One might be wondering why some lenders turn down a mortgage application while some others might consider it fit for approval. The answer may well lie in the credit report and the credit score to be precise which plays a crucial role in loan sanctioning.
Credit history is an important factor affecting loan granting decisions by the lender or mortgagee. As part of the pre-approval process a detailed investigation is carried out into your financial history whereby the lender assesses your finances, your credit history and your investments. Your debt ratios are compared with the lender’s standard while deciding on the loan approval. Your level of debt or credit history is taken as a parameter for judging your ability to make the monthly repayments. View the rest of this article
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment