Credit history of the borrower as one of the “5 C’s” of credit (Capacity, Capital, Character, Collateral & Credit) is one important factor that is carefully observed by the lenders when considering all mortgage loans application, when the credit history of the borrower is high, the opportunities for lowest mortgage rates are more accessible
In financial terms and for your mortgage loans purposes, a lender needs to believe as certain as possible in the borrower’s ability to repay the loan before committing.
Credit helps both the lender and the borrower visualize the borrower’s propensity to make future payments, it shows how the repayment history has been.
The Mortgage lenders that we work with understand the different financial circumstances that borrowers can go through at times; We negotiate mortgage loans on behalf of our client’s even with low credit score and help them get back to a higher credit score
A normal requirement is that the borrower has a credit history of at least 2 trades for a minimum of 2 years, when, this helps the lender understand the credit profile of the borrowing who is requesting the loan.
Only a few lenders on specific occasions may accept some alternative sources of alternative credit such as letter from the following kind of companies:
Gas, Electric, water, telephone, and cable bills
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