Tips for those looking to apply for home loans

Before selecting the property for sale in Benoni that you wish to call home, you may want to make sure that you are fully prepared for your home loan application, to prevent having to walk away disappointed.

This process can be a little daunting, especially if you are a first-time buyer, and often you may turn to a third party or even your estate agents to assist.

However, the process is a little easier once you understand what the banks are looking at, and how you can improve your chances or securing the loan.

Your first stop should be considering your affordability. There is often a gap between your dream home, and the one that you can afford right now.

It is important to understand that banks will assess your finances and only approve an amount that you would be able to afford once all of your monthly expenses are deducted. You could increase your affordability by paying a larger deposit, or even applying with a family member or spouse.

Work on your credit score. Many people don’t realise that they have access to a free credit report once a year. This report showcases how well you have handled your accounts and is taken into consideration by the banks. Should there be some issues, checking your report will allow you to correct the problems and will improve your chances of getting the home loan.

Be aware of listed expenses. When your expenses are declared, you need to look out for any duplication, such as amounts added for groceries or petrol when the credit card you use is already considered as one of the expenses.

These are just a few tips that could assist in smoothing the application process and help you land the perfect home.