Did you Know some home loan lenders don't credit score?

Did you Know some home loan lenders don't credit score?

Most banks use Comprehensive Credit Reporting to check your financial history before they lend you money. This gives them an oversight into your past and current liabilities such as home loans, credit cards & Buy Now Pay Later facilities such as Afterpay.

This report shows lenders whether you've met your repayments on time or whether there have been any defaults or other issues. They can also see the date that the facility was opened and how much is left owing.

Any lender can also see if you've enquired about finance in the past. So if you've shopped around on your own, hitting each lender one-by-one, it will show on your file and not look good to any further lenders. They may wonder why the previous lenders didn't extend you credit and become very wary of your application.

As a mortgage broker, I can 'hit the streets' for you and determine which lenders would extend you a home loan, without it touching your credit file. I can use the same calculators that the bank assessor will use to determine how much they will lend you. I also have their credit policies which allows me to know which lender is right for you.

As an example, I see a lot of people with multiple car finance enquiries on their credit file from when they shopped around for a car. It just looks bad, as if multiple entities turned you down for a loan.

In connection to this, any directorships will show on your credit report and whether you have ever been declared bankrupt. It's good to know all this to determine which lender may extend you a home loan.

As a mortgage broker, I order your credit report at the start of our verification process so that I can see what the lenders will see. This means there will be no nasty surprises, which puts you in the best position possible.

Would you like to know more? Free home loan consultations for all Canterbury Bankstown locals including Revesby, Padstow, Panania, East Hills, Milperra, Lakemba, Greenacre and surrounds.

Matthew Stack - 0423 237 242

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Picture: Grained Coffee, Revesby, 2212