Hard Work pays off!

Hard Work

I wanted to share my recent victory with you. I participated in a pitch fest where there were 30 other entrepreneurs pitching their business. This was a peer-to-peer event and we all knew each other for the 40 weeks of business coaching we underwent together.

My aim was to be in the top 10 pitchers who then got a chance to pitch in front of a panel of judges. It was a very hard task for us entrepreneurs to get in front of people and pitch as a competition. For the last 3 weeks, in between my busy schedule, I have been preparing and practising my pitch.

Those who made the effort to research and practice reaped the benefits. I was in the top 10 and was quite ecstatic even though I didn’t win the top 3.

How does this tie in with mortgages?

Preparing to get a home loan is somewhat similar to practising for a competition. You should start getting ready at least three to four months before you actually want to make an application. You need to educate yourself, think and digest the information making sure that the one application you make is not rejected. Because getting a home loan application approved is something that you can shape for success.

A few examples of how this can help you..

1. You may have the 5% deposit in different bank accounts or it may be a gift from parents. If so, transfer the money into one account that is in your name and let it be for 3 months at least. Also, remember to keep adding to the 5% deposit to prove your savings capacity.

2. Changing jobs just before an application may not be the best thing to do.

3. Acquiring a new credit card or any other debt can reduce your borrowing capacity.

4. Never have late repayments or overdrawn amounts on any of your accounts – basically you need to prove good conduct on all accounts and bills and credit cards.

Do your work, be prepared and you will win the competition – in your case, finding the right home loan and getting it approved the first time.

Disclaimer: Please note that the advice above is of generic nature and it may or may not apply to your particular situation. Please contact us for a chat if you think we can help you.