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Zhi Finance » Seven suggestions to help you buy your first suite!

Seven suggestions to help you buy your first suite!

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Buying the first suite is exciting, exciting, and unsettling. Your house will be a place for you to have children, a place to establish lifelong friendship with others, and may also be the cornerstone of your financial stability. Waiting for the loan security officer to approve the loan will make you worried for several weeks.

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The following suggestions will help you quickly and successfully obtain housing loan approval.

  • 1. Save money to pay the down payment. You can’t pay most mortgages with a down payment. Some people can’t even accept gifts. Parents often take the initiative to lend money to adult children to pay the down payment. This approach also has uncertainties. If your parents are really willing to help, you can consider moving back to your parents for a year and paying the down payment with the rent saved. Generally, in order to qualify for mortgage loans, you need to raise 7% of the purchase price, including transaction costs and post transaction reserves. Get the details from the loan manager.
  • 2. Accumulate credit. Before considering buying a house, you should try to establish a good credit record. You don’t need to borrow a lot of money to prove your credit. You may have a record of paying rent or utilities on time (if you didn’t pay on time before, you will start on time today!). Pay everyone on time for everything. If you can’t do it, don’t buy a house with a loan.
  • 3. Sell your car. If you are paying off your car loan, you can consider selling your car to reduce your debt. If you can, buy a car with cash. If your car loan is almost enough, you won’t have to spend so much time. That is to say, it takes less than a year from the time you submit the loan application to the time you pay off the car loan, so you can continue to pay the loan step by step without doing anything else. The mortgage guarantor will ignore the car loan, and now we just need to consider the problem of driving long enough after paying off the car loan (my wife and I sold our old car, bought an old car, and drove for 18 months to make us eligible for a mortgage loan to buy a house).
  • 4. Pay off consumer debt. Minimize all your debts. During the period when you save money to pay the down payment, it is not easy to reduce debt, but consumer debt will be extremely unfavorable to you before and after you buy a house. Clean up consumer debt.
  • 5. Merge and extend the remaining debts. This is not a substitute for the above steps. You still have to clear up your debts as much as possible. Once the debt is reduced to a minimum and within control, you look for opportunities to consolidate and extend the remaining debt to minimize amortization. You need to complete this task at least 90 days before you can find a listing. The submission of a credit application during the submission of the loan application form is very detrimental to the approval of the loan.
  • 6. Before searching the listings, “meet the standard in advance”. Different lenders provide diversified assistance in various names to help you judge your loan amount. No matter what the form, this free consultation can help you estimate the loan you can afford. Make sure your lender has reviewed your credit report at this stage, so that both parties can know whether there is any problem with the mortgage approval before you start to apply for the mortgage.
  • 7. Provide information and do not conceal it. It is almost impossible to conceal financial information from the guarantor. With one click of the mouse, all your past life can be presented. If you have any financial problems in the past seven years, please disclose them as soon as possible, explain the whole story and explain how to avoid the repetition of history. Guarantors – loan managers who are not in direct contact with you – will make loan decisions and they will ask for various information. Even loan managers may not understand why such information is needed. If you want the loan to be approved as soon as possible, provide this information as soon as possible.

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Follow the above basic steps to get ready to buy a house and create a happy life for you and your family.