Understanding the home loan process is an essential part of getting the right home loan, but Loan Market Woodville mortgage broker, George Kargiotis, said it is not just first home buyers that need an overview on how home loans work.
“The home loan process can be quite different for each type of buyer so it’s important not just to assume you know what is what,” said George.
“On top of that, it can be quite some time in between getting your first home loan and the next one, sometimes many years, and a lot can change in that time.”
George cites the past 18 months as an excellent example of how much things can change with home loans.
“The criteria borrowers need to meet to get home loan approval has changed significantly,” said George.
“The requirement for genuines savings, and the percentage of the total purchase price you can borrow, are just two of the areas where there have been big changes. Anyone who has been out of the market for a while could end up very surprised at what they need to do to secure a home loan.”
George recommends every borrower, no matter how experienced, gets at least a quick update on how the home loan process works when they are considering applying for a new loan.
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