If you have a low credit score your chances of getting that mortgage loan are severely decreased.
3. Get Pre-Approved before viewing. Many people will make the residential property investment decision and then immediately start house hunting. This is a mistake.
1. It's all about you. There are several factors that any lender will take into account before granting a mortgage. Among these factors are your age, your income, and your credit score.
Put together a 'mortgage file' so that you aren't spending valuable time searching for these documents.
This sort of comparison shopping is essential in order to find the deal that beast suits your unique requirements.
Make sure that when you are comparing mortgage rates from different lenders you have factored in the discount.
4. Affordability is Key. As a good rule of thumb, you should not be spending more than 30% of your income on your mortgage (and that is after you have paid a deposit).
