First thing you need to understand when getting a home loan is Credit Score or Credit Rating. Many Filipinos are not aware that all financial products (credit card, personal loan, car loan, etc.) is tracked by credit bureaus.

This financial tracking happens around the world... not only in the Philippines. When borrowers don't pay their loans or credit card on time, their credit score is affected. Banks use credit score to evaluate a borrower's credit risk.

So what exactly is a credit score?

  • It's a score between 300 and 850. The higher your score... the better. The lower your score... banks believe that the risk to lend you money is high.

  • Any financial product you had has been tracked by a financial institution, whether it's good or bad.

  • When applying for a home loan, it is very important to declare any previous financial issues up front. Banks will definitely find this out in their credit investigation.

  • Many people think that because their credit issue was with another bank or financial institution, it will not be discovered during the home loan application process. Unfortunately it will.

  • Nook understands which banks are more likely to consider a borrower and which ones won't. We also knows what to do before presenting the loan application to the bank so everything is prepared ahead of time.

  • This gives the borrower with previous credit issues a much better chance of approval than attempting to do the home loan process themselves, an agent, or a developer.

It's a faster, more stress-free process with someone Nook.

  • Note that a mortgage broker is not a magician.

  • If the borrower's credit score is too low due to financial mistakes in the past, no financial institution will want to lend them the money.

  • It's best to chat with us to check your options and see what is possible.

  • In essence, it's best to use a mortgage broker like Nook to help you secure a home loan, especially if you have a credit history.

If you are looking for more home loan help, follow or like us on Facebook, Instagram, Youtube, and Twitter. Or, if you are looking to getting started on your home loan journey, visit us at or book a free πŸ‘‰πŸ½ Loan Consultation Call here.

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