting An Architects Certificate

An architects certificate is a cost-effective way to show your mortgage lender that the property you’re buying is sound. It also offers protection against structural defects in the building and confirms that, on visual inspection, the property has been built in accordance with the approved plans and building regulations. Choose a professional company to do your architects certificate like the experts over at Buildsafe. Having one of these certificates can give you and your lender the confidence that the property you’re buying is well-made and a good investment.

Get A Mortgage In Principle

A mortgage in principle is an agreement from a lender that they’re willing to lend a set sum based on your current financial position. You’ll still need to make a full mortgage application when you find a property, but the mortgage in principle can be invaluable to help you apply and get approval for a home loan more quickly and easily.

Find A Mortgage Broker

A mortgage broker can be a real help to anyone looking for property. They’ll be able to go through your financial history with you and give you advice on the lenders, mortgage rates, and house prices that are in your range. They’ll also be able to help you get all the documentation you need together before you approach a lender. Many people find the benefits far outweigh the costs of hiring a mortgage broker, and they can be an excellent way to avoid rejection and get your mortgage application approved quickly.

Preparation is Key

Applying for a mortgage can be a stressful time, but the rewards are well worth it. It’s vital to prepare thoroughly from the outset though. Once you know exactly how much you can afford to borrow, and you have all your financial information in order, it will be a lot easier. Whether you test the waters with a mortgage in principle, or get the help of a mortgage broker to walk you through the process, getting your mortgage approved the first time you apply is a great start to the exciting journey into owning your first home.

* This is a collaborative post – please see my Disclaimer.