Going through the process of applying for a home loan can be information overload. However, as it’s probably going to be the biggest financial commitment of your life, it’s worth taking the time and effort to make sure you understand exactly what you’re signing up for.
If you’re booked in for a loan interview and wondering what you need to know, here’s a few tips to help guide you through the process.
It might sound obvious, but getting your paperwork in order is one of the best ways to make your loan interview as useful and informative as possible. Lenders may supply you with a ‘what to bring’ form which will tell you what to bring along to the interview.
Try to make sure you have everything listed that’s relevant to you. Not having the correct paperwork means your lender will need to spend time chasing up what’s missing, time which could be spent explaining your loan and the application process.
If there’s something you don’t understand on the checklist, call your loan consultant before the interview. It’ll save you time in the long run.
It’s important to do your homework and be fully aware of the financial situation you’re in. Having a good idea what you earn, what your commitments are and how you’ll meet repayments puts you on the front foot and saves time at interview. Be aware that for your lender to be as accurate and up-to-date as possible about what they can lend you, they’ll be relying on you to provide the most accurate and up-to-date information.
Ask and you will receive
Wondering what to ask at your loan interview? It’s a good idea to ask as many questions as you can think about to do with:
How your loan will work
How the loan approval process works
How repayments will work
Who you can talk to if you have a problem
What fees and charges might apply
What you need to do next and how long it will take.
Keeping focused on your loan and the application process will give you more time to ask your loan consultant – who should be an expert on it – how it all works.
If you have questions about the home buying or building process, you can ask those too – but there’s plenty of other sources of information, so if you can spend the majority of your time talking about your loan, you’ll be well on the way to getting started.