Mortgage loans can help you in times that you need some financial assistance, however, getting these approved in not that easy of a task. There are many rules and regulations that need to be followed and many times, you might not be able to qualify as you don’t fulfil one of the many criterias. The good news however is that there are good companies like www.OnQFinancial.com that can help you in getting the loan with their expertise.
If you are planning to apply for a mortgage loan you must know these risks that can hold you back.
- If you are not registered to vote, you will not be able to qualify for the mortgage. When you are on the electoral roll, establishing your identity becomes easier for the lender; this makes you trustworthy. So, if you are not on the electoral roll, get registered now.
- Having huge outstanding debts will certainly stand in the way of you getting the mortgage loan because lenders don’t generally sanction loans of people who have big outstanding debts. It is advised that you pay of as much debt as you can because this also impacts on the amount that you can borrow.
- Lenders trust financially stable people thus things like moving a lot, or switching jobs frequently will work against you. Any major lifestyle changes like having a child or changing the job just before applying will not work in your favor.
- This should not come as a surprise that having a bad credit score will always stand in the way of you getting a loan successfully. Lenders will not be willing to sanction the loan of a person with a bad credit score as it is indicative of bad financial habits.
- The lenders shy away from lending money to the people who have recently plunged into self-employment. As it has already been established that lenders like stability, and newly self-employed are certainly not the prime example of financial stability. However, there are some companies that lend money to the recently self-employed individuals.
- If you are somebody that likes to go on gambling sites to have some fun time, you might not be a good choice for lending money. The money lenders don’t prefer the applicants that have this habit as this indicates bad financial behaviour. So, if you make regular payments at gambling sites, your chances of getting the loan are rare.