What Credit Score You Need For Your Mortgage Loan Approval
When you make an application for a mortgage or other type of credit, lenders work out a credit score for you. This is to assist them to determine whether they consider you’ll be a risk worth taking – you’ll be a reliable borrower and likely to repay the debt. Generally, a higher score means you ‘re seen as lower risk –the more points you score, the more chance you have of being considered for a mortgage, and at better rates. So, without any further ado, let’s get started! How do lenders make their decisions? It’s difficult to analyse every lender’s specified criteria, there are certain general grounds that apply to mainstream lenders. Below detailed are the areas that all mortgage lenders will asses. A few key factors that’ll help them to decide. Let’s take a look. Details on your credit report including your credit history Information provided by you in mortgage application form. Lending policy, every lender has their own lending policy It is