Be prepared for applying for a home loan

Potential first time buyers need to make sure that they are prepared for applying for a home loan, when they first start looking to purchase their home. One of the first things to do is check your credit score.

What is my credit score?

A favourable credit score and clean credit record is a valuable asset when applying for a home loan. Each year you can obtain a free credit report from the credit bureaus to assess your finance position. It is advisable to know your credit score and check your credit record for any inaccuracies.

Missed or slow payments will have a negative impact on your credit score. However, it is also important to be mindful of the less obvious credit infractions such as opening too many accounts, numerous credit enquiries, co-signing for a third party or only paying the minimum required payment. All of these things will impair your records and could scare off lenders.

Looking for an Estate Agent who can guide you through the process step by step, contact Donna today on 0832991575.

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