However, your credit score will be used when determining your mortgage interest rate. Because of this, it’s important to remember that lenders can still charge higher interest rates to people with low credit scores, so they’ll be willing to charge higher fees to those with good credit scores. Resource – https://auroramortgagebroker.com
Reasons to choose a Mortgage Broker over a Bank
Because mortgage lenders are very concerned with your credit scores, you’ll want to make sure that your mortgage application is filled out completely before you submit it. This way, the lender will be able to see exactly what kind of risk you pose to them when purchasing the mortgage. To get the lowest interest rate, you should be aware of any open financing accounts that may be affecting your interest rate. Be honest and detailed with your Aurora mortgage broker when discussing them, because the more you can explain, the better off you are likely to be.
Don’t be afraid to include any lines of credit you already have, as these could be costing you money. Since most mortgage brokers have some form of loan that is in effect, they may be willing to add this as a line of credit for you. With all the information you have on hand, you should be able to get the most accurate quotes and the best rates.