Applying for a mortgage? Find out your credit rating

Applying for a mortgage – If you are looking into finance options for purchasing your first home, one of the first things that you should do is to obtain the credit rating for every individual on the application, and you can follow this link to do so. In the current financial climate, it has never been more important to make mortgage applications in a targeted manner, and this means that you should only be applying to companies that are likely to accept you for finance.

Applying for a mortgage

Applying for a mortgage – A haphazard approach of applications to a number of lenders could lead to significant entries on a credit report, and having this information in place will allow you to find the most suitable lenders.

Once you are ‘armed’ with this credit rating information, you can research the market to see the lenders and brokers that specialise in mortgage solutions for people in your financial situation. In the event that your application is declined, you will be able to check out your credit score and the linked data records to get an idea about the reasons behind the rejection. If you notice that something isn’t quite right, perhaps an inaccurate balance or some other kind of mistake, you can contact the necessary companies and make sure that everything is up to date.

Alternatively, this is also a great way to spot if someone else has tried to obtain credit in your name – this type of fraud can do a great deal of damage in the long term and it needs to be caught as early as possible. Although different lenders will cater for different types of borrowers, your credit rating could also be used by a specific lender or broker to decide on the most suitable rate of interest for a mortgage. Due to the relatively large amount of capital that is involved with a mortgage, the monthly payments are incredibly sensitive to even the smallest increase or decrease in the rate of interest. If your credit report shows that some adverse entries will be removed in a few months or so, your score will increase, and so will the possibility of being offered a mortgage at a reasonable rate.

Your household budget will be under enough pressure when this type of finance is taken out, so it makes sense to do as much as possible to keep the monthly repayments as low as you can. Once you have settled into your new home, you may decide to seek out a new mortgage deal after a set period of time. Remortgaging follows many of the same principles as the original finance application, and this is also the ideal opportunity to obtain your credit rating.

If you compare your score to the time that the mortgage was taken out, any improvement could lead to getting a better mortgage deal elsewhere. At the other end of the scale, a poorer rating could be a sign that it will not be worth making a number of applications for a remortgage – you simply cannot afford to do further damage to your rating with the resulting declined attempts. There are a number of other factors to consider when trying to move your mortgage elsewhere


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