Posted by admin on Aug 24, 2017

What to Do Before Applying for a Home Loan

Once you’ve selected a house you want to buy, it might be a problem if you realise that you don’t have the financial capabilities to fully settle the payment right away. Therefore, it would be better to apply for a home loan so you can pay for the house on an instalment basis. Before you apply for one, you must do a lot of important things.

Settle Outstanding Debts

There’s a slim chance your loan will get approved if you have a lot of outstanding debts. Therefore, before applying, you must settle all of them. This also includes all your credit card debts.

Save Money

One thing you’re going to have to do when applying for a home loan is to make a down payment. If you can pay a large amount up front, you’ll avoid paying insurance and will have smaller monthly payments. Therefore, it’s important to save as much money as you can before applying for a loan. One good idea would be to set aside a portion of your monthly salary.

Hire a Mortgage Broker

The job of the mortgage broker is to ensure you get the best home loan. It may come at a price, but it will surely help you with your current financial status. You can expect the professional broker to sit down with you to analyse your current financial status before he or she can make a proper recommendation. You can also expect him or her to give you full attention. This is why going to a mortgage broker is better than going to a bank.

To get the best mortgage broker, contact only the professionals. Inevox is an Adelaide based home loan broker. They’re a company that’s helped many Adelaide residents live in their dream home. Aside from applying for a home loan, they also offer other services such as helping in refinancing and the first home owner’s grant. They’re fully accredited by the FBAA to give you the best advice you’ll ever receive. Best of all, their office is located just outside the city with spacious parking.

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