After this 30 minute Home Loan Boot Camp you should be able to understand three key aspects of the home loan application process. Specifically:
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Home Loan Boot Camp – Background
Banks are in the business of lending money and in short, lenders want to know if home loan borrowers are good for it—will they pay it back?
My Home Loan Boot Camp is a sweat-free way to understand and bring into line important aspects of your financial picture.
Of the many aspects to a home loan application, I highlight three key lender tests you can get across before applying for a home loan. No need to wait. You can do these now.
Read three free articles – that’s it.
Get what you need from them.
Here they are.
Is the Home Loan Boot Camp worth it?
Getting financially fit starts with taking ownership of your own financial position.
My Home Loan Boot Camp is free, so the real question is—do you have a spare 30 minutes?
By understanding different areas of your personal financial profile, you can address any areas of weakness a lender could consider in a home loan application.
When it comes to applying for a home loan, you can do a lot ahead of time. The more clarity and strength you can offer around your financial profile, the less obstacles in the way of a home loan approval.
You do not need to wait until a bank tells you whether your home loan is approved or declined.
Boot camps are about work first—then results. This one is exertion-free.
The Home Loan Boot Camp does not replace the many aspects to a home loan approval an expert, like a mortgage broker, can advise on.
Consult a professional. It is never to early to meet with a mortgage broker.
So, you have a couple of options:
Wait until your financial position is assessed by a lender to get told how strong or weak it is;
or
Understand and prepare for what can impact a home loan assessment decision.
The Home Loan Boot Camp outlines three essential lender tests that can impact a home loan application. I have based these on my experience in mortgage broking. These are:
These articles highlight how some everyday decisions can positively or negatively impact the quality of a home loan application—and a potential home loan approval.
In my experience, a successful home loan approval process need preparation. The Home Loan Boot Camp gives you a start. There will likely be more information needed when it comes time to apply for a home loan, especially when your specific circumstances are considered by a lender or mortgage broker.
Home Loan Boot Camp – Learn
Credit Score
- 10 minute read
- See what impacts your credit score
- Find out your credit score for free
When you apply for a home loan your credit score can give the lender an indication of “how good a borrower” you might be. A good credit score suggests to a lender that you can pay your home loan repayments, on time, every time.
When you get your credit score you should see where your credit score sits on a good to “not so good” spectrum. A good credit score means your credit rating is in pretty good shape which a lender should consider positively.
If it is good – keep up your good money behaviours and maintain it.
If it needs some work – then you could go about improving and fixing it up where possible. The sooner you can do this, the sooner you begin demonstrating good credit behaviour and hopefully improve your credit score.
My article explores how your credit score can impact a home loan approval
Order your Credit Score for free here
Living Expenses
- 10 minute read
- What makes up your living expenses
- What should you tell the bank?
Did you know lenders usually ask for a declaration of living expenses as part of the home loan approval process?
Do you know how much you spend?
Nope?
Incorrect living expense declarations can lead to a declined home loan application.
In my experience most borrowers initially understate their living expenses.
Why wait for a home loan application process to get across living expenses when you can do this now?
Here are three reasons to better understand your living expenses:
- Ensure you do not borrow too much and end up under financial pressure.
- Identify and reduce unnecessary expenses
- Project savings more accurately
It doesn’t take long to understand your living expenses. Some banks already summarise this for you.
If you hold accounts across a few banks, there are many apps that can bring your accounts together in one place.
My article on explains what you should tell the bank about your living expenses
Documents Checklist
- 10 minute read
- What documents do I need for a home loan?
- Can you find the ones you might need?
Lenders usually need to see certain documents to confirm your financial position as it relates to a home loan application.
Some borrowers can be quite unprepared and if you cannot locate the documents your needed for a home loan, it could hamper the home loan approval process.
I have provided a home loan document checklist to see if you can get your hands on important financial information often asked for in the home loan application process.
This is for you. Not the bank.
No need to pull them together now.
Just identify most documents needed for a home loan, know where you can find them, and see if they are up to date. If you need to bring them into order, then you can start now.
Meeting your lender or mortgage broker can refine the specific documents needed for your circumstances.
My article shares a typical home loan documents checklist
Home Loan Boot Camp – Start
The Home Loan Boot Camp should give you some financial clarity without raising a sweat.
If any areas of your finances need work, then you can make a start. The Home Loan Boot Camp does not replace the need to meet with a lender or mortgage broker. They should take your personal circumstances on board when mapping out your home loan application process.
There are three key areas I think should be understood before applying for a home loan:
Getting ready for a home loan application can start with a move in the right direction. That can be understanding your financial profile and how you can impact a future home loan application—positively.