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QUESTIONS LENDERS WILL ASK OF HOME LOAN BORROWERS 7/2/2007

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QUESTIONS LENDERS WILL ASK OF HOME LOAN BORROWERS

WHAT THE LENDER WILL ASK YOU AND WHY
ANSWERS TO HAVE READY - BE PREPARED
WHAT THEY WILL REQUIRE FROM YOU

Lenders should always be certain that the people (or businesses) they lend money to have the ability to repay that money.

If an unforeseen problem arises that prevents borrowers from repaying the debt the lender should be certain that they have adequate security that has more value than the debt.

If lenders did not pay attention to a borrower’s ability to repay the debt and they did not have adequate security they would not remain in business for very long.

Questions you will be asked:
what amount do you wish to borrow?
what is the purpose of the loan?
how much deposit are you able to provide?
what security do you have to support the loan?
what is the value of the security that you are providing?
for what time period (term) do you require the loan?
how much can you afford to repay each month?
do you have any other borrowings and how much?
what credit card facilities and debt do you have?
what is the total of all your assets?
what is the total of all your liabilities?
how much do you earn (after tax) each month?
what are your monthly living expenses?
what age are you?
do you own your home or are you renting?
how long have you been living at your current address?
how long have you been in your current employment?
if you are with a new employer, how long were you with your previous employer(s)?
if you are self-employed, how long have you been in business?
if you are self-employed, how much do you earn each year (after tax)?
have you ever been declared bankrupt?
have you ever been unable to pay your debts?
have you ever been late in repaying your debts or meeting your repayments?
how long have you been with this lending institution?
what are the other lending institutions where you have accounts?
do you have your taxation returns for the past three years?
have you ever had any convictions against you?

You will need to provide some of the following:
drivers license
passport
credit card(s)
government card(s)
medical fund card(s)
past years taxation returns and/or group certificates

If the lender grants the loan they will require:
a building inspection report
deed of ownership to the property being purchased
a valuation ( by their preferred valuer ) of the property being purchased

Author Name
Kevin Nowland -

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