You might be tempted to think about getting a loan right now, but a new review from The Verge’s Sam Biddle reveals that you should probably wait until the market is better.
If you want a loan, you should only do it if you can afford to wait.
“I have an awesome credit score, and I can afford a loan for a year,” Biddle writes in the review.
“But if I’m going to take out a loan that’s $20,000, I should probably put off buying a home for at least a year and wait for a better time.”
There are a number of factors that can negatively affect your credit score.
In Biddle’s review, he also mentions a few things that are likely to cause problems, such as debtors with bad credit who are able to apply for a loan or loan extension, people who are delinquent on their mortgage, and people who have been living at home for too long.
“If I don’t have a good credit score to begin with, I’m not going to get the loan I need,” Biddi explains.
“The longer you wait, the worse the impact it’s going to have.”
If you are interested in getting a mortgage from a loan broker, Biddo recommends checking out his guide to getting a low-cost mortgage loan.
Biddi also has a detailed article about how to get your loan reviewed by a lender.
Read it here:The Best Low-Cost Mortgage Loans