When getting a home loan, how do you avoid mistakes that could cost you thousands of pesos and being declined by a bank?
At Nook, we help you find the right home loan and get it approved by a major bank... absolutely no charge! We know that getting a housing loan is time-consuming and complicated, and mistakes are often made in the process. We will explain the 3 most common home loan mistakes we see Filipinos make and how to avoid them.
Before we get started, follow us on social media or visit us at 👉🏽 Nook.com.ph for more home loan help.
#1 Not Shopping Around for the Best Loan
The first common mistake is not shopping around for the best loan. Normally, people will go to 1 or 2 banks to apply for a home loan or, they simply approach the bank they have an account with. They assume that because they are already a customer of the bank, they will be looked after and give them a loan.
Shopping around for the right home loan doesn't take long and can save you thousands in the long run. At Nook, we will find you the right one based on your particular circumstances and we'll ensure you make the best decision.
#2 Not Getting Pre-Qualified
Most of the time, people have no idea which banks they qualify for a housing loan unless they go through the entire process: completing all the paperwork and submitting it to the bank to see what happens. This is very time-consuming, there is no guarantee if they will meet the lending criteria of those banks. In the end, they waste a lot of time.
The easier way is to have Nook get you pre-qualified quickly, so you only apply to the bank that matches you with their lending criteria.
#3 Previous Credit Issues
Sometimes, people have had a credit card or personal loan issue in the past; this could have been years ago. People mistakenly think that the bank won't find this out... They will! By declaring this issue to a Nook home loan consultant, they can help you clear up past credit card issues with the bank. They will be more likely to approve the housing loan, thus minimizing any delays in getting it processed.
Now, if you are looking for more home loan help, follow us on Facebook, Instagram, Youtube, Twitter, or visit us at Nook.com.ph.