When you apply for a mortgage, your lender will want to obtain a credit report on you to assess the risk associated with the loan. If you have a history of consistently repaying loans you should have a good credit rating. If you have failed to make payments on time, this could result in a negative credit rating. If your credit rating is not very good, you may have to pay a higher rate of interest on your mortgage. Your credit rating is more important if you have a small down payment than if your mortgage is small relative to the value of the mortgaged property.
If you wish, you can obtain a copy of your own credit report by purchasing this from a company such as Equifax or TransUnion.
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