15 Tips for getting a bank loan approved
- Think of the bank like an investor, rather than a Lender. Sell yourself.
- Make sure your ask is realistic for your financial position.
- How banks actually make money. Interest and Commissions/fees.
- How debt to income actually works. Basic versus disposable income or expense consideration
- Start getting your finances in order at least one year before you apply.
- Eliminate or minimise other debts, especially those with high interest rates like credit cards or unsecured personal loans.
- Speak with the banks to understand their requirements and application process.
- 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.
- Financial reputation and credit history matter!
- Professional reputation matters. Who are you and why should we partner with you?
- Try to avoid giving information in small pieces. Causes delays.
- Present your information in a neat concise manner. Provide detail or explanatory notes where needed. Get help preparing this if needed.
- Get the right type of appraisal. Ask if there is a list of recommended or approved appraisers.
- Understand the upfront fees: Loan Fee / Commitment fee, appraisal, taxes, legal
- Bring your patience and start early.
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Essential financial advice for ambitious young professionals.
204 – 2021 Update!
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