They say that the more things change, the more they stay the same, and the fact that one’s credit worthiness still governs one’s ability to borrow money proves this conclusively in the world of money lending. Your creditworthiness is established by a study of your credit history, the stability of your employment and the percentage of deposit or down payment that you are able to initially offer. You should expect to get one of the better mortgage deals if you meet all three of these prerequisites.
Having a good credit history is crucial to your ability to negotiate the best possible mortgage deal. You will be considered as credit worthy borrower only after the successful transactions of years. However, if you are not careful you can lose that reputation in a very short time. A sure way to show that you are not credit-worthy is to have a history of making late payments or defaulting on payments.
Several credit bureaus act as a central clearing house for recording and reporting the credit profile of every consumer. If you have poor credit rating, your chances to getting any mortgage, much less the best rates, is highly unlikely. As a matter of abundant caution, it is imperative to develop the habit of the timely payment of all debts. A borrower who is lax in one of his financial obligations is viewed as far more likely to be negligent in subsequent money dealings.
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