It’s because not all the mortgage documents required, are provided at the start.
As a mortgage broker, we usually have a pretty good idea if your loan is going to be approved or not before we submit your loan. However one of the major problems lenders and brokers both have, is getting all the mortgage documents required in the very beginning, to get the loan approved. Brokers and banks will regularly accept an application prior to getting all the mortgage documents or supporting information and take the verbal information provided by the client. Occasionally this works out, but all too often it doesn’t. It really can cripple your chances at getting approved, when we take information from you without the supporting documentation and find out that later the information is different, wrong or missing. For example, you might tell us you are on a package of $85,000. But on review, we may find this includes a car allowance and super.
Why it is best if we get all your supporting documents upfront!
This may seem like a trivial detail, but it can make a big difference. It will have a massive effect on your borrowing capacity and can really mean that you don’t get the right match in lenders.
Each lender has their own way of calculating your income, the repayments on your existing debt, and what they think your cost of living is. As a broker we know each lender’s rules, so before submitting an application, we make sure you actually qualify for a loan before submitting it. Providing all your mortgage documentation to us upfront means you have a far greater chance of having your loan approved. It will also mean that it will go through much more smoothly and give you a quicker approval.
Anywhere that you go and any lender that you use will ask for these documents, so it is better to get it all done in the one go so you can get your loan process started and finished sooner. We are here to help and we want to give you the best success with your loan application, so we are providing you with the checklist below so you know what you need to do to make it happen.
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Highly recommend Alex Warren from Mango Money. Alex provided some good loan options and communicated with us during the whole process. Our loan was somewhat complex and wasn't your typical home loan. Once again thank you Alex and we hope to deal with again in the near future.