Preparing for your loan application interview can be daunting, but if you have all of your documents ready and present yourself in a professional manner you should have nothing to worry about. Better yet, talk to a Choice Home Loans mortgage broker today to avoid the hassle completely.
To help you get prepared, Choice Home Loans has put together some tips on how to prepare for the interview.
Make sure you bring the right documents
Home loan application interviews exist so lenders can verify that you are who you say you are, and that you’re in a strong enough financial position to fund your loan repayments. You’ll need to take with you a stack of documents as evidence of your identity, your income and your credit history.
Some lenders will provide you with a ‘what to bring’ checklist prior to your interview, but you should double-check just in case. You don’t want to make two trips because a lender forgot to mention something.
Required documents can include:
statements from your everyday bank account
pay slips and group certificates from your employer
letter of reference from your employer (including your start date, nature of your role and salary)
tax returns or business activity statements (if you are self-employed)
details of your current investment assets, e.g. share portfolios, superannuation or savings accounts
details of any current debt commitments, e.g. credit cards or personal loans.
Taking all relevant documentation with you to the interview will save time and help reduce the need for the lender to chase you for additional details, which can delay the approval process.
Keep in mind that if you take advantage of services offered by a Choice Home Loans mortgage broker, you won’t need to attend a loan application interview at all. Your broker can gather the required documents from you and lodge them on your behalf.
Be honest about any past or current debt
It’s really important to be honest about issues regarding your current debt levels, as these can be easily verified by your lender. If you have a less than stellar credit history, it’s better to be up-front about it.
You might have to deal with slightly higher interest rates for a period of your home loan until you can prove that you’re a reliable borrower, but hiding the truth about your history can result in your home loan application being denied.
Ask the right questions
The interview isn’t just about a lender deciding whether you’re a suitable candidate for a loan. It’s also a good opportunity for you to ask questions so that you can get your head around how the loan will work, and what your financial obligations will be.
You may want to write down some key questions ahead of time, such as what the next steps are for the approval process, how your repayments will work, and who you can contact if there’s a problem with your loan or if you need to change something. Check out our tips on what to ask your mortgage lender here.
Get the right advice
If you’re thinking of applying for a home loan, Choice Home Loans can help take out the hassle. Our experienced brokers will help make the process simple, and you won’t even need to attend an interview with a lender.
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