The most exciting thing about getting a new mortgage is moving into a new home. What’s less exciting is the actual move itself. With these tips we can’t promise you it will be fun, but they should make things a lot easier. The key is planning ahead, having a strategy and using a few tricks.
When you’re looking for a new home loan, the question is not, ‘How much can I borrow?’ Instead you should be asking, ‘How much can I afford to repay?’ This key factor is one of the ways lenders work out the size of your loan, and it’s called ‘serviceability.’
The way banks assess you and a loan application have changed in recent years. A credit score is now something they look at as an indicator of your ability to service a loan. By following a few simple tips and getting into good habits, you can improve your score and your chances of securing that loan.