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Not everyone knows the most important things that he or she should keep in mind when applying for a mortgage loan. At times, they go to buy a home when they see that the interest rates and the prices of homes are coming down. However, it’s important to know that the process of applying for a home loan is different from the process of renting an apartment or applying for a car loan. It’s important that you educate yourself. Given below are 6 tips that may help you get approval for your home mortgage loan.

1. Review Your Credit Rating

Some people don’t review their credit history prior to applying for a home loan. Actually, they assume that their credit rating is already high enough, which is not the case in some cases. A lower credit rating is a big hurdle when it comes to the approval of a mortgage application. So, it’s important that you check your credit history and fix errors before the submission date.

2. Get Some Cash

Often, the requirements for a home mortgage loan change. If you are going to apply for a loan, make sure you have enough cash in your pocket. If you have no cash, your application will be rejected. You need to make a down payment. The minimum amount of down payment can be different based on a lot of factors like the type of lender and the type of loan.

3. Don’t quit your job

It’s important that you keep your job while you are going through the process. Actually, changes to your income status or job may have a negative impact on the home mortgage process.

Most lenders grant approval on the basis of the information given in the loan application. During the process, if you quit your existing job, the lender may have to evaluate your finances once again to ensure you still qualify.

4. Get rid of your debt

Having a balance on your credit card won’t stop you from getting a mortgage loan, but it’s better to have no debts to pay. Actually, your debts is a large factor that can help the lender find out if you should get a mortgage. The amount of loan you can get also depends upon this factor.

Generally, it’s a good idea to avoid making big purchases unless your application has been approved. What this means is that you shouldn’t use your credit card to finance a car or buy expensive home appliances.

5. Consider Your Budget

You should consider your budget when it comes to a mortgage loan. You shouldn’t make this decision based on the dictation of your lender. Typically, lenders figure out the pre-approval amount on the basis of your credit report and income. They don’t care about how much someone spends on fuel, groceries, insurance or daycare. So, it’s better that you stay within your budget limits.

The Takeaway

You may not want to lose heart if you don’t qualify for a mortgage loan. Instead, you should work on your finances and credit rating. You should put together a realistic plan and work accordingly.

Life Cover

Life Cover provides a lump sum if you die during the policy term. This can be used to pay off your mortgage so your family do not have to worry about making any further repayments.

Critical Illness Cover

Critical Illness Cover is designed to insure against critical illnesses which could have a severe impact on your ability to earn a living. It should pay out if you are diagnosed with one of the critical illnesses or disabilities listed on the policy. You could then use the lump sum to repay your mortgage or help pay expensive medical costs. Some policies pay out on death during the period of cover if you are eligible to claim.

Accident, Sickness & Unemployment Cover

Accident, Sickness & Unemployment Cover is a short-term income-protection policy. It pays you a tax-free monthly sum for up to 12 months if you are unable to work due to an accident or sickness or if you become unemployed through no fault of your own. Policies are available that protect you against all of these events or just cover you for accident and sickness only, or unemployment only.

This type of insurance is expensive so to reduce the cost you can choose to have a ‘deferred period’. Then, in the event of a claim, you will not receive any benefit for a period of time at the beginning. This deferment could be for 30, 60 or 90 days for all three types of claims. You can also have a longer deferred period of 180 days for accident and sickness cover. To help you decide which deferred period is best you should take into consideration such things as any savings you may have and any sick pay you get from your employer.

You can choose the amount of monthly benefit you wish to receive up to 65% of your gross monthly income. Gross income is your wages before deductions have been taken such as income tax and National Insurance contributions. Of course the higher the benefit you require the higher the cost of the insurance. Cover provided by some companies may be limited due to individual circumstances.

Just as an example, Accident, Sickness and Unemployment Cover typically costs £4.71 a month for every £100 of monthly benefit. This is based on a 36-year-old customer choosing £850 of accident, sickness and unemployment monthly benefit with claims paid after a 30-day deferred period.

The cost of this insurance depends on a number of factors including your age, your occupation and where you live.

A number of companies offer short-term income protection and other products designed to protect you against loss of income.

Buildings Insurance

This covers the structure of the home such as the roof, walls, windows and permanent fittings.

Contents Insurance

This covers household goods, personal possessions and valuables within the home.

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