Did you know? Shopping around can result in decline!
It’s handy to know that each time you submit a home loan application, the lender runs a credit check immediately – regardless of whether or not you’re applying with the same lender or another bank or financial institution.
So, with every application for credit being recorded on your credit file, numerous inquiries over the past six to 12 months can be detrimental to your chances of getting a loan. This is because when you do finally make a genuine application, lenders view excessive applications for credit as ‘shopping’ for credit, which can be regarded by the lender as ‘risky behaviour’.
If you’re just curious about the potential savings or benefits of switching from one lender to another, you can easily make those inquiries with your Ok loans expert – and this is not recorded on your credit file.
Also, if you’re interested to learn more about what’s on your credit file and what this means to you when you do submit a loan application, your Trusted Mortgage Broker will guide you where to go to obtain your credit history.
Ok loans has a great range of mortgage calculators to help with all those tough decisions that come with finding the right loan. Have a look at our calculators on our website to help you further.