Just when you thought your family can move to a new home, you find out you’re short on finances. If this is your situation, fear not because you can pay for it on an installment basis. Here are some commonly asked questions about this type of loan.
Who’s Eligible for a Home Loan?
Each lender has their own requirements and you must meet them to qualify. Of course, the most common rule they have is you must be at least 18 years old. You need to present a valid ID like a driver’s license or any government ID to prove you’re of legal age. Most lenders need you to present your most recent pay slip.
What is Pre-approval?
A pre-approval can be made based on your financial status. It will be determined by several factors and those are dependent on the lender.
Would it be a Great Idea to Hire a Mortgage Broker?
The next thing you’ll do in the home loans process is to look for a lending institution with the best rate. It’s a time-consuming process since you’ll need to go to different banks and lending companies to compare interest rates. It would be a lot better to hire a mortgage broker as they’re already connected with several lenders. They’ll analyse your financial situation and present you with the best option.
If you are looking for help, choose Switch Now Home Loans. They’ll give the best professional advice you’ll ever receive. They have over a decade of experience in the industry, so you can be confident with their abilities. They’re also flexible when it comes to setting an appointment. They know you have a busy schedule so they let you set the time. They’ll also come to a place that’s convenient for you.