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One thing that is of uttermost importance whether you are about to purchase a house or sell it is your credit ranking. It is the corner stone of acquiring a mortgage and can greatly be a crutch to you or a steel ball and chain.

The first step before going window shopping for potential houses to buy is to check your credit score. This way you will have a chance to improve it before sending out applications to finance institutions.

Not all is lost however if you have poor rating because there are still things that you can do to bring it back up again. The most practical is to just go out and pay for all your credit cards and loans.

All this must be done about 6 months before you begin contacting lending institutions about obtaining a mortgage. This is about the amount of time you will need to make your credit record okay and let it show on your credit history.

The higher you can get your rating to be, the lower the mortgage interest rate that you will be able to get. A low interest rate will mean you save tonnes of money in the long run.

If your credit rating is seriously bad then you can even be outright denied the mortgage. You can however go around this by having a massive down payment but this will still not fix the interest rate that you will get. It will still be very high.

When applying for the mortgage loan, make sure that you do not bite off more than you can chew. If you default on your mortgage payments then your credit rating goes back down again.

So as to avoid damaging your credit record once you get your mortgage, always make sure that you continue to pay it off on time.

Get additional writing pieces penned by this same writer regarding topics such as infrared laser and remote extender.

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