7 Tips For Getting Your Mortgage Application Approved

7 Tips For Getting Your Mortgage Application Approved

A mortgage requires work – though the end result of owning your own property is very much worth it. Here are some tips for getting an application approved.

  1. Save A Huge Deposit Possible

Most mortgage providers will give lowest interest rates to people who have large deposits. Thus, a majority of the top deals are limited to buyers that can present 35% – 45% of their property’s value and those that manage only 10% paying higher rates.

In short, do your best to save as much deposit as you can. Consider getting some assistance form ‘Help to Buy ISA‘ if you are a first-time buyer. You can find out more about this here.

  1. Know Your Credit Score

As is with any loan, you need a good credit score to land the best deals, and the same applies to mortgages. So, you should check with the credit monitoring channel and get a copy of your credit score before you apply for a mortgage.

In so doing, you will be able to evade those unpleasant surprises that tend to pop up, plus you will note any issues or inaccuracies that need correcting before making your application. If your score is poor, then consider Money Expert guarantor loans.

  1. Get Your Documents In Order

Every mortgage lender will need you to show proof of who you are before doing any business with you. Therefore, the information on your driving license, ID, and passport should be correct and up to date.

You may have to present other documents such as a letter from your bank or your utility bill that will confirm your address. If you are employed, then your P60s dating two years back and payslips, as well as bank statements dating at least three months back, can also better your chances of having our mortgage application approved.

You can access your HR and accounts departments to give you duplicates of these documents. You also should ensure that the documents you present also state any other financial sources such as Child Benefits or work bonuses.

  1. Avoid Unfamiliar Properties

Every creditor likes knowing that they will get their money back should the borrower default on making repayments. It is such an ambition that makes them wary of lending against properties that are unfamiliar or unusual thus proving harder to accept.

For instance, residential houses atop bars and cafes or even odd buildings, as well as those not built to code in terms of materials and construction standards, are examples of properties that fall under this category.

  1. Show Proof Of Self-Employed Earnings

If you are self-employed, you can ease the nerves of the mortgage lenders by providing enough evidence of our income venture and show your earnings. You will need to present details of your full accounts dating the last three years or a SA302 form dating at least three years from HMRC.

  1. Settle Unsecured Debts And Close Dormant Accounts

Before they accept you as a customer, most mortgage lenders will first assess the total amount of credit that you can qualify to get and how much debt you have.

Therefore, close all dormant accounts and make sure you have settled all debts before you fill the mortgage application. It will help increase your credibility in the eyes of the mortgage lenders, showing that you can honor the repayments.

  1. Join The Electoral Roll And Update Your Address

Many mortgage lenders use the electoral roll to verify the identity of their customers. You will lower the chances of your mortgage application being turned down if you register on the electoral roll using your current address.

You can make this easier by sign up online or contact your local authority requesting a registration form. Your address at the credit agencies should be up-to-date so that you avoid any inconveniences.

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If we see from business’s perspective, those long decision-making days are totally killing. Real estate brokers and firms put of much efforts to close a deal that each day wait is nothing less than torture. However, they can actually speed up the closing process by automating the sales process. Automation of few tasks like lead generation and lead management, reply the buyers’ queries promptly and timely and track the progress of each lead will help them to leverage the sales process and close a deal far earlier than ever before. To know more how to achieve this, keep on reading. Easy lead management means faster deal closing Lead is what you need to witness success. Real estate is one such industry where lead conversation ratio is very low. The reason being is a lot of people inquire but only a handful of buys. With such a low conversion ratio, no real estate business can afford to lose a single lead. Plus, managing so many leads is also very tough. Your representatives will find it difficult to sort them out based on their interests and needs. Once you automate the lead management process, you can easily save all the data over a single place. You can quickly create a new lead, keep them posted about your deals and offers, and add customized activities with respective leads. One more thing here to notice is that there is a need to go a lot of regress follow-up in the real estate industry. You need to contact your leads again and again. With automation of sales process using CRM software, you will be able to update the follow-up details, set next follow-up date, import and export any other details related to the leads and add custom fields to them. When you are able to get all the details related to a particular lead, chances are high that you will do the right pitching and convert them into business. So, easy lead management simply indicates that you will speed up deal closing process. Simplified operations Real estate is one such industry where operations are pretty complex. Regress follow-up, huge negotiation, long client face-time, and various paperwork are some of the operations that are highly labor intensive and complex in nature. With such complex operations, it is often found that real estate agents stay engaged in all these tasks most of the time and loss focus from lead conversion. Henceforth, they witness slow, or no closing of deals. However, automation of all these tasks helps the real estate industry to set their representatives free from all these customary and tedious tasks and allow them to focus their primary function i.e. to close a deal. Better communication Though communication is one of the most important components of every business, its importance increases by manifolds in the real estate industry. You need to be in constant touch with your prospective clients regarding their concerns, requirements, and needs. If there is a loophole in your real estate business communication then chances are bleak that you will enjoy a high number of a closed deal. Email is one of the most prominent ways to do business communication. Businesses prefer to comminute via email rather than phone as it is easy, quick and act as a proof communication has happened. Email automation helps a real estate industry to send bulk emails, set reminders to send a particular email to a particle client, sync all the contacts with the email and send automatic follow-up reminders to the agents. When you have such an advanced level of communication, your agents are going to close a deal easily, promptly and profitability than ever before. Great sale support system to the clients and the team If you want to witness a surge in your deal closing number then it is very important that you provide a great support sales support system for your sales team as well as to the customers. In the wake of technology, the AI has taken a new name and it is “Sales Bots”. A product of high-end integration, sales-bots are there to nurture your leads, remind the clients and the sales team about the pending deal, alerts the salespeople about every new lead, automatically create the follow-up task sequence and notify the prospective clients about the on-going discounts on their pending deals. Even sales-bots are so efficient that they create automatic deal of existing customers and notify them in prior. When your sales team and customer get such an extensive support system, closing a deal is easy as hassle-free. There is no second opinion that the real estate industry requires some extra efforts to generate revenue. However, a simple step of automation of the sales process makes a huge difference in all aspects. So, automate the sales process and take your real-estate business at new heights.
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