Why a Good Credit Score is Important Buying a home is a significant financial decision that requires careful planning and preparation. Your credit score is one of the most critical determinants of your ability to purchase a property. Here are some ways your credit score can impact the home-buying process. Mortgage Eligibility The credit score is one of the first things mortgage lenders check. The easier it is to qualify for a mortgage with a better credit score, the more difficult it is with a lower score. A 620 credit score or above is typically required to obtain a mortgage, while this number might range from 620-680 depending on the lender and the specifics of the loan being sought. Interest Rates Your credit history may be considered when determining the interest rate provided to you on a mortgage. A reduction in the interest rate charged on a loan can save…
Loan on Commercial Property Many people look for a commercial property loan but don’t know how to get it. Getting a home loan is easier as most banks and financial institutions provide home loans on easy terms with low interest rates. On the other hand, getting a commercial property loan is quite a task. First, not many banks give loans on commercial property, and the eligibility criteria and loan application process are very different from the home loan process. Most people get confused while applying for loans to purchase commercial property. Even if they know the basic procedure of commercial property loans, some points still seem complex. Most financial institutions are more cautious while sanctioning loans for commercial properties. If the commercial space is under construction, they become slightly more cautious while sanctioning the loan. Here is the detailed guide with all the nitty-gritty that should be kept in mind…