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Avoid Mortgage Drawbacks

Of course, large outstanding debts are a no-no. Obviously, people with large outstanding debts are less likely to be approved. This comes naturally as they will be looking at the borrowers’ ability to pay off. So, be sure you have things settled before approaching banks or lending institutions for a loan. No lender will approve a borrower who has major outstanding debts, that’s for sure.

Bad, bad credit rating. As much as large outstanding debts will not get your loan approved, such is the case if you have a bad credit rating. Be sure you don’t have credit rating issues before applying for a loan. Look into services that allow you to check your own records. It is very important that you have other financial issues, or at least the major ones, settled before applying for a loan.

Be realistic in your loan. More than any written record, you should be able to know your financial stature and should be reasonable enough not to apply for a loan that you may not be able to repay given the circumstances. It’s all about being realistic about what you can afford. Borrow only what you feel you can pay, or else, you will be in much deeper financial burden.