Okay, some nasty habits that we need to avoid when going to apply for a loan, even if we're six months, 12 months, 18 months, away from getting ourselves a loan, make sure you get these practices right, right now.
First one: don't go and change jobs.
Don't go into a new industry. You're going to need probation periods; you are going to get some checks and balances to ensure that your job is actually stable. So, stay where you are for the short term, get yourself a loan, and then make some changes. Don't go and apply for personal loans or credit cards or car loans. Don't go and buy a new car three months out from getting a loan. Doesn't look good on your credit rating and won’t help you in any way shape or form.
You need a sophisticated mortgage broker as I tell you all the time, to go and search for you to short least three or four lenders, then you can put in one application to the lender. Don't go and put in three or four applications in the hope that one of them will come off, it just gives you red flags, red marks against your name in the banks eyes.
Reduce your credit card limit if you've got one, ideally we're chopping it up and not using it in preparation to get ourselves a loan. We need to put ourselves in the best position to get you a loan, then after that, you might, if you need that new car as an upgrade, then go and do it afterwards, don't do it before. Don't change jobs before, right. Reinforce that because lending conditions change all the time and we need to look favorably when it comes to getting ourselves a loan.
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