Avoiding some of the most common mortgage traps is easier than you might think. If you’re a home loan seeker, there are a few ways you can minimise house-hunting hassles.
Start saving for a deposit as soon as possible, says Rockhampton Aussie’s Michelle Ryan. Don’t wait until you apply for a mortgage before setting savings goals.
Lenders look for stability from potential customers. Holding down a job in the same place and avoiding too much moving around can work in your favour when it comes to seeking finance.
Maintain a good credit history by making regular repayments on existing loans and credit cards. Banks may look back on several years of credit history when considering an application.
Always inform your lender if you are struggling to meet the repayments or have to miss a payment. Whilst there are generally fees for missed payments, it is better to make the lender aware of your situation; they may be able to offer a solution to temporary financial difficulties, such as a hardship repayment schedule.
Source: http://www.gladstoneobserver.com.au/news/lighten-your-mortgage-load/1896189/
