I’ve been told that when applying for a mortgage the banks/lending agencies use a point system to approve it (or not).
I am told that a part of this “point” system is based on credit rating/history. What I’m not clear on is what else they use to judge.
What is this point system and does anyone know what the banks base it on? What is it they look at (aside from your credit history) to assign any given point, and what are each of these elements worth?
Just starting to enter the world of personal real estate and would certainly appreciate any information available.