Christopher is a Veterans Today Network writer. He works an independent writer in the financial field delivering quality data and information for our U.S Military Veterans.

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9 Factors That Will Affect Your Mortgage Application for a Luxury Condo

Chandler, Arizona, is a booming market for luxury condos. As the area continues to gather increased publicity as a luxury vacation destination, developers are putting up resort condos to cater for the increasing vacationer traffic.

Some of the resort facilities in Chandler sell condos to individuals. To own a condo, you can talk to a real estate agent regarding condos for sale in Chandler. Buy one and cash in on the attractive rental rates for luxury vacation condos.

If you are buying your condo by mortgage, the first thing you should be concerned about is your credit score as it will impact your ability to access a mortgage. Lenders use your credit rating as a tool to determine whether they should give you a loan.


Your credit rating will be affected by the following:

  1. Too much debt

If your debt level is high, the bank will be hesitant about giving you a mortgage because your finances are too stretched.

Repay some of your debts before applying.

  1. Late payments

If you have been making late payments on any of your existing loans, this goes on your record and affects your credit score. This also applies to late payment on utility bills.

Catch up on your payments and maintain this pattern.

  1. Court cases

If there’s a pending court case against you for debts owed, the bank will not want to deal with you.

  1. Too many applications

Each loan application you make will impact your credit score.

If you are searching for the best rates, instead of actually applying for credit that you will not use, ask the banks to indicate in your report that you are performing a quotation search and are not actually performing a credit application.

  1. Credit cards

Credit cards, even the ones that you are not using, represent the amount of credit extended on your record. So even if you have not used your cards for a while, they will affect your credit score.

Cancel the credit cards that you are not using and notify the issuer so that your record is amended.

  1. Errors in your credit report

Any entry, whether legitimate or erroneous, will impact your score as long as it’s in your report. You can dispute this through the credit agency.

The credit reference agency will amend the report within 28 days or send you communication disputing your claims.

  1. Voting register

The electoral register allows the lender to countercheck your identity. If you are not on it, your background check will be more difficult. Get on the voting register.

  1. Frequent change of address

Lenders will be more at ease if you have retained your address for a long time as you represent less of a flight risk.

  1. Financial association

If you have joint bank accounts or loans with people who have poor credit record, the financial association could interfere with your mortgage approval.

 If any of the above factors apply to you, do not apply for a mortgage as it will be denied and this will only make matters worse for you. Your immediate focus should be to eliminate the above problems in order to repair your credit and access a mortgage.

Author Bio:

David Kuttner is photographer,writer and a father. When he’s not busy in writing. He’s most likely spending his time with his wife and their two mischievous dogs: Lily and Bart. Visit his site to read more about what he has to say regarding luxury condos in Arizona.


The views expressed herein are the views of the author exclusively and not necessarily the views of VT HOME LOANS authors, affiliates, advertisers, sponsors, partners, technicians or the Veterans Today Network and its assigns. Notices

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