Imagine getting pre-approval from your lender either over the phone, online or even at your local branch and to find out that once you have made your purchase your loan was not accepted.
Since the advent of the Global Finance Crisis Melbourne Mortgage Broker, What If We Finance has found this is happening more and more.
Almost weekly Melbourne Mortgage Broker What If We Finance feels the pain of stunned borrowers who have received preapproval online or over the phone and do not understand why their loan was not accepted once it went through the bank's full credit process.
While the reasons are many and varied the key causes What If We Finance have found are:
– The borrower miscalculates their actual income. Some lenders will not take into account over-time or casual jobs unless they have received this income for over a two year period. This means your borrowing capacity is reduced.
– Online bank systems may not pick up credit defaults held against your name. Having credit defaults can significantly reduce chances of your loan acceptance
– The purchased property falls outside the lenders policy which changes very often
– Self employed applicants may not be accepted because they have not had their ABN registered for a minimum of two years and or registered for GST.
– Self employed applicants are generally assessed on the average of two years income and not the current year. Therefore, inaccurate reporting of income may lead to lower borrowing capacity
What If We Finance advises that you use a Mortgage Broker to obtain your pre-approval. A Mortgage Broker will recommend the appropriate lender and ensure your pre-approval goes through the entire lending process. Once assessed, you will get a genuine pre-approval that lasts in 3 to 6 months.
Forget about the instant online, or over the phone pre-approval they are not worth the paper. Contact your Mortgage Broker What If We Finance to avoid disappointment today.
Leading Melbourne Mortgage Broker What If We Finance can provide a Deposit Bond to assist you. To find out more about Home Loans and Deposit Bonds please contact What If We Finance today.