When I bought my property last year I made a big mistake in not first checking out what my credit score was. Thankfully I was using a great company called Accelerate Mortgage, who took care of everything for me. The truth is that previously I had been interested in another property yet it turned out to be out of my price range. I have chatted to a number of people about buying property and taking mortgages out, and it has become abundantly clear to me that checking on your credit score first is the place to begin. Here is why this is so important.
Gauging How Much You Can Borrow
The credit score which you have is what determines how much you are able to borrow, ultimately how trustworthy you are with credit. Now you can have a bad credit rating because you have never borrowed before, or because you have mishandled credit in the past. You can easily check your credit score online, for a small fee. One you understand what your standing is, you can have a better idea of what you will be able to borrow.
Don’t Waste Time
I wasted a lot of time looking at properties which I was not going to be able to afford. Of course at the time I wasn’t aware of what I could and couldn’t afford, but I certainly wish that I did have an idea of this. To save yourself from wasting time, check out what your borrowing power is first.
Save Humiliation
I found out about my credit score in the bank, and it wasn’t a very nice feeling to be told that I could only borrow a fraction of what I originally thought that I could. I had used a mortgage calculator online and figured that this would be how much I could borrow, the reality however was much different. Through checking your credit score first, you will be able to avoid any humiliation when applying for a mortgage.
Financial Planning
When you are applying for a mortgage it is absolutely critical that you are able to look ahead and plan what kind of budget you are going to have. This is something which you simply are unable to do if you don’t know how much you are able to borrow in the first place. The moment that you learn your credit score you will have a much clearer idea on how much you can borrow, this will then enable you to smartly plan your budget and ascertain what the smartest budget plan is.
Ultimately this is a very simple check which you can make that will give you a much clearer idea on what you can apply for when it comes to getting your mortgage. For the ease and the speed with which you can get your credit score, doing so really is a no brainer which is going to help you a great deal.
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