Hummingbird Loans Factors You Need To Consider When Applying For A Home Loan
There are a few things you can do before you start applying for a home loan that can make the process a lot quicker and easier for you.
Although every bank is different, and they have their own internal policies and processes, they also operate under some similar guidelines and, apart from a few quirks, will be asking you to supply basically the same information.
Let's look at a basic outline of the things you will need to provide to the bank when you apply for a home hummingbird loans www.tribal loans.com.
Personal history
The bank will want to know not just your name and address but also where you have been living for the past three years. If you have moved around a lot you'll need to have an accurate record of where you were and how long you were at each address. You will also have to supply some forms of identification. This will include driver's licence, passport or birth certificate. If you have photocopies of these with you when you apply it will make things a little easier.
Employment history
You will need to have records of your employment history and this means copies of your PAYG summaries for the last two financial years as well as a copy of your most recent pay slip from your employer. The banks will use this information to determine that you have been in steady employment over a period of time.
If you are self-employed you will need to provide full tax returns and financials for both your company or business and your personal tax returns for the last two financial years plus BAS returns for the current year.
Assets and liabilities
Every bank will have its own way off recording this information but basically what they are looking to see is what you own and what you owe. Assets will include things like houses, cars, shares, superannuation and household contents etc.
Liabilities will include credit cards, existing home or personal loans, HECS debts and any hummingbird loans no credit installment loans direct lender for which you are a guarantor.
Credit History
The bank will be asking you questions when applying for a home loan about your credit history to see whether you have had any problems in the past. This means that if you have failed to make a repayment on a loan, or have had defaults on hummingbird loans native installment loans or court judgements issued against you, they will want an explanation from you. In any case the bank will be doing a credit check on you, and all of these facts will emerge, so if you have had any problems in the past it is best to mention them at the outset.
As you read the above list, it may appear to be a daunting task. But generally you will probably have this information close at hand anyway and be able to package things together fairly quickly. If you have things well organised before you speak to a bank and can provide everything upfront, then it will speed up the process and you will be well on your way to obtaining an approval in the shortest time possible.
Peter Gee Editor- Money Comparison