Borrowing Tips You May Not Have Thought Of
When the time comes to buy a new home, the search for the perfect property is often accompanied by the quest to secure the perfect loan.
And while it is fairly obvious that a large deposit is beneficial when applying for home loans, other useful borrowing instruction is slightly more obscure.
A chat with your mortgage broker can help you to pinpoint specific areas of your credit situation that will affect a lender’s analysis.
But to get you started, there are some lesser known guidelines that can help get you on the right path.
For example, many people are unaware that store credit cards will have an impact on how much you can borrow, regardless of the limit.
Also, some lenders consider family benefit payments when determining your borrowing capacity.
Consolidation is an effective strategy if you have several credit cards open - the less accounts you have open, the better off you appear in the eyes of lenders.
Reducing your credit limit will also help to improve your standing, as it limits the liability of having large margins of credit.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.