Loan Disbursal – Points keep in knowledge before buying a property:
Credit score: Your credit score is one of the major role in what your loan terms will be. Know your score before you ever try to get a loan, and take the time to it if it is lower than 700. A good score which leads to a low interest.
Pre-approved Loan: Pre-approval means you should be able to get the loan as long as nothing changes about your financial situation or your credit score. A pre-approval letter helps when you want to compete with another buyer for a home you like.
Affect financial situation: pre-approval is based on the information given at the time of your application. Any changes, like getting a different job or taking out a car loan & the other loans, can result in rejection of the loan request when you go to purchase a house. For example:
- Buy a big-ticket item: a car, a boat, an expensive piece of furniture
- Quit or switch your job
- Open or close any lines of credit
- Pay bills late
- Ignore questions from your lender or broker
- Let someone run a credit check on you
- Make large deposits to your accounts outside of your paycheck
- Cosign a loan with anyone
- Change bank accounts
- Take out any payday loans
Loan down payment tips:
- Start saving for a down payment early.
- Explore your down payment and mortgage options.
- Research state and local assistance programs.
- Determine how much home you can afford.
- Check your credit and pause any new activity.
- Compare mortgage rates.
- Get a preapproval letter.
- Hire the right buyer’s agent.
