June 17, 2014
The first obstacle on the track to owning your first home is obtaining finance approval.
To get approved your lender will look at your credit history. This is a record of your financial history and is used by lenders to assign you a credit rating. A good credit rating can make a big difference to your loan application
To have a good credit rating can mean you receive more home loan products and a lower interest rate which can save you thousands off your home loan repayments.
Your credit history includes:
- Credit application and enquiries made
- Open credit accounts; including credit cards, personal & car loans
- Overdue credit payments
- Past bankruptcy information
- Court judgements
Your credit history is part of the report supplied to your prospective lender by credit file monitoring organisations like Veda. Using this report your lender will see all of your financial information and work out how much of a risk you are, assigning you a credit rating.
Mortgage Choice Bundall is able to review your credit history before applying for a loan with a lender. This will save you time going through a lender and then finding out you don’t qualify with that particular lender. As your mortgage broker, Antony Muir analyses your credit history and will assign you to the most suitable lender for you.
Before applying for a home loan try and pay off any debts; whether it’s a credit card bill, phone bill or car loan. Showing the lender you have the ability to pay off bills or loans in a timely manner will increase your chances in receiving the best loan product for you; lower interest rate or increase your limit.
Antony Muir of Mortgage Choice Bundall has over 25 lenders on his panel and more than 300 loan products to choose from. Mortgage Choice Bundall can review your credit report and assess the best lender and product for you.
Call Mortgage Choice in Bundall, Gold Coast today 07 5504 5569 or email firstname.lastname@example.org to book a free appointment.
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