Common Issues To Avoid When Applying For A Home Loan

When on the journey to applying for a home loan, there are common issues that  have been identified and can be avoided in order to improve your chances to getting pre qualified and securing favourable loans.

Our in house bond originator, Cheyenne Pillay, offers expert insights on the home loan application process.

1. Avoid Pay Day Loans

Despite being a relief in financially constrainting circumstances, payday loans often carry interest rates and fees that are highter than almost any other type of loan, making them a very expensive solution.

Cheyenne also makes mention of the fact that to a bank payday loans show that you can't live off your salary, making them less likely to provide with lending. She suggests aiming to live in the means of your salary and cut down on unneccessary expenses.

2. Avoid Missing Payments

A missing payment can show up on your credit bureau for up to two years. A missed payment shows a bad reflection on that you can't pay on what you currently owe and banks will be reluctant to lend.

Cheyenne suggests keeping your accounts to a minimum, with only the necessary accounts open and be on time with the payments, or if you have the means, pay extra which will show better behaviour and standing with the banks.

Whether you are a new or existing client, Cheyenne's knowledge will empower you to make informed decisions and navigate the process with confidence.

Don't miss out on her expert advice! Tap into her expertise and gain a competitive advantage in securing your dream home.

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If you would like to start your journey to securing your dream home or to getting pre-qualified for a home loan, fill in the form to see if you qualify and how much you qualify for and let's partner together.

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