186 – Own A Home? (Part 3): 15 Tips for getting a bank loan approved

15 Tips for getting a bank loan approved 

1. Think of the bank like an investor, rather than a Lender. Sell yourself.  
2. Make sure your ask is realistic for your financial position.
3. How banks actually make money. Interest and Commissions/fees.
4. How debt to income actually works. Basic versus disposable income or expense consideration
5. Start getting your finances in order at least one year before you apply.
6. Eliminate or minimise other debts, especially those with high interest rates like credit cards or unsecured personal loans. 
7. Speak with the banks to understand their requirements and application process.
8. Help your loan officer make your case! One phone call can be worth 5 emails. If the bank is willing, keep the process human. Have documented sources of income. Make sure that side hustle is legit. Bring receipts.
9. Financial reputation and credit history matter!
10. Professional reputation matters. Who are you and why should we partner with you?
11. Try to avoid giving information in small pieces. Causes delays.
12. Present your information in a neat concise manner. Provide detail or explanatory notes where needed. Get help preparing this if needed.
13. Get the right type of appraisal. Ask if there is a list of recommended or approved appraisers.
14. Understand the upfront fees: Loan Fee / Commitment fee, appraisal, taxes, legal
15. Bring your patience and start early.