Truemag

  • Business
    • Law
    • SEO
  • Tech
    • Cars & Bikes
  • Movies n Fun
  • Food & Health
  • General
    • Fashion
    • Home Improvement
    • Travel
  • Home
  • Contact
Home Things To Do Before Applying For A Home Loan

Things To Do Before Applying For A Home Loan

A famous writer once said, a house is made of bricks and beams, but a home is built with love and dreams. Without doubt, you wouldn’t compromise on your dream home. But at times, one of the things that comes in the way of you and your home, is a home loan. To help you out after you plan to apply for a loan, here is a checklist of things you could do.

Things To Do Before Applying For A Home Loan

 

  1. Check your debt to income ratio: Ensure that you know how much you will be paying off every month versus the money you make. It makes little sense to bite off more than you can chew with respect to your debt to income ratio.
  2. Stick to your current job: Before you qualify yourself for a loan, the bank would want to see how long you’ve been working with an employer for. Thus, even if you’re planning to quit your current employer, stick to that job for a few more months until the process of the loan is in place. Moreover, it is preferable to be in your present job for six months or more before you apply for a home loan.
  3. Try and reduce other debts: In case you have other outstanding loans, try to clear them off first, and then look out for a loan. A lender would want to ensure than you do not have other debts, because that means that there is a chance that you may be the type of person who cannot handle your money responsibly.
  4. Prep your proof of income: A lender will ask you for a proof of your earnings. Therefore, start preparing for your income proof which you get from your employer at the end of the year. That will show a summary of your earnings, as well as the tax deductions. You could also keep your bank statements handy, if the lender needs those too.
  5. Avoid co-signing a loan: If you are trying to buy a home for yourself using a home loan, try not to co-sign a loan for a family member, etc. If the borrower is not able to pay off the debt on time, it may affect the process of you qualifying for a home loan.
  6. Buy a home with another person: If this person has a higher income than you, then you could apply for the home loan But remember that this is a massive commitment, so it’s best to discuss with this person before you make any decision.
  7. Make bill payments on time: To ensure that the application process goes on without a glitch, pay off all your bills on time so that it does not become a reason for the lender to not provide you with the loan.

Buying a new house is an enormous decision, and if you follow the checklist given above, it will surely help you get your home loan in a rather easy fashion.

Feb 6, 2017Justin J
Share this:
    Double Glazing Repair Agency- How To Hire The BestA Brief Introduction To The Well-known Internist from New Jersey
    You Might Also Like
     
    Smart Decisions On The Parcel Sending Now
     
    Your Guide To Buying The Perfect Nappy Bag
    Like Us
    0
    GooglePlus
    0
    Facebook
    0
    Digg
    0
    Delicious
    0
    Stumbleupon
    0
    Linkedin
    0
    Pinterest
    • Facebook
    • LinkedIn
    • StumbleUpon
    Recent
    Personal Investment: How to Make Your Money Work For You
    Personal Investment: How to Make Your Money Work For You
    How to Use CBD to Better Your Workout Routine
    How to Use CBD to Better Your Workout Routine
    How Farmers Manage Their Business Expenses
    How Farmers Manage Their Business Expenses
    Caring For Your Generator So It Will Work When You Need It Most
    Caring For Your Generator So It Will Work When You Need It Most
    Equipment to Invest In For Your Duck Hunting Trips
    Equipment to Invest In For Your Duck Hunting Trips
    4 Repairs to Make Before Staging Your Home to Sell
    4 Repairs to Make Before Staging Your Home to Sell
    How Top Companies Are Relating to Gen-Z Through Social Media
    How Top Companies Are Relating to Gen-Z Through Social Media
    Tags
    LawHealthBusinesslawyerAttorneylegalHome Improvementbusiness managementworkcar maintenancehomerooffashionreal estateRoofingfamily lawInterior designBusiness Lawcloud computingTechnologyHealthcarepersonal injury attorneydivorce attorneySoftwareSEO ServicesMoving Companieshome maintenanceskin careSocial mediatechhome remodelingused porsche partsmakeupfoodmattressmobile apperosion controlauto accidentRoof RepairWeight LossMarketingmanufacturingHome Carecar accident attorneycar accident
    Archives
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
    • December 2016
    • November 2016
    • October 2016
    • September 2016
    • August 2016
    • July 2016
    • June 2016
    • May 2016
    • April 2016
    • March 2016
    • February 2016
    • January 2016
    • December 2015
    • November 2015
    • October 2015
    • September 2015
    • August 2015
    • July 2015
    • June 2015
    • May 2015
    • April 2015
    • March 2015
    • February 2015
    • January 2015
    • December 2014
    • November 2014
    • September 2014
    • August 2014
    • July 2014
    Categories
    • Business
    • Cars & Bikes
    • Fashion
    • Food & Health
    • General
    • Home Improvement
    • Law
    • Movies n Fun
    • SEO
    • Tech
    • Travel
    February 2021
    M T W T F S S
    « Jan    
    1234567
    891011121314
    15161718192021
    22232425262728
    2014 © MacuhoWeb.org