The Language of Mortgages
Credit
Rating:
This is an often underrated and a very crucial component to the lending
criteria. ALL PROPER mortgage lenders will check the credit record of
each individual. An adverse or bad credit history can mean not only
mean a borrowers mortgage being subjected higher interest rates instead
of the more better deals but in todays tight lending conditions could
spell refusal of a mortgage loan completely.It is not unheard of for
lenders to refuse otherwise financially sound applicants based on one
late payment that had been noted on the borrowers credit history.The
starting point for any would be first time
buyer should be the evaulation & necessary patching up of ones
own credit report.
Of course mortgage lenders understand that there will always be
exceptions to the criteria and different sets of rules apply also apply
to those with bad credit/adverse credit, the self-employed and those
fortunate enough to be high net worth individuals.It not uncommon for
some applicants to be all three.The lending scheme for such individuals
is explored in a further
article.
