Applying for a loan is crucial to getting started on the home ownership journey. To get the loan, you’ll need to meet with a lender who’ll assess your eligibility. The better prepared you are for this loan interview, the smoother the process will be. Here are three tips to get started.
1. Have your paper work ready
– typical requirements include:
2. Prepare some questions
Personal identification (passport/drivers license)
Lender’s application form – fill it out beforehand
Income history – payslips, most recent Payment Summary
Financial commitments (credit cards, personal loans etc)
Rental history (lease agreement, receipts)
Banks statements – for at least the last 3 months
– read through all the application forms carefully. If anything is unclear, take note and ask during the interview. Remember, there’s no such thing as a stupid question. You’re about to make a huge financial commitment, so you have a right to be clear about everything to do with your loan.
3. Read through the checklist
– at HomeStart
, we provide you with a checklist of what to bring to the interview before you meet with us. It’s important to read it through and make sure you have everything you need. One missed piece of information could delay the whole application process, so it’s worth the extra effort.