Criminal Law: Understanding Your RightCriminal Law: Understanding Your Right


About Me

Criminal Law: Understanding Your Right

Hello, my name is Wendy. Last year, I got my first taste of Australian law when I was accused of a serious crime. I run my own business and one day, the place was raided by the police who were investigating alleged financial fraud. I was taken in for questioning and then released on bail. I was really worried but then I found a great criminal lawyer who explained what was going on and how I could defend myself. When the case finally came to court, my lawyer was ace and all charges were eventually dropped against me. I hope my blog is useful.

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Home Buying and Mortgage Application: 3 Mistakes that Will Delay the Closing

You have conducted a market search, found the house of your dreams and established that the home is within your budget. You approach a financier, apply for a mortgage loan, and are waiting for approval so that you can close on the property and start the process of moving in. As you wait for the bank to approve your loan, there are a few things that can stall the purchase process and delay closing on your new house. It is vital that you avoid these mistakes; otherwise, you may end up losing your dream house to another buyer or getting frustrated down the road. In this light, this article will teach you three things that when done before a mortgage loan approval can delay the closing date for your new home.

Leaving your job for a new one

When applying for a mortgage loan, the financier reviews your current job and salary and verifies your income before deciding whether to approve your loan. So, if you change jobs, this would mean that the financier has to go through the verification process all over again. This verification could take weeks, and this means that you have to wait longer for the loan to get approved. Never change jobs while waiting for a mortgage approval unless it is totally necessary. Of course, if you get a better opportunity, you shouldn't pass it up. However, if possible, you should wait for the closing date before getting a new job.

Increasing your debt

Financiers consider one's debt to income ratio when determining their suitability for a mortgage loan. Therefore, as you wait for approval, avoid raising your debt beyond where it stands at the moment. Making purchases that require huge sums of money such as buying a car can significantly hurt your credit and cause your application to be rejected. So, if you plan on making big purchases, let them wait until after getting the loan and closing on the house. 

Applying for new credit cards

You may be excited about furnishing your new house, and this may cause you to apply for a new credit card for purchasing furniture and other essentials. Just like making big purchases, getting more credit cards increases your debt, and this will affect your credit rating. As much as you want everything to be set when moving in, hold off on any decisions that may affect your loan approval.

Buying a house on loan requires careful consideration to ensure that you don't end up losing on the property altogether. Consider conveyancing services to help you make viable financial decisions to speed up the closing process.