Once you have a proper job and are beginning to consider the idea of settling down, you know that you will want to provide yourself and your future family a comfortable and stable place where they can end up spending their lives. Now this is not possible if you happen to be renting places and living in apartments.
So, you will want to buy a house of your own. However, ever since the housing crisis, a lot of mortgage lenders, both banks and non-bank lenders have tightened their policies, making it a little difficult to be able to apply for house loans. So, if you want to be able to have a strong request in your loan application, you need to make sure that you file the following items.
- You need to give in a statement of your monthly income so that they can calculate how much you are able to afford when it comes to paying their mortgage rate. As a rule of thumb, your lender will require upto 2 weeks of your pay stub as a part of their monthly payment. So, collecting money for that beforehand as a security measure is strongly recommended.
- You will be giving in your credit report to them as well, a minimum credit score to meet the normal criteria is a minimum of 680, while a score at 700 or above is preferred. From there they will check your credit history as well.
- You need to have enough money in your bank to make the down payment as well. Most lenders require a minimum down payment of 10% of the house’s price.
Of course you can find non-lenders that will provide you with better packages and incentives as well, and in case you happen to be interested, you can visit https://www.maximagroup.com.au/ for their policies.