There are a lot of important life decisions that we are not aware of until we are put into a situation where action and knowledge is required. Getting a house is something like that. There is a lot of paperwork and other details that go behind being able to get a house of your own, and a lot of people are not aware of it, which is why they end up getting their mortgage loan application rejected when they finally apply for it. The best thing you can do before visiting a broker and applying for a house loan is to make sure you have all the necessary information first.
Now, you can choose to get your loan from either a bank or a non-bank lender. A bank will offer more security and structure, while a non-bank lender will have better packages, more flexibility and a less strict criteria. In case you happen to be looking for a non-bank lender, you can visit https://www.maximagroup.com.au.
While non-bank lenders will have a comparatively less strict eligibility criteria compared to banks, they still require you to provide certain documentations like proof of your monthly income, your credit score and history, cases of previous loans, any past rejected loans, debts and so on.
Of course during this scrutiny period, you need to be careful about a lot of things like maintaining a good credit score, making sure that you have enough money for at least 10% of your down payment and then having at least 2 months’ worth of mortgage payments in your savings as a security blanket and so on. You also need to make sure that you don’t have any debts during this period and that everything is paid off on time. You also need to avoid applying for new credit during this period since it can look suspicious to the lenders and would require explanation.