Begin by looking for a home to buy

The start off pint should be the home you intend to buy. Look for a home and decide on the amount to get things right before you get to a home loan officer or mortgagor. If this is your first home to buy or this is the first time you are applying for a home loan, you must commit to memory that the first loan is always the most difficult to be approved. This is because the creditor must make all possible investigations of your aptitude to repay the loan. Take note that it is always feasible for creditors to lend money to someone who has had a loan at least once, and who has reasonably and positively shown evidence of repayment.

Be positive in your attitude

Always be ready to accept the worst. Create a power of positive thinking, not that a home loan will be rejected, but that its approval will be stayed. Be conversant with the fact that a rejection is not the sole and finale judgment on your application, but a diversion to another creditor. Remember that most loan applications are not always rejected because they know you will not repay, but because of certain administrative or procedural inaccuracies. The home loan officer will surely give a reason for rejection and you will use this to compile a stronger application in the future.

Create a reliable proof of stable employment or job security

You might be having no other recourse to; else you would have resorted to that source. As a consequence, your present employment may be the only way out. If you are using your job a guarantee, be prepared to show some evidence of a stable employment on the same job for about one or two years minimum. Where this is impossible, you must be prepared to give reasonable explanation to it. Keep in mind that a home loan officer is not asking this to intrude into your privacy or to determine how reliable you are. A home loan officer is also there to aid you in determining how feasible is it that the debt can easily be repaid.

Also create a regular saving model

What a home loan officer will provide will be a constant repayment scheme in the case of your loan being approved. An advantage to this is the fact that a home loan officer will want to see evidence that you can conveniently save to a certain extent. This must not also weigh considerably on your living pattern. A constant saving model will reasonably convince him of not only your ability to pay, but your consistency in the repayment of that loan.

By : Alan Lim