If your report shows a poor credit score, engaging an experienced local mortgage broker is the first step to identifying harmful credit issues, and putting in place a plan to resolve them.
Your local mortgage broker can also access their network of lenders, to find more flexible lending institutions, which may accept your credit history and your plan to remedy issues, and potentially approve a home loan for you.
2. Clear Up Your Other Debts
If your current financial standing prevents you from qualifying for a Bentleigh home loan, you might want to consider settling outstanding debts before reapplying.
Applicants with a high debt-to-income ratio, risk being declined for a loan, or can end up paying higher interest rates than less risky loan applicants.
Obtaining a thorough assessment of your financial standing from a local mortgage broker, can help identify all the issues, which may impact on your chances of succeeding with your home loan application.
Your local mortgage broker can help you identify your outstanding bills and other debts that you can clear off, or significantly reduce, to boost your future home loan application’s chances of approval.
In some situations, your mortgage broker may suggest consolidating your debts, so that you have a single debt requiring just one monthly repayment, which is less than the previous monthly repayment total from multiple debts.
3. Calculate Your Bentleigh Home Loan Borrowing Power