When we got our house almost two years ago, it was very stressful. We applied for a pre approved mortgage, mainly because we needed to know our limit before we started house hunting. We learned many things, such as what benefits are available with First Time Buyer Mortgage.
We also learnt, the hard way, how important good credit is when applying for a mortgage. About six years before we applied for our mortgage we used a store credit card to purchase a high end item. It took us a long time to pay it off, because we had to pay a little at a time, but eventually we paid it off and celebrated.
Unfortunately, for some reason when the company we had gotten the credit through shut down, they did not shut down our card and we had eleven cents interest owing on the card. The bank looked at this a a big black mark and we were almost denied our mortgage!
Be really sure you have all of your things in order before applying for a mortgage, it is way less stressful!
No comments:
Post a Comment