Borrowing power can be increased with some simple changes to your personal finances, but make sure you’re not falling for these common myths first.
Common misconceptions about getting a first home loan, whether it is that you need a credit card to build a credit score or that paying off purchases in increments, even if interest free, won’t be a red flag to lenders, can catch out prospective first homebuyers.
If an applicant opts to pay off purchases in increments, even interest-free payments, this could also signal to some lenders that the applicant may not be financially stable.Lenders run the ruler over borrowers’ living expenses, and could see frequent use of “buy now, pay later” providers as a red flag, Giamalis says. Some BNPLs reserve the right to report missed payments on your credit history, which could affect your credit score.
Even though it is a good idea to tidy-up your personal finances, such as paying off debts before starting the search for a mortgage, at the end of the day, it can be the choice of lender that determines how much you borrow, Samios says.
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