I’m wondering if anyone can let me know if an additional credit check if run when refinancing a home loan to consolidate debt?
We have held our mortgage for 7 years with the same provider and always paid on time.
When our kids were born and I stopped work we ran into some financial trouble and accumulated some debts. All of which are now paid but a few had gone to default.
We are now wanting to upgrade our car and looking to refinance our home loan so it’s just one payment.
I’m just not sure it will get approved if they do run credit checks? I’m also unsure if they even run one of you already have the mortgage?
Credit checks on refinance
Credit checks on refinance
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Money
2 Replies
More than likely they will do a check. Paid defaults still look better than unpaid ones. It would probably also depend on how long ago.
Yes. Credit checks now must be done on all finance applications even more so if you have existing finance. Best to talk to a broker before applying because each time your credit file is accessed it effects your credit score.