Mortgage applications do get declined and if you do not want this to happen to you the first thing on your to do list is to hire Mortgage Broker Lincoln. It is essential to increase your chances of getting the loan and Mortgage Advisor Lincoln will help you do that.
The most common reasons for declined mortgage applications are poor credit history, too many credit applications, too much debt, administration errors, not enough income and a small deposit. When you hire Mortgage Broker Lincoln the first thing he will tell you is to check your credit file. It is essential to verify that the information available is accurate and if not you should take the necessary measures to correct it. If you have too many credit applications you look desperate and it is not recommended to repeatedly apply for credit. Do not take any credit deals three to six months before you apply for a mortgage.
If you do not earn enough it is best to apply for a smaller mortgage or figure out with your Mortgage Broker Lincoln how much you can afford to borrow. Most people do not know that three out of four borrowers are accepted. This means that you need all the help you can get before you apply for a mortgage. It is important to be able to prove that you have a steady income and to prove that you have work secured for the future. Independent brokers specialize in mortgages and they have access to a huge selection of lenders. Furthermore, they know what lenders require and they will make sure you qualify before you apply for a mortgage.
Before they approve the loan, the lenders must assess the level of monthly payments you can afford. This is done based on the information you offer about your living expenses and your income. Another important aspect is your ability to repay the mortgage. Will you be able to pay your mortgage should the interest rate rise? Will the possible changes to your lifestyle affect your ability to pay your loan? Your Mortgage Advisor Lincoln will tell you what the lender takes into account when he decides whether you qualify for the mortgage loan or not.
The first things that will be verified by your lender are your basic income, income from other sources such as pension or investments, any other earnings you have. For that you will have to provide pay slips and bank statements. Next, your lender will check out your outgoings and he will ask for estimates of your living costs. Future changes that might impact your financial situation will also be taken into consideration. Your Mortgage Advisor Lincoln will teach you how to prepare for your mortgage application so that you do not have any unpleasant surprises.
It is wise to hire Mortgage Broker Lincoln ( http://lincolnmoneyman.com ) before you apply for a mortgage. Our Mortgage Advisor Lincoln ( http://lincolnmoneyman.com ) is here to assist you and to guide you through this process.