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Factors That Affect Mortgage Application

If you are planning to purchase real estate, you will need to apply for a mortgage. Applying for a mortgage , however, is not as easy as getting a credit card or a personal loan. This loan involves a great amount of money; thus, you will be undertaking a very huge investment. For this reason, you must educate yourself about the factors that might affect your mortgage application and approval. If your application is denied, you might need to kiss your dream house goodbye. There are various factors that might affect your mortgage application. For instance, lenders are more likely to approve an application from someone who is credit worthy, and has the ability to repay the debt. If you are applying for a mortgage, you must consider these factors to ensure loan approval. Credit Report Credit is a crucial factor considered by many lenders. This basically means that you must have a good credit score to qualify for a mortgage. If you have a bad score, you will only have sub-prime options whic...
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Canadian Mortgage Refinancing– Refinancing Your Home When You Have Credit Problems

Refinancing your home when you have credit problems can prove to be difficult but can be done with the proper help. Refinancing your home when you have credit problems can be done with the assistance of an experienced mortgage broker who works with lenders that don’t mind helping someone who has experienced problems with credit. The difficulty you experience when trying to find financing will depend on the type of credit problem you have. Canadian mortgage refinancing has come a long way in the past 20 years. More lenders are willing to work with someone who has credit problems. Before the last decade, the primary choices as it relates to mortgage refinancing in Canada were the bank or a private lender. In the past decade however, a host of companies have emerged that will offer bad credit mortgages. These include mortgage investment corporations, trust companies and finance companies. Generally consumer’s who have credit problems that are currently impacting their credit or recently ...
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