The Mortgage approval process is not as difficult as it may appear. Banks want to know that you can afford to pay your EMIs (monthly payments) based on your income and that you have managed your income to pay other banks/and creditors as promised in the past.

Credit Ratings

Banks/Lenders will review your payment history, as well as your credit score, to determine if you qualify for a mortgage. Credit scores are issued to provide a bank with a risk level for an applicant, based on past payment history and the current utilization of credit.

Income Guidelines for a Mortgage

In order to qualify for a mortgage you will need to be able to prove your income is sufficient and consistent. If you are paid a salary then this should be easy. However, self-employed borrowers and commission based jobs are more difficult.

You should have at least 1 year of documented income from the same company, or in the same industry to qualify.

Every Bank/Lender has its own method to decide whether it wants to lend to you. If you fit their criteria, you'll most probably be accepted quickly. If you're far from ideal, you'll most likely be rejected by it.

The mortgage market is dynamic, with new innovations in mortgage products and revised Interest rates on a regular basis. Make sure you stay up-to-date.

Have a mortgage check with our Home advisors and make sure you've the lowest rates.

Start with a free Mortgage pre-quote from Homely Yours and check today’s rates on our Website [updated in real-time]