Serious homebuyers know the importance of getting a mortgage pre-approval first before touring a prospective home. Getting a mortgage pre-approval means that a lender has thoroughly checked and verified your credit, and for a period of time, determines that you could borrow the amount you’re applying for to buy a home. Lenders, however, have recently become stricter with lending requirements because of the uncertainty that this COVID-19 pandemic brings where millions of people have filed for unemployment claims.
Mortgage application is one of several reasons why people use credit. Most people heavily rely on credit to get favorable mortgage interest rates in order to realize their American dream of homeownership. However, there could be situations that you might believe or experience that some lenders or creditors are making it hard for you to get the credit you deserve. Experiencing credit discrimination is frustrating, and everyone can be a victim, but there are actions you can take to fight back against such illegal practices.