6 SIMPLE DIGITAL MARKETING TIPS FOR BEGINNERS
6 SIMPLE DIGITAL MARKETING TIPS FOR BEGINNERS The digital world is a crowded arena. Competition is more fierce than ever as businesses of all shapes
If you have a default on your credit record, you might be wondering how long you will have to wait before being approved for another mortgage. This depends on many factors, including your lender, the amount that you still owe, and how long it has been since the default was recorded. It’s not impossible to be approved for a mortgage if you have a default on your credit file, although you may find it helpful to consider a specialist lender instead of applying with a bank.
Read on below to find out more about defaults and applying for another mortgage.
A mortgage default is typically when a borrower is 90 days or more behind in making a repayment on their home loan. A default is listed on your credit file, which can, in turn, affect your credit rating and have implications if you apply for other loans in the future.
Whether or not you will be approved for another mortgage depends on the lender you’re attempting to apply with. Some specialist lenders may totally disregard defaults if they are small, or less than $1,000.
However, this is not always the case and generally, defaults may affect your ability to be approved for a loan. If you are applying with one of the mainstream lenders such as a bank, you may find that any default will make it hard for you to be approved.
In some cases, lenders require you to have two years of good payment history behind you when applying. Depending on your lender, it may still be possible to be approved for a mortgage if you have had a good two years with your other repayments, and have had no other defaults in that period.
The length of time that defaults are kept on record depends on the type of default, and how much it is worth.
Generally, a standard default remains on the record for five years. This might mean that during those five years, it may be difficult to gain approval for a loan from a mainstream lender. Even if the default is paid off within those five years, in most cases, the default remains on file, although it will be marked off as having been paid.
If the debt is not paid off and is with a major lender, such as a bank, it is possible that the default will be visible on your record indefinitely with them. You may also find yourself unable to borrow from that particular bank again.
J Daniels & Associates has more than 40 years’ experience and has helped 1,000’s of people successfully.
We advocate on our clients’ behalf with banks and creditors to stop home repossession, as well as helping to stop those in bankruptcy situations from being harassed by creditors. You shouldn’t have to live in constant fear, and that’s where we can help.
We aim to provide support services to those who do not know where to look, or who are confused about where to turn during the bankruptcy process. Our helpful advocates can assist you when you need it the most. We can give you confidential help, expert debt guidance and help you to find a personalised solution.
We don’t have any hidden fees, so you won’t have to worry about any nasty surprises. In addition to helping you to improve your financial situation, we can assist you in finding a solution to your mortgage issues. If you need help and support, give us a call today for your free consultation.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
6 SIMPLE DIGITAL MARKETING TIPS FOR BEGINNERS The digital world is a crowded arena. Competition is more fierce than ever as businesses of all shapes
How Outsourcing Financial Busywork Can Save Your Business Money No matter what kind of business you run, staying on top of your finances is critical
Things a Consultant Can Do to Increase the Chances of Their Recommendations Being Implemented Successfully by a Client This post is based on a question