5 Ways to Prepare for A MortgageBecause everyone gets there.

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3. Reduce your expenses 

The lender will require an outline of your income and expenses. If your expenses equal, or worse exceed, your income, there is no way they can give you the money. When it comes to reducing your expenses, it pays to start with things you could live without. Then look at where you can reduce your necessary expenses such as electricity, gas, phone, internet or other subscription type expenses.

4. Increase your income

Sure, I’ll get right on that. Right? But seriously, it could be as simple as asking. Most people are paid what they asked for or have settled for. If you are a good employee and deliver the result your employer is looking for. What’s the harm in asking? So your mission is increase your income so get out there and request a pay rise, apply for a better paid position within the same company {switching jobs makes it more difficult to borrow money, there are wait times involved} or taking on a paper route {not just for kids!}. The extra amount will make a difference to your overall ‘balance sheet’ with the bank.

5. Clean up your house

If you are refinancing or looking to extend a mortgage, there is a pretty good chance your home will need a valuation, which can be done with anywhere from a couple of days notice to a couple of weeks. Better you do the gardens and lawns {some banks only drive by your house} and give the place a cleanup and clear out now, rather than be rushed later.

While implanting all these things won’t guarantee you get the home loan or mortgage that you hope to get, it will send you in the right direction. If you feel you would like specific financial advice, most financial planners or bank lending managers will do an original consultancy for free to talk these things over. Just keep in mind, there’s no such thing as a free lunch; they have a product to sell.

So good luck! And don’t forget to share your success stories on our Facebook page.

 

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